Researcher Profiles Richard Finlay
Domestic Markets Department
Current research interests: financial markets, mathematical statistics
Contact: finlayr@rba.gov.au
Richard currently works in the Domestic Markets dealing room. He holds a PhD in mathematical statistics from the University of Sydney, and a PhD in Economics from the University of NSW.
Academic publications

‘The Yield and Market Function Effects of the Reserve Bank of Australia's Bond Purchases’
Economic Record, 99(326), pp 359–384.
Also released as RBA Research Discussion Paper No 202202. 
‘Where's the Money‽ An Investigation into the Whereabouts and Uses of Australian Banknotes’
Australia Economic Review, 53(1), pp 22–34.
Also released as RBA Research Discussion Paper No 201812.  ‘A Scalarvalued Infinitely Divisible Random Field with Pólya Autocorrelation’ Statistics and Probability Letters, 122, pp 141–146.

‘Household Saving in Australia’
The B.E. Journal of Macroeconomics, 15(2), pp 677–704.
Also released as RBA Research Discussion Paper No 201403. 
‘A Statespace Approach to Australian Gross Domestic Product Measurement’
Australia Economic Review, 48(2), pp 133–149.
Also released as RBA Research Discussion Paper No 201412.  ‘Housing Wealth Effects: Evidence from an Australian Panel’ Economica, 82(327), pp 552–577.
 ‘Credit Supply Shocks and the Global Financial Crisis in Three Small Open Economies’ Journal of Macroeconomics, 40, pp 270–276.
 ‘Random Fields with Pólya Correlation Structure’ Journal of Applied Probability, 51(4), pp 1,037–1,050.

‘Estimating Inflation Expectations with a Limited Number of InflationIndexed Bonds’
International Journal of Central Banking, 8(2), pp 111–142.
Also released as RBA Research Discussion Paper No 201101.  ‘A Generalized Hyperbolic Model for a Risky Asset with Dependence’ Statistics and Probability Letters, 82(12), pp 2,164–2,169.
 ‘An Inverse Gamma Activity Time Process with Noninteger Parameters and a SelfSimilar Limit’ Journal of Applied Probability, 49(2), pp 441–450.
 ‘TimeVarying Term Premia and the Expectations Hypothesis in Australia’ Applied Economics Letters, 18(2), pp 133–136.
 ‘Autocorrelation Functions’ International Statistical Review, 79(2), pp 255–271.

‘A Term Structure Decomposition of the Australian Yield Curve’
Economic Record, 85(271), pp 383–400
Also released as RBA Research Discussion Paper No 200809.  ‘Option Pricing with VG–like Models’ International Journal of Theoretical and Applied Finance, 11(8), pp 943–955.
 ‘StationaryIncrement VarianceGamma and T Models: Simulation and Parameter Estimation’ International Statistical Review, 76(2), pp 167–186.
 ‘A Gamma Activity Time Process with Noninteger Parameter and SelfSimilar Limit’ Journal of Applied Probability, 44(4), pp 950–959.
 ‘StationaryIncrement Student and VarianceGamma Processes’ Journal of Applied Probability, 43(2), pp 441–453.
Other Research Papers
 ‘Forecasting banknote demand at the Reserve Bank of Australia’ Proceedings of the ISI World Statistics Congress 2019, Special Topic Session Volume 4, Kuala Lumpur, Malaysia, 18–23 August.
 ‘Affine Endeavour: Estimating a Joint Model of the Nominal and Real Term Structures of Interest Rates in Australia’ RBA Research Discussion Paper No 201802.
 ‘Repo market functioning’ CGFS Papers No 59.
 ‘Home Prices and Household Spending’ RBA Research Discussion Paper No 201304.
Policy Publications
 ‘An Initial Assessment of the Reserve Bank's Bond Purchase Program’ RBA Bulletin, June.
 ‘Government Bond Market Functioning and COVID19’ RBA Bulletin, September.
 ‘Cash Use in Australia: Results from the 2019 Consumer Payments Survey’ RBA Bulletin, June.
 ‘A Costbenefit Analysis of Polymer Banknotes’ RBA Bulletin, December.
 ‘A Brief History of Currency Counterfeiting’ RBA Bulletin, September.
 ‘Cash Withdrawal Symptoms’ RBA Bulletin, June.
 ‘Understanding Demand for Australia's Banknotes’ RBA Bulletin, December.
 ‘The distribution of household spending in Australia’ RBA Bulletin, March.
 ‘The Rise in Household Saving’ RBA Bulletin, June.
 ‘The Distribution of Household Wealth in Australia: Evidence from the 2010 HILDA Survey’ RBA Bulletin, March.
 ‘Extracting Information from Financial Market Instruments’ RBA Bulletin, March.
 ‘Dwelling Prices and Household Income’ RBA Bulletin, December.