Facultad de Economia, Universidad National Autonoma de Mexico
Abstract
The argument that global financial markets impose a "golden straightjackct" consisting of light macroeconomic policies is tested in relation to monetary policy in Australia. In contrast to the standard arguments from globalisation and policy constraints theorists it is argued that the monetary authorites in Australia have been able to carve out a relatively distinctive approach to policy that has pushed the growth envolopc. It is thus argued, at least from this case, that the neoliberal policy constraints argument should not deter innovations in domestic policy choice
