Imperial College London Featured PhD Programmes
Aberdeen University Featured PhD Programmes
University of Exeter Featured PhD Programmes

The Conduct of Monetary Policy in Australia, Europe and the US

About This PhD Project

Project Description

Over the last 25 years, there has been renewed interest in how Central Banks set interest rates, whether it be through a simple Taylor (1993) rule, where the interest rate that is set is a function of the forward-looking output gap and inflation differential, or a McCallum (1988, 1994) rule, where the change in the money base is targeted as a function of the velocity of money and a nominal output gap. Typically, these rules are set in a linear framework, where the aggregate supply curve (or Phillips curve) is assumed to be linear. However, in reality, the interest rate setting behaviour of the Central Bank may be nonlinear or asymmetric for a variety of reasons, such as a greater aversion to positive inflation differentials than to negative ones, or be forced to mitigate the output gap as a result of the political demands of the Government. The objective of this Doctoral dissertation will be to explore the nature and conduct of how the Reserve Bank of Australia (RBA), the European Central Bank (ECB), and the Federal Reserve Bank of the United States (Fed), have implemented monetary policy over the last quarter of a century. In particular, this dissertation will analyse whether these Central Banks have set monetary policy using simple (Taylor and/or McCallum) linear interest rate rules, or (Taylor and/or McCallum) nonlinear interest rate rules, using sophisticated econometric techniques.

This project lies in the ‘Innovation, Performance and Governance’ research priority area within the ‘Global Business Innovation’ Enabling Capability Platform.

Higher Degree by Research (HDR) Program

School: EFM
Program Name(s) and Codes : PhD (EFM), DR203

Potential Supervisory Team

Associate Professor George Tawadros (Primary Supervisor)
Professor Imad Moosa (Secondary Supervisor)
Dr Ankita Mishra (Secondary Supervisor)

Academic Enqiury Contact

HDR Coordinator details:
Associate Professor Peter Sivey,
HDR Coordinator for the School of Economics Finance and Marketing
RMIT University

+61 (3) 99251321

Email Now

Insert previous message below for editing? 
You haven’t included a message. Providing a specific message means universities will take your enquiry more seriously and helps them provide the information you need.
Why not add a message here

The information you submit to RMIT University will only be used by them or their data partners to deal with your enquiry, according to their privacy notice. For more information on how we use and store your data, please read our privacy statement.

* required field
Send a copy to me for my own records.

Your enquiry has been emailed successfully

FindAPhD. Copyright 2005-2020
All rights reserved.