Reserve Bank of Australia

Discussion paper

Credit spreads, monetary policy and the price puzzle

Identifying the causal effect of monetary policy on inflation remains a challenge. Researchers frequently find evidence of a ‘price puzzle’: increases in the policy rate are followed by higher rather than lower inflation.
Discussion paper

The distributional effects of monetary policy: evidence from local housing markets

This paper examines how monetary policy affects housing prices across local areas. It also explores three related questions - How differently do housing prices respond to monetary policy across areas? What can explain these differences across areas? Does monetary policy cause changes in the housing...
Discussion paper

Confidence in Australian banknotes

This paper investigates various factors that might influence the general public's confidence in the security of Australian banknotes, using a unique series of online banknotes surveys conducted by the Reserve Bank of Australia since 2010.
Discussion paper

China's evolving monetary policy framework in international context

This analysis suggests that while some aspects of monetary policy in China are beginning to resemble those observed in advanced economies, convergence is neither likely nor even desired by the authorities, given China's institutional configuration and preferred model of economic development.
Discussion paper

The well-meaning economist

Most economic research seeks to reveal truths about economic relationships. This paper is different because it reflects on how those truths are revealed, focusing on a research strategy that is common in the data analysis stage. The paper introduces alternative strategies and shows that they...