It is argued that the history of the Australian Commonwealth Notes Issue Board over the period 1920-1924 is supportive of Friedman's contention that the possibility of a genuinely independent monetary authority is illusory. The Board was created as a genuinely independent monetary authority. However, as the policies it pursued antagonised the government, it was soon abolished, as Friedman would predict.
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Paper provided by Tasmania - Department of Economics in its series Papers with number
1996-03.
Find related papers by JEL classification: E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies E59 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Other