Journal Article

The Australian money market and the operations of the Reserve Bank of Australia: a comparative analysis

Abstract: This article provides a comparative analysis of central bank operating procedures in Australia and the United States. It also examines the effect that the structure of overnight money markets, reserve requirements, and central bank lending procedures have on monetary control in both countries. Evidently the Australian financial structure is such that an interest rate instrument provides superior control of money, a result that may not hold in the United States.

Keywords: Monetary policy; Banks and banking, Central;

Bibliographic Information

Provider: Federal Reserve Bank of Richmond

Part of Series: Economic Review

Publication Date: 1987

Volume: 73

Issue: Sep

Pages: 19-31