Showing 1 - 10 of 127
The long-running debate about the role of monetary policy in responding to rising asset prices has received renewed attention in the wake of the global financial crisis.This paper contributes to this debate by describing the Australian experience of a cycle in house prices and credit from 2002...
Persistent link: https://www.econbiz.de/10008642169
Financial system stability is defined in terms of the expected macroeconomic losses that arise from financial system disturbances. This captures both the probability of various financial disturbances and the size of the macroeconomic costs arising from such disturbances. Because of the links...
Persistent link: https://www.econbiz.de/10005426680
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
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
This paper examines the overall variability of Australian banks’ credit risk during the 1990s. It assesses the extent to which this overall variability can be explained by variability in the level of banks’ aggregate credit risk over time, or alternatively, by variation in the average credit...
Persistent link: https://www.econbiz.de/10005423501
As recent experience all too clearly demonstrates, liquid markets do not exist for all financial assets at all times. In some respects, this can be thought of as a market failure. This paper addresses how best to promote asset market liquidity given this market failure, and the appropriate...
Persistent link: https://www.econbiz.de/10005232565
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
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
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
In an open economy inflation-targeting framework, whether policy-makers should target aggregate or non-traded inflation depends on the structural relationships in the economy. This paper shows that in a small empirical model of the Australian economy, it makes little difference which measure is...
Persistent link: https://www.econbiz.de/10005423601