Under the legislation passed in 1959, it is the duty of the Reserve Bank Board to ensure that its policies are directed to the greatest advantage of the people of Australia so as to best contribute to: 1. the stability of the currency of Australia; 2. the maintenance of full employment in Australia; and 3. the economic prosperity and welfare of the people of Australia.
Following the 2017 study by Ferris, Kim, and Schlusche, the federal funds rate path used in the balance sheet simulations consists of the modal path given in the FOMC participants’ Summary of Economic Projections (SEP); see Erin E. Syron Ferris, Soo Jeong Kim, and Bernd Schlusche (2017), “Confidence Interval Projections of the Federal Reserve Balance Sheet and Income,” FEDS Notes (Washington: Board of Governors of the Federal Reserve System, January 13), https://dx.doi.org/10.17016/2380-7172.1875.