Does Monetary Policy Respond to Uncertainty? Evidence from Australia

Natalia Ponomareva, Jeffrey Sheen and Ben Wang

Australian Economic Review, 2019, vol. 52, issue 3, 336-343

Abstract: We construct a novel measure of uncertainty using expert monetary policy recommendation data for Australia. Our results suggest that the Reserve Bank of Australia (RBA) tends to lower the cash rate when expert uncertainty is high. This result is robust to using other uncertainty measures.

Date: 2019
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