Similar Search Results

Currency Demand during the Global Financial Crisis: Evidence from Australia

Cusbert, Tom; Rohling, Thomas - Reserve Bank of Australia - 2013

an additional $5 billion (or 12 per cent) of Australian banknotes on issue by the end of that year. The rise in currency … disproportionate rise in demand for high-denomination banknotes at this time. …

Persistent link: https://www.econbiz.de/10010815227

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

Assessing Some Models of the Impact of Financial Stress upon Business Cycles

Pagan, Adrian; Robinson, Tim - Reserve Bank of Australia - 2011

In the wake of the global financial crisis a considerable amount of research has focused on integrating financial factors into macroeconomic models. Two common approaches for doing so include the financial accelerator and collateralised lending, examples of which are Gilchrist, Ortiz and...

Persistent link: https://www.econbiz.de/10009393260

Credit and Monetary Policy: An Australian SVAR

Berkelmans, Leon - Reserve Bank of Australia - 2005

Credit is an important macroeconomic variable that helps to drive economic activity and is also dependent on economic activity. This paper estimates a small structural vector autoregression (SVAR) model for Australia to examine the intertwined relationships of credit with other key macroeconomic...

Persistent link: https://www.econbiz.de/10005423512

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

Inventory Investment in Australia and the Global Financial Crisis

Cava, Gianni La - Reserve Bank of Australia - 2013

A sharp decline in inventory investment was an important contributor to the economic slowdown in Australia in 2008/09. I identify the extent to which this was due to a tightening in short-term credit constraints. In an experimental design setting, I identify the causal effect of short-term...

Persistent link: https://www.econbiz.de/10010720407

A Survey of Housing Equity Withdrawal and Injection in Australia

Schwartz, Carl; Hampton, Tim; Lewis, Christine; Norman, … - Reserve Bank of Australia - 2006

Over the past decade or so, aggregate data suggest a trend increase in housing equity withdrawal in Australia, potentially stimulating household spending. However, there has been little disaggregated information on how equity is being withdrawn and injected, the characteristics of households...

Persistent link: https://www.econbiz.de/10005398630

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

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