Australian Economic ReviewVolume 48, Issue 2 p. 190-191 Policy Forum: The Murray Financial System Inquiry Monetary Policy and Macroprudential Policies P. D. Jonson, P. D. JonsonSearch for more papers by this author P. D. Jonson, P. D. JonsonSearch for more papers by this author First published: 27 May 2015 https://doi.org/10.1111/1467-8462.12115Citations: 1 The University of Melbourne, Victoria 3010 Australia; email < [email protected]>. Read the full textAboutPDF ToolsRequest permissionExport citationAdd to favoritesTrack citation ShareShare Give accessShare full text accessShare full-text accessPlease review our Terms and Conditions of Use and check box below to share full-text version of article.I have read and accept the Wiley Online Library Terms and Conditions of UseShareable LinkUse the link below to share a full-text version of this article with your friends and colleagues. Learn more.Copy URL No abstract is available for this article.Citing Literature Volume48, Issue2June 2015Pages 190-191 RelatedInformation

This paper shows that asset (share price) inflation mostly responds to changes in monetary policy in the same direction as goods inflation. However, in certain important episodes, asset inflation booms while monetary policy is well controlled and goods inflation is low.

Economic Papers: A journal of applied economics and policyVolume 10, Issue 3 p. 38-51 THE ECONOMIC SLUMP: SOME HISTORICAL PERSPECTIVE P. D. JONSON, P. D. JONSON Norwich Union Life Australia. Revised version of paper presented to Economic Society of Australia, New South Wales Branch, 18 April 1991. Thanks go to Professor Geoffrey Blainey and to Hugh Hodges for substantial assistance.Search for more papers by this author P. D. JONSON, P. D. JONSON Norwich Union Life Australia. Revised version of paper presented to Economic Society of Australia, New South Wales Branch, 18 April 1991. Thanks go to Professor Geoffrey Blainey and to Hugh Hodges for substantial assistance.Search for more papers by this author First published: September 1991 https://doi.org/10.1111/j.1759-3441.1991.tb01098.x AboutPDF ToolsRequest permissionExport citationAdd to favoritesTrack citation ShareShare Give accessShare full text accessShare full-text accessPlease review our Terms and Conditions of Use and check box below to share full-text version of article.I have read and accept the Wiley Online Library Terms and Conditions of UseShareable LinkUse the link below to share a full-text version of this article with your friends and colleagues. Learn more.Copy URL Share a linkShare onFacebookTwitterLinkedInRedditWechat Volume10, Issue3September 1991Pages 38-51 RelatedInformation

Economic RecordVolume 62, Issue 4 p. 506-514 Austin Stewart Holmes, O.B.E. (1924–1986) D. N. SANDERS C.B, D. N. SANDERS C.B Reserve Bank of Australia, Sydney, NSW 2000Search for more papers by this authorP. D. JONSON, P. D. JONSON Reserve Bank of Australia, Sydney, NSW 2000Search for more papers by this authorM. G. PORTER, M. G. PORTER Monash University, Clayton, Victoria 3168 *Editors' Note: A. S. Holmes died on 15 July 1986. At the time of his death. Holmes was Survey Editor of the Economic Record. This article reproduces the eulogy, delivered on 19 July 1986 by Don Sanders, and a piece, commissioned by the editors and written by Peter Jonson and Michael Porter, about Holmes' professional career. In the Jonson and Porter section, unless otherwise noted, quotations are from Austin Holmes' unpublished papers and talks or from the many people the authors have consulted; the authors gratefully acknowledge the assistance of Frank Campbell.Search for more papers by this author D. N. SANDERS C.B, D. N. SANDERS C.B Reserve Bank of Australia, Sydney, NSW 2000Search for more papers by this authorP. D. JONSON, P. D. JONSON Reserve Bank of Australia, Sydney, NSW 2000Search for more papers by this authorM. G. PORTER, M. G. PORTER Monash University, Clayton, Victoria 3168 *Editors' Note: A. S. Holmes died on 15 July 1986. At the time of his death. Holmes was Survey Editor of the Economic Record. This article reproduces the eulogy, delivered on 19 July 1986 by Don Sanders, and a piece, commissioned by the editors and written by Peter Jonson and Michael Porter, about Holmes' professional career. In the Jonson and Porter section, unless otherwise noted, quotations are from Austin Holmes' unpublished papers and talks or from the many people the authors have consulted; the authors gratefully acknowledge the assistance of Frank Campbell.Search for more papers by this author First published: December 1986 https://doi.org/10.1111/j.1475-4932.1986.tb00915.xCitations: 1 AboutPDF ToolsRequest permissionExport citationAdd to favoritesTrack citation ShareShare Give accessShare full text accessShare full-text accessPlease review our Terms and Conditions of Use and check box below to share full-text version of article.I have read and accept the Wiley Online Library Terms and Conditions of UseShareable LinkUse the link below to share a full-text version of this article with your friends and colleagues. Learn more.Copy URL Share a linkShare onFacebookTwitterLinked InRedditWechat Citing Literature Volume62, Issue4December 1986Pages 506-514 RelatedInformation

This survey is motivated by the major changes that have been occurring both within the financial sector and in the relationships between financial and other markets. These changes have complicated both monetary analysis and the practice of monetary policy. Monetary models based on simple aggregative relationships are not well equipped to analyse issues of structural change. Monetary policy has been forced to rely more on “judgement” and less on the application of these models and their suggested policy rules. One obvious example of this is the demise, or at least downgrading, of monetary targets in major western economies. This survey examines some of the main strands in the development of monetary economics in the past two decades. It argues that much of the policy prescription of monetary economics – especially reliance on monetary targeting – depends on simple “stylised facts” about the behaviour of regulated economies. These prescriptions cannot therefore be applied directly to economies where the regulatory structure is changing. Policy approaches such as Australia’s current use of a “check list” of indicators are discretionary to the extent that they involve judgements about the relative importance of different indicators. But it is argued that this discretionary approach develops, rather than overthrows, the previous approach.

