Debelle calls for more thought on financial stability independence

FXW Australia 17 Guy Debelle 2
Guy Debelle: financial stability should be a hot topic for PhD students
Jesse Taylor Photography

Economists should devote the same kind of thought to financial stability frameworks that they devoted in the 1990s to monetary policy independence, the Reserve Bank of Australia’s Guy Debelle said today (September 28).

Debelle, now deputy governor at the RBA, helped establish the intellectual underpinnings of monetary policy independence in his 1994 paper with Stanley Fischer, who was supervising Debelle’s PhD at the time. The pair distinguished goal and instrument independence, arguing the

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