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Henry Thornton
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Oct 17, 2019
2 min

Pete Jonson originals - ReligioArt

Modern Crucifixion Oil on canvas board 24 '' x 16 " Signed, Left Hand Side Cardinal Pell's trial, where he was declared guilty by a jury of pedophile actions, was a deeply curious event. I expect appeal before by three judges will present a more believable judgment of 'Not guilty'. But even so, a modern crucifixion will have been perpetrated. Now we are awaiting a possible review by Australia's High court. If the verdict is 'Guilty', either by explicit decision or refusal to

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P D Jonson

Apr 11, 2019
15 min

Pete Jonson originals - EconArt

Check out Pete's 2018 exhibition of EcoArt here. Geoffrey Blainey Oil paint on canvas 550 cm X 750 cm Signed bottom left, 2019 Geoffrey is the artist's great friend, in my view one of the great historians of Australia with a wonderful feel for matters economic. As well as his Australian history he has written an acclaimed book about the causes of war and another, called The Great Seesaw about the swings of optimism and pessimism in the world economy. This provided great help

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PD Jonson

Oct 18, 2016
5 min

Confessions of a monetary policy tragic

A lifetime's hard work, mostly pro bono. 'Thank your mother for the rabbit' type of activity. Contents Preface 1. Practitioner 1.1 On the edge of chaos, 1995 Biographical account of the rise and fall of a central banker 1.2 Money, Prices and Output, 1975. [Link to be provided] New wine in old bottles, the role of 'monetary disequilibrium'. 1.3 Reflections on Central Banking, 1988. On leaving the RBA - a failed central banker who was punished for being right about the stat

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Pete Jonson

Aug 20, 2016
2 min

Art Exhibition by Pete Jonson

Henry's editor, Pete Jonson, has recently decisively wound back his corporate involvement. He is now fulfilling the promise he made to himself as a young part-time landscape painter that he would, later in life, spend more time painting. This time has arrived; and Pete has been painting seriously for several years now, gradually devoting more and more time to this most pleasurable activity. Pete recently opened his first exhibition, an eight week solo showing at Whitehill Gal

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PD Jonson

Aug 30, 2014
10 min

Monetary policy and asset inflation

Sorting out confusion How does monetary policy impact asset inflation? This is a question that is not fully answered in economics, although many practical men of affairs have a pretty shrewd idea that it does. This paper suggests a simple theoretical framework that is crying out for empirical testing.* Defining monetary policy and the stance of monetary policy. Is monetary policy best defined as money growth (Friedman), cash rates (Taylor) or Chairman's discretion (Greenspan

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PD Jonson

Aug 6, 2013
4 min

The recession we do not need to have

The Reserve Bank is widely expected to cut interest rates today. The economy is facing such a grim future that one can support such an outcome. But no-one, not even the Reserve Bank, is facing the main problem facing Australia, which is double-digit cost disequilibrium - a severe lack of international competitiveness. Just like Treasury's failure to be ahead of the curve in forecasting, the Reserve Bank's apparent failure to understand our most important economic problem is b

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Beyond Friedman; Adding Asset Inflation and 52 Extra Years

PD Jonson, Elizabeth Prior Jonson & Ka Mun Ho

Jun 30, 2013
37 min

Beyond Friedman; Adding Asset Inflation and 52 Extra Years

Abstract. This paper shows that in modern USA history asset (share price) inflation mostly responds to changes in monetary policy in the same direction as goods inflation. However, in certain important episodes, asset inflation booms while monetary policy is well controlled and goods inflation is low . Recognising these ‘aberrant episodes’ has important implications for monetary policy, and explaining them satisfactorily provides a challenge for economic theory and macroecon

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PD Jonson

Jan 12, 2013
5 min

Monetary policy revamp

Tax capital flows to tame dollar. If the current dilemma with Australia's monetary policy is not resolved, it will do great damage to Australian industry, as it did in the late eighties, when the correct conclusions were not drawn. A similar problem helped lead America, and then the world, into a Great Depression. Australian monetary policy is set with two objectives in mind – prospective inflation and the state of economic activity. It is more than sixteen years since the c

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PD Jonson

Apr 12, 2012
14 min

Floating the Australian Dollar ...

... A Reserve Bank View As the great bard put it: ‘There is a tide in the affairs of men, which, taken at the flood, leads on to fortune …’. The tide was taken in 1983 and the floating of the Australian dollar was a reform that helped make Australia one of the most successful nations. Another wise saying reminds us that success has many fathers and failure is a bastard. This is indeed the situation with respect to the floating the Australian dollar. The principal candidates

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Monetary Policy in the Fog of (Economic) War

PD Jonson

Feb 7, 2012
5 min

Monetary Policy in the Fog of (Economic) War

This is a time of great uncertainty – equivalent in the economic sphere to the fog of war. Interest rates have been cut by 50 basis points to provide a measure of insurance against global recession. Will the Eurozone currency union end badly? Will China’s slowdown be sufficient to put Australia’s prosperity at risk? Will the tepid American recovery keep getting gradually stronger? Domestic uncertainties are equally perplexing, though the resource boom and strong wage claims

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PD Jonson

Nov 6, 2011
6 min

The mining boom and monetary policy

I counsel the Reserve to keep its powder dry until the situation in Europe is clearer. If there is a bad outcome, a cut of up to 100 basis points may well be appropriate, and the Board should give the governor licence to make such a cut. But if Europe somehow finds a sensible solution that allows the Eurozone nations to begin a gradual economic recovery, Australia needs continued overall firm economic policy. Australia is experiencing a 'once-in-a lifetime' boom in the terms

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