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Monetary Transmission and the Yield Curve in a Small Open Economy

Kulish, Mariano; Rees, Daniel - Reserve Bank of Australia - 2008

Long-term nominal interest rates in a number of inflation-targeting small open economies have tended to be highly correlated with those of the United States. This observation has recently lent support to the view that the long end of the yield curve is determined abroad. We set up and estimate a...

Persistent link: https://www.econbiz.de/10005398649

Financial Aggregates as Conditioning Information for Australian Output and Inflation

Tallman, Ellis W.; Chandra, Naveen - Reserve Bank of Australia - 1997

This paper examines whether financial aggregates provide information useful for predicting real output growth and inflation, extending the inquiry conducted in Tallman and Chandra (1996). First, we investigate whether perfect knowledge of the future values of financial aggregates helps improve...

Persistent link: https://www.econbiz.de/10005426711

The Information Content of Financial Aggregates in Australia

Tallman, Ellis W.; Chandra, Naveen - Reserve Bank of Australia - 1996

This paper examines the information provided by financial aggregates as predictors of real output and inflation. We employ vector autoregression (VAR) techniques to summarise the information in the data, providing evidence on the incremental forecasting value of financial aggregates in a range...

Persistent link: https://www.econbiz.de/10005426724

Direct Effects of Money on Aggregate Demand: Another Look at the Evidence

Elias, Stephen; Kulish, Mariano - Reserve Bank of Australia - 2010

, there is a renewed interest in the long-running debate about whether or not changes in the stock of money have direct … effects. In particular, do changes in money have additional effects on aggregate demand outside of those induced by changes in … structural model with no direct effects of money to show that the finding of positive and statistically significant coefficients …

Persistent link: https://www.econbiz.de/10008509098

Issues in Modelling Monetary Policy

Edey, Malcolm; Romalis, John - Reserve Bank of Australia - 1996

This paper reviews issues in the econometric modelling of monetary policy in the light of recent experience and research. Two main sets of issues are covered: first, the operation of policy including the specification of the instrument and objectives; and second, the transmission of monetary...

Persistent link: https://www.econbiz.de/10005423510

A Medium-scale Open Economy Model of Australia

Jääskelä, Jarkko; Nimark, Kristoffer - Reserve Bank of Australia - 2008

We estimate an open economy dynamic stochastic general equilibrium (DSGE) model of Australia with a number of shocks, frictions and rigidities, matching a large number of observable time series. We find that both foreign and domestic shocks are important drivers of the Australian business cycle....

Persistent link: https://www.econbiz.de/10005423599

The Role of Credit Supply in the Australian Economy

Jacobs, David; Rayner, Vanessa - Reserve Bank of Australia - 2012

Historical experience shows that disruptions in credit markets can have a material impact on activity and inflation. However, it is hard to measure such effects owing to the difficulty in isolating credit supply shocks. This paper employs survey data to identify the impact of credit supply...

Persistent link: https://www.econbiz.de/10010990950

Long-term Interest Rates, Risk Premia and Unconventional Monetary Policy

Jones, Callum; Kulish, Mariano - Reserve Bank of Australia - 2011

In a model where the risk premium on long-term debt is, in part, endogenously determined, we study two kinds of unconventional monetary policy: long-term nominal interest rates as operating instruments of monetary policy and announcements about the future path of the short-term rate. We find...

Persistent link: https://www.econbiz.de/10010611074

Real-time National Accounts Data

Stone, Andrew; Wardrop, Sharon - Reserve Bank of Australia - 2002

Quarterly national accounts data are amongst the most important and eagerly awaited economic information available, with estimates of recent growth regarded as a key summary indicator of the current health of the Australian economy. Official estimates of quarterly output are, however, subject to...

Persistent link: https://www.econbiz.de/10005125145

Forward-looking Behaviour and Credibility: Some Evidence and Implications for Policy

Brouwer, Gordon de; Ellis, Luci - Reserve Bank of Australia - 1998

Whether people form their expectations of the future in a model-consistent or extrapolative manner, has implications for the way the economy and monetary policy are modelled. The first half of this paper provides three pieces of information about inflation expectations – that survey measures...

Persistent link: https://www.econbiz.de/10005423502