AUSTRALIAN MONEY SUPPLY ANALYSIS: Direct Controls and the Relationship Between the Monetary Base, Secondary Reserves and the Money Supply

Ian G. Sharpe

No 18, Working Papers from University of Sydney, School of Economics

Abstract: A comparison of the standard deviation of the difference in growth rates of the momentary base and money for the U.S. and Australia indicates much larger variation in the latter case. The larger Australian deviation is explained by differing institutional frameworks within and through which monetary policy functions in the two countries and by the somewhat greater reliance on direct controls as monetary policy instruments in Australia. When allowance is made for the unique Australian institutional context, reasonably close and stable relationships are found between the monetary base and money and between a liquidity augmented monetary base and mo ney.

Date: 1977-06
References: Add references at CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
http://hdl.handle.net/2123/7516

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:syd:wpaper:2123/7516

Access Statistics for this paper

More papers in Working Papers from University of Sydney, School of Economics Contact information at EDIRC.
Bibliographic data for series maintained by Vanessa Holcombe ().