Similar Search Results

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

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

information about inflation expectations – that survey measures of expectations are inconsistent with rational expectations, but … less so for financial markets than households; that actual and expected inflation interact with each other; and that the … foreign exchange market anticipates tighter monetary policy when inflation is higher than expected. The second half of the …

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

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

Term Structure Rules for Monetary Policy

Kulish, Mariano - Reserve Bank of Australia - 2006

This paper studies two types of interest rate rules that involve long-term nominal interest rates in the context of a New Keynesian model. The first type considers the possibility of adding longer-term rates to the list of variables the central bank reacts to in setting its short-term rate. The...

Persistent link: https://www.econbiz.de/10005423520

Profitability of Reserve Bank Foreign Exchange Operations: Twenty Years After the Float

Becker, Chris; Sinclair, Michael - Reserve Bank of Australia - 2004

Since the float of the Australian dollar in December 1983, the Reserve Bank of Australia (RBA) has retained the discretion to intervene in the foreign exchange markets in order to avoid what it perceives to be large overshooting in the currency. In this paper we invoke the ‘profit test’...

Persistent link: https://www.econbiz.de/10005423530

Inflation Targeting in a Small Open Economy

Bharucha, Nargis; Kent, Christopher - Reserve Bank of Australia - 1998

This paper investigates the merits of aggregate inflation targeting compared with non-traded inflation targeting using … inflation target than for a flexible non-traded inflation target. However, in response to demand and supply shocks monetary … policy is more activist for a flexible non-traded inflation target. The result is robust to the inclusion of forward …

Persistent link: https://www.econbiz.de/10005423544

Declining Output Volatility: What Role for Structural Change?

Kent, Christopher; Smith, Kylie; Holloway, James - Reserve Bank of Australia - 2005

The decline in output volatility in a number of countries over the past few decades has been well-documented, though less agreement has been reached about the causes of this decline. In this paper, we use a panel of data from 20 OECD countries to see if there is a role for various indicators of...

Persistent link: https://www.econbiz.de/10005423569

News and Interest Rate Expectations: A Study of Six Central Banks

Connolly, Ellis; Kohler, Marion - Reserve Bank of Australia - 2004

In this paper we analyse the effect of news relating to the expected path of monetary policy on interest rate futures. Central banks’ transparency is in most respects much greater than it was a decade ago, and so central bank communication needs to be included as a potential source of news. We...

Persistent link: https://www.econbiz.de/10005423576

Inflation Targeting and the Inflation Process: Some Lessons from an Open Economy

Debelle, Guy; Wilkinson, Jenny - Reserve Bank of Australia - 2002

In an open economy inflation-targeting framework, whether policy-makers should target aggregate or non-traded inflation … inflation process that the paper suggests have occurred over the past two decades: the effect of exchange rate changes on … inflation appears to have become more muted and the inflation process appears to have become better anchored. …

Persistent link: https://www.econbiz.de/10005423601

The Effect of Uncertainty on Monetary Policy: How Good are the Brakes?

Debelle, Guy; Cagliarini, Adam - Reserve Bank of Australia - 2000

In practice, monetary policy changes tend to produce a smooth path for interest rates while the path of policy interest rates generated by models is often considerably more variable. This paper investigates whether the inclusion of uncertainty can help reconcile the theory to the practice. It...

Persistent link: https://www.econbiz.de/10005423612

1
2
3
4
5
6
7
8
Next
Last