Risky $A was a key lucky factor for Australiain the GFC

Comments on Tony Makin “Fiscal stimulus did not save us”, 28/07/2010, http://www.theaustralian.com.au/news/opinion/fiscal-stimulus-did-not-save-us/story-e6frg6zo-1225897744621
This is a very interesting empirical finding.

I have two quick questions for Professor Makin:

1. How did monetary policy loosing in Australia compare with other advanced economies relatively?

2. Was it the case as long as the relative monetary settings are the same between Australia and others, the risk nature of the $A would do the trick to be stimulative by depreciating due to rising levels of global risks? The risk nature of the $A is a lucky factor for Australia in down turn times in the global economy or when risks are high, though when the global economy is good it plays the opposite role. That is to say the exchange rate played the most important part.

PS: expectations and confidence were also important. Issue is how to model and capture their effects.