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 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

Laurence Bristow on What the Fed can Learn from the Reserve Bank of Australia

Macro Musings with David Beckworth