But other countries like Australia do have mini-recessions. By late 1992, however, a strong recovery was developing, which lasted until 2008. But most US recessions do look like policy mistakes—dramatic slowdowns in NGDP growth leading to a fall in RGDP (due to sticky nominal wages), which have no benefit to society. QE has been floated as an option should more easing be necessary, but I imagine that just as the fed botched their first go at it by not doing enough of it when it was needed, the RBA will do the same and repeat the fed’s mistakes. We should rely more on market prices available in real time.The exchange rate is not an optimal policy indicator, especially for a big economy like the US. This, however, did not affect the continued outward movement of pastoralists who simply occupied land where they could find it beyond the official limits of settlement, usually in disregard for any rights of indigenous peoples. The process would be repeated in northern Australia during the second half of the century. They cut interest rates enough to significantly depreciate the Australian dollar. That culminated into the biggest recession in Australia's history, which peaked in 1931-1932. 15 SHARE It was in then that the latter started contributing more to economic growth than wool production. there were huge inflows into australia to buy coal, iron, copper (i think), fears of the china construction/infrastructure slowing/stopping, then stimulus calming those fears.That sounds plausible. "The 1949 federal election: a reinterpretation." Australia is *full* of very serious people who claim fiscal stimulus is the answer at the zero lower bound, including to some extent even the RBA Governor himself, who has stated that he would want the government to engage in fiscal stimulus at the same time as he was enacting QE. However, it was assumed that the agricultural and mining sectors would be geared towards international markets, and manufacturing would serve the domestic "consumer" market. Bradon Ellem, "A battle between titans? Without further geographical expansion, opportunities for high profits were reduced and the flow of British capital dried up, contributing to a wider downturn caused by drought and mercantile failure. The same is true of America’s 1982 recession. Van Diemen's Land (Tasmania after 1856) became a separate colony in 1825. The worldwide depression of the 1830s was not felt as badly in Australia than in to international counterparts because of increases in productivity from the manufacturing sector. ?My only concern is an extrapolation issue, but FX considerations?!!! So the RBA checking the exchange rate to see if it has eased enough risks ‘reasoning from a price change’. Beyond that, the Governor, Glenn Stevens, gave a couple of speeches over the period. Aboriginal populations collapsed in the face of disease, violence and forced removal until they survived only on the margins of the new pastoral economy, on government reserves, or in the arid parts of the continent least touched by white settlement. And whereas falling interest rates might reflect monetary easing or tightening, falling exchange rates are quite likely to reflect easing.While it’s true that even exchange rates are a somewhat ambiguous indicator, reflecting various types of shocks, at least with exchange rates there’s nothing like the liquidity, income and Fisher effects problem that you have with interest rates. I’m no expert on Australian macro history, so please let me know I’ve gotten any facts wrong.Could the exchange rate signal be a more pronounced indicator as a country faces more trade risk exposure??

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