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    The Determinants of RBA Target Rate Decisions: A Choice Modelling Approach

    Access Status
    Fulltext not available
    Authors
    Smales, Lee
    Date
    2013
    Type
    Journal Article
    
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    Citation
    Smales, Lee. 2013. The Determinants of RBA Target Rate Decisions: A Choice Modelling Approach. Economic Record. 89 (287): pp. 556-569.
    Source Title
    Economic Record
    DOI
    10.1111/1475-4932.12063
    ISSN
    0013-0249
    URI
    http://hdl.handle.net/20.500.11937/14439
    Collection
    • Curtin Research Publications
    Abstract

    This article examines the determinants of Reserve Bank of Australia (RBA) target rate decisions in the period following the introduction of inflation targeting (1993–2012). A choice modelling approach reveals asymmetry in RBA policy such that the RBA is more concerned about inflation rising above the target band, and the threshold for cutting rates is greater than that required to hike rates. While there is evidence of the RBA following mandated objectives, the likelihood of rate reductions has increased following the appointment of Glenn Stevens, although his term as Governor has coincided with extraordinary economic conditions.

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