Uploaded December 2025 | Updated September 2026, 2 weeks ago

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Laurence Bristow is a former staffer at the Reserve Bank of Australia and currently is a Vice President and Research Associate at the Bank Policy Institute. In Laurence's first appearance on the show, he discusses the differences between the Reserve Bank of Australia and the Fed, The RBA's change in operating systems, what a demand driven system actually looks like, the motivation for the RBA to make this change, calls for changes to the operating system within the Fed, and much more.


Check out the transcript (mercatus.org/macro-musings/laurence-bristow-what-fed-can-learn-reserve-bank-australia) for this week's episode, now with links.


Recorded on November 20th, 2025


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Timestamps


00:00:00 - Intro


00:01:22 - Laurie's Career


00:05:15 - Reserve Bank of Australia


00:11:33 - RBA's New Monetary Policy Implementation System


00:17:28 - What Is a Demand-Driven System?


00:26:02 - Interbank Market


00:31:33 - Motivations for a Demand-Driven System


00:40:10 - Bank Policy Institute Money Market Symposium


00:52:36 - Outro