@TechReport{iza:izadps:dp15561,
            	author={Gross, Isaac and Leigh, Andrew},
            	title={Assessing Australian Monetary Policy in the Twenty-First Century},
            	year={2022},
	month={Sep},
            	institution={Institute of Labor Economics (IZA)},
            	address={Bonn},
            	type={IZA Discussion Paper},
            	number={15561},
            	url={https://www.iza.org/publications/dp15561},
	abstract={Using the Reserve Bank of Australia's MARTIN model we compare actual monetary policy decisions to a counterfactual in which the cash rate is set according to an optimal simple rule. We find that monetary policy played a crucial role in avoiding a potential recession in 2001 and mitigating the downturn in 2008-2009. By contrast we find that the cash rate was too high during 2016-2019, keeping inflation below the Reserve Bank's target band. Optimal monetary policy in 2016-2019 would have involved a substantially lower cash rate and would have produced significantly better employment outcomes.},
	keywords={unemployment;optimal monetary policy;output gap;inflation},
            }