Inflation-plus targeting at the Reserve Bank of Australia

Bell, Stephen (2004) Inflation-plus targeting at the Reserve Bank of Australia. Australian Economic Review, 37 4: 391-401. doi:10.1111/j.1467-8462.2004.00340.x


Author Bell, Stephen
Title Inflation-plus targeting at the Reserve Bank of Australia
Formatted title
Inflation-plus targeting at the Reserve Bank of Australia
Journal name Australian Economic Review   Check publisher's open access policy
ISSN 0004-9018
1467-8462
Publication date 2004-12
Sub-type Article (original research)
DOI 10.1111/j.1467-8462.2004.00340.x
Volume 37
Issue 4
Start page 391
End page 401
Total pages 11
Place of publication New York, United States
Publisher John Wiley & Sons
Language eng
Abstract This article first outlines the dynamics of what appear to be increasingly prevalent cycles of asset price inflation in liberalised financial systems, as well as the difficulties entailed in successful monetary policy responses. The article then analyses the Reserve Bank of Australia's policy responses to recent rises in credit growth and asset price inflation in the property sector. The Bank's responses are characterized in terms of an inflation-plus targeting framework which has subtly redefined the Bank's approach to inflation targeting to include vaguely defined factors such as mediumterm'risks', as well as extending the time frame of such risk assessment. The article explains why, for a variety of reasons, the Bank has been reticent to fully declare its hand.
Q-Index Code C1
Q-Index Status Provisional Code
Institutional Status UQ

 
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Created: Thu, 13 Apr 2006, 23:47:19 EST