Institutional Economics

Institutional Economics

Interest rate smoothing through two crises

Why bring policy to the cycle when the cycle will come to you?

Stephen Kirchner
Feb 09, 2022
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In 2008, Australia had an inflation problem. The CPI was running at 5% y/y. Nominal GDP was growing at double-digit annual rates. Inflation expectations were becoming unanchored. The RBA had been too…

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