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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

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

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

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

can help reconcile the theory to the practice. It shows that parameter uncertainty does not induce much smoothness when …

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

What Do Financial Market Data Tell Us about Monetary Policy Transparency?

Coppel, Jonathan; Connolly, Ellis - Reserve Bank of Australia - 2003

This paper attempts to discern from financial market data the impact of greater monetary policy transparency over the period since the late 1980s. We examine whether interest rate variability has changed, the degree to which financial markets anticipate policy moves and movements in the yield...

Persistent link: https://www.econbiz.de/10005423616

Inflation in an era of relative price shocks : proceedings of a conference held at the H. C. Coombs Centre for Financial Studies, Kirribilli on 17 - 18 August 2009

Fry, Renée (contributor); Jones, Callum (contributor); … - 2010

Persistent link: https://www.econbiz.de/10008689083

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

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

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