Jonathan Kearns

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Discussion paper

How risky is Australian household debt?

It is often observed that the level of household debt (relative to income) is high in Australia compared with other countries and its own history. Concerns about how this will influence the economy’s ability to navigate a major downturn have for many years been central...
Discussion paper

Explaining monetary spillovers: the matrix reloaded

Using monetary policy shocks for 7 advanced economy central banks, measured at high frequency, this paper documents the strength and characteristics of interest rate spillovers to 47 advanced and emerging market economies.

Promoting liquidity: why and how?

As recent experience all too clearly demonstrates, liquid markets do not exist for all financial assets at all times. In some respects, this can be thought of as a market failure. This paper addresses how best to promote asset market liquidity given this market failure...