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1–5 of 5 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

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The Distributional Effects of Monetary Policy: Evidence from Local Housing Markets

1 Feb 2020 RDP 2020-02
Calvin He and Gianni La Cava
If monetary policy systematically responds to aggregate output growth then the key identification assumption is invalid because. ... In particular, the Reserve Bank focuses on aggregate measures of economic activity and inflation in setting monetary
https://www.rba.gov.au/publications/rdp/2020/2020-02/full.html

Theoretical Framework

14 Feb 2020 RDP 2020-02
Calvin He and Gianni La Cava
they expect local housing price growth to vary across regions in response to aggregate demand shocks, including monetary policy. ... If monetary policy systematically responds to aggregate output growth then the key identification assumption is invalid
https://www.rba.gov.au/publications/rdp/2020/2020-02/theoretical-framework.html

Introduction

14 Feb 2020 RDP 2020-02
Calvin He and Gianni La Cava
We are interested in the effect of an aggregate shock (national monetary policy changes) on regional housing prices. ... They study the effect of regional monetary shocks on regional housing prices, with their identification strategy implicitly
https://www.rba.gov.au/publications/rdp/2020/2020-02/introduction.html

Appendix A: Data Description

14 Feb 2020 RDP 2020-02
Calvin He and Gianni La Cava
RDP 2020-02: The Distributional Effects of Monetary Policy: Evidence from Local Housing Markets Appendix A: Data Description. ... September 2018. Quarterly. Forecast of aggregate real housing index. CoreLogic, ABS and authors' calculations.
https://www.rba.gov.au/publications/rdp/2020/2020-02/appendix-a.html

Heterogeneity in the Sensitivity of Local Housing Prices to Monetary Policy

14 Feb 2020 RDP 2020-02
Calvin He and Gianni La Cava
may be more sensitive to aggregate shocks, such as the national business cycle, and monetary policy is responding endogenously to these aggregate shocks? ... In particular, the Reserve Bank focuses on aggregate measures of economic activity and inflation
https://www.rba.gov.au/publications/rdp/2020/2020-02/heterogeneity-in-the-sensitivity-of-local-housing-prices-to-monetary-policy.html