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The Australian Notes Issue Board, 1920-1924: An Experiment with an Independent Monetary Authority

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Abstract

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.

Suggested Citation

  • Coleman, W., 1996. "The Australian Notes Issue Board, 1920-1924: An Experiment with an Independent Monetary Authority," Papers 1996-03, Tasmania - Department of Economics.
    • Handle: RePEc:fth:tasman:1996-03
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    More about this item

    Keywords

    MONEY; MONETARY POLICY; CENTRAL BANKS; BONDS;
    All these keywords.

    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

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