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RBA Glossary definition for central bank

central bank – A non-commercial bank, which may or may not be independent of government, which has some or all of the following functions: conduct monetary policy; oversee the stability of the financial system; issue currency notes; act as banker to the government; supervise financial institutions and regulate payments systems.

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Credit Spreads, Monetary Policy and the Price Puzzle

28 Jan 2020 RDP 2020-01
Benjamin Beckers
This can be explained by the forward-looking behaviour of the central bank. ... Inflation does not rise in response to an increase in the policy rate but, instead, the central bank raises its policy rate when it expects inflation to increase in the future
https://www.rba.gov.au/publications/rdp/2020/2020-01.html

Introduction

28 Jan 2020 RDP 2020-01
Benjamin Beckers
This is the standard prediction of conventional macroeconomic theory and guides policy decisions of all inflation-targeting central banks. ... Having accurate estimates of the effects of monetary policy is obviously crucial for an inflation-targeting
https://www.rba.gov.au/publications/rdp/2020/2020-01/introduction.html

Credit Spreads, Monetary Policy and the Price Puzzle

1 Jan 2020 RDP 2020-01
Benjamin Beckers
Having accurate estimates of the effects of monetary policy is obviously crucial for an inflation-targeting central bank. ... γ. >. 0. ). , and as a result the central bank raises the policy rate in response. (.
https://www.rba.gov.au/publications/rdp/2020/2020-01/full.html

Non-technical summary for ‘Credit Spreads, Monetary Policy and the Price Puzzle’

1 Jan 2020 RDP 2020-01
Benjamin Beckers
The most common explanation attributes the observed positive correlation between cash rate changes and future inflation to the forward-looking behaviour of central banks. ... Because monetary policy operates on inflation and other economic variables with
https://www.rba.gov.au/publications/rdp/2020/2020-01/non-technical-summary.html

References

28 Jan 2020 RDP 2020-01
Benjamin Beckers
Hartigan L and J Morley (2018), ‘A Factor Model Analysis of the Effects of Inflation Targeting on the Australian Economy’, in J Simon and M Sutton (eds), Central Bank Frameworks: Evolution ... or Revolution?, Proceedings of a Conference, Reserve Bank
https://www.rba.gov.au/publications/rdp/2020/2020-01/references.html

Biased Romer and Romer Estimates – The Role of Credit Spreads

28 Jan 2020 RDP 2020-01
Benjamin Beckers
r. t. 1. ,. Z. t. 1. ). 0. (the central bank responds to indicators not observed by the econometrician), and (ii). ... γ. >. 0. ). , and as a result the central bank raises the policy rate in response. (.
https://www.rba.gov.au/publications/rdp/2020/2020-01/biased-romer-and-romer-estimates-the-role-of-credit-spreads.html

Robustness to Model Misspecification and the GFC Episode

28 Jan 2020 RDP 2020-01
Benjamin Beckers
One possibility highlighted by Caldara and Herbst (2019) and Gertler and Karadi (2015) is that credit spreads may not only be an important omitted variable in the central bank's reaction ... However, since the GFC the predictive information in credit
https://www.rba.gov.au/publications/rdp/2020/2020-01/robustness-to-model-misspecification-and-the-gfc-episode.html

Credit Market Conditions and the Bank's Forecast Errors

28 Jan 2020 RDP 2020-01
Benjamin Beckers
Credit Market Conditions and the Bank's Forecast Errors. Benjamin Beckers. January 2020. ... Gilchrist and Zakrajšek (2012) and López-Salido et al (2017), and – to the extent that credit spreads may capture sentiment or risks around the Bank staff's
https://www.rba.gov.au/publications/rdp/2020/2020-01/credit-market-conditions-and-the-banks-forecast-errors.html