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Erscheinungsjahr: 
2022
Schriftenreihe/Nr.: 
CESifo Working Paper No. 9959
Verlag: 
Center for Economic Studies and ifo Institute (CESifo), Munich
Zusammenfassung: 
Using the Reserve Bank of Australia's MARTIN model we compare actual monetary policy decisions to a counterfactual in which the cash rate is set according to an optimal simple rule. We find that monetary policy played a crucial role in avoiding a potential recession in 2001 and mitigating the downturn in 2008-2009. By contrast we find that the cash rate was too high during 2016-2019, keeping inflation below the Reserve Bank's target band. Optimal monetary policy in 2016-2019 would have involved a substantially lower cash rate and would have produced significantly better employment outcomes.
Schlagwörter: 
optimal monetary policy
unemployment
output gap
inflation
JEL: 
E47
E52
E58
Dokumentart: 
Working Paper
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