[6]  See Lowe P (2019), ‘Inflation Targeting and Economic Welfare’, Address to the Anika Foundation Luncheon Supported by NAB and ABE, Sydney, 25 July; Lowe P (2019), ‘Some Echoes of Melville’, Sir Leslie Melville Lecture, Canberra, 29 October.
[7]  See Gopinath G, E Boz, C Casas, F Díez, P Gourinchas and M Plagborg-Møller (2020), ‘Dominant Currency Paradigm’, American Economic Review, 110(3), pp 677–719. [8]  For a broader discussion of exchange rate pass-through in emerging market economies, see BIS (2019), Annual Report, June, ‘Ch II – Monetary Policy Frameworks in EMEs: Inflation Targeting, the Exchange Rate and Financial Stability’.