For those of my readers interested in the Australian economy and Australian economic policy, the Reserve Bank has just released its latest statement on Australian monetary policy.
Many of the headline elements in the statement have already been picked up by the Australian media. However, there is a range of interesting material in the document that may not be picked up, as well as material that may be of interest to my international readers.
As an example, while I knew that there had been some depreciation in the value of the US dollar, around 4 per cent on the broad Trade Weighted Index (a broad bundle of currencies weighted by their importance to US trade) over 2006, I had not realised just how broadly based that depreciation was.
So far I have just skimmed the report. I will comment in more detail a little later.
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