The author has been described by News Ltd as an "iconoclast", "Svengali", a pollie's "economist muse", and "pungently accurate". Fairfax says he is a "Renaissance man" and "one of Australia’s most respected analysts." Stephen Koukoulas concludes that he is "85% right", and "would make a great Opposition leader." Terry McCrann claims the author thinks "‘nuance’ is a trendy village in the south of France", but can be "scintillating" when he thinks "clearly". The ACTU reckons he’s "an enigma wrapped in a Bloomberg terminal, wrapped in some apparently well-honed abs."

Tuesday, April 12, 2011

RBA: unconventional monetary policy *can* work

This new RDP from RBA researchers finds that 'unconventional' monetary policy measures, such as announcing the future path of short-rates, or targeting long rates can, in fact, work well. It implicitly lends support to measures taken by the Fed and BoE, amongst others, at least in terms of their objective function efficacy.