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The Reserve Bank of Australia’s pandemic response and the New Keynesian trap

Stephen Kirchner

Agenda: a journal of policy analysis and reform2021https://doi.org/10.22459/ag.28.01.2021.06article
ABDC B
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0.26

Abstract

The Reserve Bank of Australia (RBA) has been overly wedded to a New Keynesian conception of the monetary policy transmission mechanism, in which the official cash rate is seen as the main instrument for policy implementation and the main measure of the stance of monetary policy. The 'effective lower bound' on the official cash rate became an artificial, selfimposed constraint on the RBA's initial response to the Covid-19 pandemic. By contrast, a monetarist conception of the monetary transmission mechanism would have encouraged more rapid adoption of alternative operating instruments.

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https://doi.org/https://doi.org/10.22459/ag.28.01.2021.06

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@article{stephen2021,
  title        = {{The Reserve Bank of Australia’s pandemic response and the New Keynesian trap}},
  author       = {Stephen Kirchner},
  journal      = {Agenda: a journal of policy analysis and reform},
  year         = {2021},
  doi          = {https://doi.org/https://doi.org/10.22459/ag.28.01.2021.06},
}

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The Reserve Bank of Australia’s pandemic response and the New Keynesian trap

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Evidence weight

0.26

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.00 × 0.4 = 0.00
M · momentum0.20 × 0.15 = 0.03
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

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