One approach is to run a regression of the real exchange rate against the terms of trade and a measure of the (real) interest differential (between Australia and those of large countries with open capital markets).
Those are big shoes to fill. Jack played a prominent and constructive role in the Federal Reserve System, as I know he did in the Atlanta community, bringing his vast experience and uncommonly good sense to bear on a wide variety of important policy issues. As we enter 2007, the current economic expansion is now more than five years old.