The Australian Notes Issue Board, 1920-1924: An Experiment with an Independent Monetary Authority

William Oliver Coleman ()

Working Papers from Tasmania - Department of Economics

Abstract: It is argued that the history of the Australian Commonwealth Notes Issue Board over the period 1920-1924 is supportive of Friedman's contention that the possibility of a genuinely independent monetary authority is illusory. The Board was created as a genuinely independent monetary authority. However, as the policies it pursued antagonised the government, it was soon abolished, as Friedman would predict.

Keywords: MONEY; MONETARY POLICY; CENTRAL BANKS; BONDS (search for similar items in EconPapers)
JEL-codes: E50 E52 E58 E59 (search for similar items in EconPapers)
Date: 1996

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Persistent link: http://EconPapers.repec.org/RePEc:fth:tasman:1996-03

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