RDP 9314: The Demand for Money in Australia: New Tests on an old Topic Appendix 1: Data
December 1993
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Currency
Definition: Holdings of notes and coins by the non-bank private sector. Seasonal adjustment by the Australian Bureau of Statistics.
Source: Reserve Bank of Australia Bulletin
MB
Definition: Money base, that is holdings of notes and coins by the private sector, plus deposits of banks with the Reserve Bank of Australia and other Reserve Bank liabilities to the private sector. Seasonally-adjusted using the SAS X-11Q seasonal adjustment procedure.
Source: Unadjusted data from Reserve Bank of Australia Bulletin.
MB-SRD
Definition: Money base estimated with constant statutory reserve deposit
(SRD) ratio set at 7 per cent. Up to September 1988, MB-SRD is estimated as
MBt+[((7/at)−1)xSRDt)] where MBt is
the money base set out above at time t, at is the actual SRD ratio
prevailing at time t, and SRDt is the value of SRDs at time t. From
October 1988, after the abolition of the SRD requirement and the introduction
of non-callable deposits (NCDs), MB-SRD is calculated as
where NCDt is the value
of NCDs for trading banks up to December 1989 and all banks from January 1990
at time t, and
is assumed SRDs at time t, estimated
as banks' total liabilities at time t multiplied by the ratio of SRDs to
banks' total liabilities at September 1988. Seasonally-adjusted using the
SAS X-11Q seasonal adjustment procedure.
MB-AMMD
Definition: Money base plus loans by banks to authorised money market dealers. Seasonally-adjusted using the SAS X-11Q seasonal adjustment procedure.
MB-SRDAMMD
Definition: MB-SRD plus loans by banks to authorised money market dealers. Seasonally-adjusted using the SAS X-11Q seasonal adjustment procedure.
NC-MB
Definition: Non-currency component of money base. Seasonally-adjusted using SAS X-11Q seasonal adjustment procedure.
NC-MB-SRD
Definition: Non-currency component of money base estimated with a constant SRD ratio set at 7 per cent. Seasonally-adjusted using the SAS X-11Q seasonal adjustment procedure.
NC-MB-AMMD
Definition: Non-currency component of money base plus loans by banks to authorised money market dealers. Seasonally-adjusted using the SAS X-11Q seasonal adjustment procedure.
NC-MB-SRDAMMD
Definition: Non-currency component of money base estimated with a constant SRD ratio set at 7 per cent, plus loans by banks to authorised money market dealers. Seasonally-adjusted using the SAS X-11Q seasonal adjustment procedure.
M1
Definition: Currency plus total current deposits with banks, excluding Commonwealth and State Government deposits and interbank deposits. Seasonal adjustment by the Australian Bureau of Statistics. The series before February 1975 excludes savings bank current deposits. Spliced at February 1975.
Source: Reserve Bank of Australia Bulletin
M3
Definition: Currency plus bank deposits of the private non-bank sector, excluding Commonwealth and State Government deposits and interbank deposits. Seasonal adjustment by the Australian Bureau of Statistics. The series consists of two data sets of seasonally-adjusted M3, spliced at February 1975.
Source: Reserve Bank of Australia Bulletin and Reserve Bank of Australia
M3-BA
Definition: Seasonally-adjusted M3 adjusted for breaks due to the transfer of non-bank financial intermediary (NBFI) business to banks or the establishment of new banks. See Bullock, Morris and Stevens (1989).
Broad Money (BM)
Definition: M3 plus borrowings from the private sector by NBFIs less the latter's holdings of currency and bank deposits. Borrowings by NBFIs include borrowings by permanent building societies, credit co-operatives, finance companies, authorised money market dealers, pastoral finance companies, money market corporations, general financiers and cash management trusts, less borrowings by authorised money market dealers from those non-bank intermediaries. Seasonal adjustment by the Australian Bureau of Statistics.
Source: Reserve Bank of Australia Bulletin
Gross Domestic Product (GDP)
Definition: Seasonally-adjusted by the Australian Bureau of Statistics. Real values are in constant 1984/85 prices.
Source: Quarterly Estimates of National Income and Expenditure, ABS Cat. No. 5206.0.
Gross National Expenditure (GNE)
Definition: Seasonally-adjusted by the Australian Bureau of Statistics. Real values are in constant 1984/85 prices.
Source: Quarterly Estimates of National Income and Expenditure, ABS Cat. No. 5206.0.
Private Final Demand (PFD)
Definition: Seasonally-adjusted by the Australian Bureau of Statistics. Real values are in constant 1984/85 prices.
Source: Quarterly Estimates of National Income and Expenditure, ABS Cat. No. 5206.0.
Inflation Rates
Definition: Quarter-on-quarter growth rate of the implicit price deflator for the activity variables defined above.
The 90-Day Bank-Accepted Bill Rate (Bill)
Definition: Three-month average of the average nominal 90-day bank-accepted bill rate for the week-ending last Wednesday of the month.
Source: Reserve Bank of Australia Bulletin
The Two-Year Bond Yield (B2)
Definition: Three-month average of the two-year Treasury bond yield for the last business day of the month. Assessed secondary market yields.
Source: Reserve Bank of Australia Bulletin
The Ten-Year Bond Yield (B10)
Definition: Three-month average of the ten-year Treasury bond yield for the last business day of the month. Assessed secondary market yield.
Source: Reserve Bank of Australia Bulletin
M1 Own Rate (M1OR)
Definition: A weighted-average interest rate paid on interest-bearing current deposits (IBCDs) by National Australia Bank, further weighted by multiplying by the proportion of total IBCDs in M1. The interest rate series contains a break in the March quarter 1990, reflecting the shift to the payment of more market-related current deposit rates by banks at that time.
M3 Own Rate (M3OR)
Definition: The sum of the interest rates paid on the interest-bearing deposit components of M3 weighted by the share of those components in the M3 aggregate. See Blundell-Wignall and Thorp (1987).
BM Own Rate (BMOR)
Definition: The sum of the interest rates paid on the interest-bearing deposit components of broad money weighted by the share of those components in the broad money aggregate. See Blundell-Wignall and Thorp (1987).