Glenn Stevens: Overview of economic developments affecting Australia Opening statement by Mr Glenn Stevens, Governor of the Reserve Bank of Australia, to the House of Representatives Standing Committee on Economics, Sydney, 13 February 2015.
In using our conventional monetary policy tool, the target overnight rate, we need to better understand real-financial linkages, and how changes in the target rate are transmitted to the economy. We need to further develop our thinking about, and assess the effectiveness of, unconventional monetary policy tools when the target policy rate is at the effective lower bound.