The Transmission of Monetary Policy: The Relationship Between Overnight Cash Rates

Graham Elliott () and Ronald Bewley

The Economic Record, 1994, vol. 70, issue 208, 19-25

Abstract: This paper utilizes daily data from the period of the ‘clean’ float of the Australian dollar to consider the relationship between two key Australian short‐term interest rates: the official and the unofficial overnight cash rates. There is a stable long‐run differential of I per cent between the two rates and a short‐run dynamic policy reaction function is found which indicates that the official rate reacted to the size of the past interest rate differential.

Date: 1994
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https://doi.org/10.1111/j.1475-4932.1994.tb01821.x

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Persistent link: https://EconPapers.repec.org/RePEc:bla:ecorec:v:70:y:1994:i:208:p:19-25

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