A. Parker who claims that within non-simple rules estimates of the natural rates can be fruitfully exploited. 8  BIS Review 18/2006  possible determinants of price changes. Rather, cost-push shocks provide a source of inflation which is important for monetary policymakers to know, but which is not mirrored by the natural rate of interest.
In Australia, up to 1914, deflation occurred in almost half the years for which we have data, an outcome not dissimilar to those seen in other countries (see following table).