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Does Monetary Policy Respond to Uncertainty? Evidence from Australia

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  • Natalia Ponomareva
  • Jeffrey Sheen
  • Ben Zhe Wang

Abstract

We construct a novel measure of uncertainty using expert monetary policy recommendation data for Australia. Our results suggest that the Reserve Bank of Australia (RBA) tends to lower the cash rate when expert uncertainty is high. This result is robust to using other uncertainty measures.

Suggested Citation

  • Natalia Ponomareva & Jeffrey Sheen & Ben Zhe Wang, 2019. "Does Monetary Policy Respond to Uncertainty? Evidence from Australia," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 52(3), pages 336-343, September.
    • Handle: RePEc:bla:ausecr:v:52:y:2019:i:3:p:336-343
    DOI: 10.1111/1467-8462.12338
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    Cited by:

    1. Efrem Castelnuovo, 2019. "Yield Curve and Financial Uncertainty: Evidence Based on US Data," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 52(3), pages 323-335, September.

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