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dc.contributor.authorMakin, Tonyen_US
dc.contributor.editorHarry Clarkeen_US
dc.date.accessioned2017-05-03T12:19:27Z
dc.date.available2017-05-03T12:19:27Z
dc.date.issued2010en_US
dc.date.modified2011-01-25T02:21:31Z
dc.identifier.issn08120439en_US
dc.identifier.doi10.1111/j.1759-3441.2010.00065.xen_AU
dc.identifier.urihttp://hdl.handle.net/10072/35679
dc.description.abstractThis paper examines the impact of global financial crises on the Australian economy and how monetary and fiscal policy may be used to manage economic downturns that result. To do so, it presents a straightforward analytical framework incorporating financial wealth, exchange rate expectations, foreign demand and interest rate risk to analyse the key role played by the nominal exchange rate in insulating national income from the worst effects of foreign financial crises. In the event the economy is not fully insulated by exchange rate depreciation, it shows that, in principle, monetary policy is a superior instrument to fiscal stimulus for restoring aggregate demand to the full employment level. Since monetary policy is not handicapped by numerous problems that render fiscal stimulus less effective, it should normally be considered a sufficient instrument on its own.en_US
dc.description.peerreviewedYesen_US
dc.description.publicationstatusYesen_AU
dc.languageEnglishen_US
dc.language.isoen_AU
dc.publisherWiley-Blackwellen_US
dc.publisher.placeAustraliaen_US
dc.relation.ispartofstudentpublicationNen_AU
dc.relation.ispartofpagefrom99en_US
dc.relation.ispartofpageto108en_US
dc.relation.ispartofissue2en_US
dc.relation.ispartofjournalEconomic Papersen_US
dc.relation.ispartofvolume29en_US
dc.rights.retentionYen_AU
dc.subject.fieldofresearchcode340208en_US
dc.titleHow Should Macroeconomic Policy Respond to Foreign Financial Crises?en_US
dc.typeJournal articleen_US
dc.type.descriptionC1 - Peer Reviewed (HERDC)en_US
dc.type.codeC - Journal Articlesen_US
gro.facultyGriffith Business School, Department of Accounting, Finance and Economicsen_US
gro.date.issued2010
gro.hasfulltextNo Full Text


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