The Role of the Monetary Base in Australia

Douglas Purvis

Australian Journal of Management, 1976, vol. 1, issue 1, 73-83

Abstract: While the monetary base might be a useful concept for analyzing variation in the money supply, it is a misleading indicator of the central bank's monetary policy. Three intervening institutional considerations are: (1) regulation of interest rates and the central bank's trading in LGS assets with the banks; (2) Government banking with the central bank; and (3) the role of Australian savings banks. Institutional change would increase the authorities' control over the money supply.

Keywords: MONEY SUPPLY; MONETARY BASE; MONETARY POLICY (search for similar items in EconPapers)
Date: 1976
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Persistent link: https://EconPapers.repec.org/RePEc:sae:ausman:v:1:y:1976:i:1:p:73-83

DOI: 10.1177/031289627600100104

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