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25 years of inflation targeting in Australia: Are there better alternatives for the next 25 years?

Author

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  • Warwick J. McKibbin
  • Augustus Panton

Abstract

This papers surveys alternative monetary frameworks and evaluates whether the current inflation targeting framework followed by the RBA for the past 25 years is likely to be the most appropriate framework for the next 25 years. While flexible inflation targeting has appeared to work well in Australia in the past decades, the nature of future shocks suggests that some form of nominal income targeting is worth considering as an evolutionary change in Australia’s framework for monetary policy.

Suggested Citation

  • Warwick J. McKibbin & Augustus Panton, 2018. "25 years of inflation targeting in Australia: Are there better alternatives for the next 25 years?," CAMA Working Papers 2018-19, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
    • Handle: RePEc:een:camaaa:2018-19
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    File URL: https://cama.crawford.anu.edu.au/sites/default/files/publication/cama_crawford_anu_edu_au/2018-05/19_2018_mckibbin_panton_0.pdf
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    Cited by:

    1. Dániel Baksa & Zsuzsa Munkácsi, 2019. "More Gray, More Volatile? Aging and (Optimal) Monetary Policy," Bank of Lithuania Working Paper Series 67, Bank of Lithuania.
    2. Augustus J. Panton, 2020. "Climate hysteresis and monetary policy," CAMA Working Papers 2020-76, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.
    3. Harsha Paranavithana & Rod Tyers & Leandro Magnusson & Florian Schiffmann, 2022. "Monetary policy regimes: A global assessment," The World Economy, Wiley Blackwell, vol. 45(6), pages 1737-1772, June.

    More about this item

    Keywords

    Inflation targeting; nominal income targeting; monetary framework;
    All these keywords.

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