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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
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Payment System Design and Participant Operational Disruptions
Clarke, Ashwin; Hancock, Jennifer - Reserve Bank of Australia - 2012
Real-time gross settlement (RTGS) systems often incorporate features designed to economise on liquidity. Such 'hybrid features' have the potential to mitigate the systemic impact of operational disruptions of participants. This paper simulates operational disruptions of participants, using data...
Persistent link: https://www.econbiz.de/10010568850
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The Impact of Payment System Design on Tiering Incentives
Arculus, Robert; Hancock, Jennifer; Moran, Greg - Reserve Bank of Australia - 2012
Tiering occurs when an institution does not participate directly in the central payment system but instead settles its payments through an agent. A high level of tiering can be a significant issue for payment system regulators because of the increased credit and concentration risk. This paper...
Persistent link: https://www.econbiz.de/10010611073
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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
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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
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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
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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
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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
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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
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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