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The Australian money market and the operations of the Reserve Bank of Australia: a comparative analysis

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  • Michael Dotsey
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    Abstract

    This article provides a comparative analysis of central bank operating procedures in Australia and the United States. It also examines the effect that the structure of overnight money markets, reserve requirements, and central bank lending procedures have on monetary control in both countries. Evidently the Australian financial structure is such that an interest rate instrument provides superior control of money, a result that may not hold in the United States.

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    File URL: http://www.richmondfed.org/publications/research/economic_review/1987/pdf/er730503.pdf
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    Bibliographic Info

    Article provided by Federal Reserve Bank of Richmond in its journal Economic Review.

    Volume (Year): (1987)
    Issue (Month): Sep ()
    Pages: 19-31

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    Handle: RePEc:fip:fedrer:y:1987:i:sep:p:19-31:n:v.73no.5

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    Keywords: Monetary policy ; Banks and banking; Central;

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    1. Friedman, Milton, 1982. "Monetary Policy: Theory and Practice," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 14(1), pages 98-118, February.
    2. Levin, Fred J & Meulendyke, Ann-Marie, 1982. "Monetary Policy: Theory and Practice: A Comment," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 14(3), pages 399-403, August.
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