Search: monetary aggregates

Help
Contents
Metadata
Published
Display
per page
Results from
Sort by: Relevance Date
1–7 of 7 collapsed search results for monetary aggregates

RBA Glossary definition for monetary aggregates

monetary aggregates – A series of measures of the values of currency on issue, current deposits with banks, other deposits with banks, plus borrowings from the private sector by non-bank financial institutions (NBFIs) less currency and bank deposits by NBFIs. Components consist of: 'M1' defined as currency plus bank current deposits from the private non-bank sector; 'M3' defined as M1 plus all other authorised deposit-taking institution (ADI) deposits from the private non-ADI sector, plus certificates of deposit issued by banks, less ADI deposits held with one another; 'Broad money' defined as M3 plus other short-term liquid AFI liabilities held by the private sector, except those held by other AFIs ; 'Money base' defined as holdings of banknotes and coins by the private sector plus deposits of banks with the Reserve Bank of Australia (RBA) and other RBA liabilities to the private non-bank sector

Search Results

The Real Effects of Debt Covenants: Evidence from Australia

25 Oct 2022 RDP 2022-05
Kim Nguyen
Finally, I quantify the aggregate effects of changes in the types of covenants used on the transmission of monetary policy. ... 5. Aggregate Effects of Covenant Composition. The differential responses by covenant configuration beg the question: has the
https://www.rba.gov.au/publications/rdp/2022/2022-05/full.html

Conclusion

25 Oct 2022 RDP 2022-05
Kim Nguyen
Using simple quantification, I find that the compositional change in covenants over time in Australia may have had a sizeable effect on the transmission of monetary policy to aggregate non-mining ... The shift may have also made employment slightly less
https://www.rba.gov.au/publications/rdp/2022/2022-05/conclusion.html

Aggregate Effects of Covenant Composition

25 Oct 2022 RDP 2022-05
Kim Nguyen
composition of covenants to capture the average partial response to a monetary policy shock. ... I examine how this has changed over time to quantify how changes in composition affected monetary policy pass-through.
https://www.rba.gov.au/publications/rdp/2022/2022-05/aggregate-effects-of-covenant-composition.html

The Real Effects of Debt Covenants: Evidence from Australia

25 Oct 2022 RDP 2022-05
Kim Nguyen
Research Discussion Paper – RDP 2022-05 The Real Effects of Debt Covenants: Evidence from Australia. Kim Nguyen. October 2022. 1,648. KB. I would like to thank Nalini Agarwal, Benjamin Beckers, Leon Berkelmans, James Bishop, Anthony Brassil,
https://www.rba.gov.au/publications/rdp/2022/2022-05/sections.html

Introduction

25 Oct 2022 RDP 2022-05
Kim Nguyen
Having demonstrated the substantive direct effects of covenants, I study their role in the transmission of monetary policy, building on the approach of Greenwald (2019) and using monetary policy shocks developed ... Finally, I quantify the aggregate
https://www.rba.gov.au/publications/rdp/2022/2022-05/introduction.html

Direct Effects of Covenants

25 Oct 2022 RDP 2022-05
Kim Nguyen
Lastly, both the actual usage and the reporting of debt covenants may change over time due to changes in aggregate economic and credit conditions, such as the tightening in credit availability
https://www.rba.gov.au/publications/rdp/2022/2022-05/direct-effects-of-covenants.html

Indirect Effects of Covenants – Monetary Policy Transmission

25 Oct 2022 RDP 2022-05
Kim Nguyen
Therefore, the effects of monetary policy need to be separated from macroeconomic and financial conditions. ... Figure 7: Differential Responses by Covenant. To a 100 basis point expansionary monetary policy shock.
https://www.rba.gov.au/publications/rdp/2022/2022-05/indirect-effects-of-covenants-monetary-policy-transmission.html