Australia's inflation rate and inflation uncertainty during the post-float era 1983Q3-2006Q4 have acted as important barometers of Australia's macroeconomic performance. The conceptualisation and measurement of the nexus between inflation and inflation uncertainty is subject to complex dynamics....

The paper analyses the evolution of monetary policy design in Australia over the period 1973Q3-1998Q3, highlighting the influence of macroeconomic paradigms on monetary policy design. The conventional wisdom models inflation targeting by minimizing a quadratic loss function subject to the Lucas...

Australia's inflation rate and inflation uncertainty during the post-float era 1983Q3–2006Q4 have acted as important barometers of Australia's macroeconomic performance. The conceptualization and measurement of the nexus between inflation and inflation uncertainty is subject to complex...

The Nobel Laureate Milton Friedman has been acknowledged as the father of Monetarism and the champion of free market capitalism. Even his critics salute him as a "giant" and "one of the most brilliant economists of all time". Friedman based Monetaritst theories on the classical tradition. He...

The growing consensus that the design of scientific monetary policy requires targets or rules rather than discretion is explained in the paper, using a macro-theoretic framework. A quadratic loss function constrained by a an expectations augmented Phillips curve has been used to demonstrate that...

This paper examines whether Sri Lanka's monetary policy should be redesigned to cope with the challenges of the forces of globalization. The new insights from scientific monetary policy design contend that implementing the institutional framework of Inflation Targeting and Central Bank...