This paper investigates the effect of ownership structure on the cost efficiency of Australian building societies using the stochastic econometric frontier approach. Contrary to the expense preference hypothesis, mutuallyâ€owned societies were found to be, on average, more cost efficient than...

Linear quadratic optimal control techniques are applied to a simplified reduced form model of the Australian money market to examine the tradeoff between improved monetary control and interest rate variability. We focus on a series of questions. Is quarterly control of the money supply feasible...