Economic Papers: A journal of applied economics and policyVolume 1, Issue 3 p. 48-63 SOME PERSPECTIVES ON MONETARY POLICY P.D. JONSON, P.D. JONSON Dr. Jonson is Chief Manager, Research Department, Reserve Bank of Australia. This paper was given as a Presidential address to the Economic Society of Australia (NSW Branch) in May 1982. Thanks go to several colleagues, and to Andrew Mohl in particular, for assistance with the paper. The analysis and conclusions are, however, solely those of the author and are not necessarily shared by the Reserve Bank of Australia.Search for more papers by this author P.D. JONSON, P.D. JONSON Dr. Jonson is Chief Manager, Research Department, Reserve Bank of Australia. This paper was given as a Presidential address to the Economic Society of Australia (NSW Branch) in May 1982. Thanks go to several colleagues, and to Andrew Mohl in particular, for assistance with the paper. The analysis and conclusions are, however, solely those of the author and are not necessarily shared by the Reserve Bank of Australia.Search for more papers by this author First published: November 1982 https://doi.org/10.1111/j.1759-3441.1982.tb00021.x AboutPDF ToolsRequest permissionExport citationAdd to favoritesTrack citation ShareShare Give accessShare full text accessShare full-text accessPlease review our Terms and Conditions of Use and check box below to share full-text version of article.I have read and accept the Wiley Online Library Terms and Conditions of UseShareable LinkUse the link below to share a full-text version of this article with your friends and colleagues. Learn more.Copy URL Share a linkShare onFacebookTwitterLinked InRedditWechat Volume1, Issue3November 1982Pages 48-63 RelatedInformation

This paper discusses the effects of different exchange rate regimes with different assumptions about the speed of adjustment of capital flows and expectations about changes in the exchange rate. It does this using simulation and eigenvalue analysis of a structural model of a small open economy. Responses of key macro-economic variables are examined under a range of domestic and external shocks. It is found that in the model used a flexible exchange rate produces instability if capital flows adjust sluggishly to changes in income, interest rates, and expectations about the exchange rate. For this reason a managed float may be desirable if capital flows are slow to adjust. If capital flows adjust rapidly, however, a much more flexible exchange rate is possible and contributes to the control of money and inflation in the model without additional detrimental effects on unemployment or output. Taux de change etflux de capitaux: une analyse post-optimale. Ce memoire examine les effets de divers regimes de taux de change sur certaines variables macro-economiques quand on part de certains postulats quant a la vitesse d'ajustement des flux de capitaux et des anticipations des changements dans le taux de change. On utilise des analyses de simulation et de vecteurs propres d'un modele structurel d'une petite economie ouverte. L'effet d'impact sur certaines variables macro-economiques est calibre pour tout un eventail de chocs domestiques et extemes. II appert a partir du modele utilise qu'un rEgime de taux de change flexible engendre l'instabilit6 si les flux de capitaux s'ajustent lentement aux changements dans le niveau du revenu, des taux d'int6ret et dans les anticipations quant au niveau du taux de change. Pour cette raison, un taux de change gere peut s'averer desirable si les flux de capitaux sont lents a s'ajuster. Si les flux de capitaux s'ajustent rapidement, cependant, un taux de change plus flexible est possible et contribue a un meilleur controle de la monnaie et de l'inflation dans le modele sans pour autant donner lieu a des effets indesirables sur le niveau du chomage ou du produit national.

This paper examines the effects of three simple rules for monetary policy in an econometric model of the Australian economy. Its main contribution is to examine such rules under a range of exogenous shocks to the economy. rather than over a particular historical episode. A second contribution is to show that, in the model used, the money supply may be controlled by variations in interest rates under official control. However. lags of two to four quarters are involved for the shocks considered in the paper.The results are consistent, in the short run, with those obtained by Poole—that is, it is sensible to fix the money supply when the shocks are ‘real’ and to fix the interest rate when the shocks are ‘financial’. In the medium to long run. however, it is shown that the variability of inflation and unemployment may be less when money is controlled even for a financial shock. These conclusions are strengthened if allowance is made for the ‘underwriting’ problem.

Australian Economic PapersVolume 19, Issue 34 p. 224-226 Who Publishes What? P. D. JONSON, P. D. JONSON Reserve Bank of AustraliaSearch for more papers by this authorMAXINE BRODIE, MAXINE BRODIE Reserve Bank of AustraliaSearch for more papers by this author P. D. JONSON, P. D. JONSON Reserve Bank of AustraliaSearch for more papers by this authorMAXINE BRODIE, MAXINE BRODIE Reserve Bank of AustraliaSearch for more papers by this author First published: June 1980 https://doi.org/10.1111/j.1467-8454.1980.tb00257.xCitations: 5AboutPDF ToolsRequest permissionExport citationAdd to favoritesTrack citation ShareShare Give accessShare full text accessShare full-text accessPlease review our Terms and Conditions of Use and check box below to share full-text version of article.I have read and accept the Wiley Online Library Terms and Conditions of UseShareable LinkUse the link below to share a full-text version of this article with your friends and colleagues. Learn more.Copy URL Share a linkShare onFacebookTwitterLinked InRedditWechat Citing Literature Volume19, Issue34June 1980Pages 224-226 RelatedInformation

This paper provides a synthesis of two recent approaches to macroeconomics, rational expectations and disequilibrium macromodelling. The unifying theme of the two approaches is the emphasis on the effects of the difference between actual and anticipated (or equilibrium) values of important variables such as the money supply.