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1 Jul 1997
RDP
9703
Ric Battellino, John Broadbent and Philip Lowe
where:. r. t. is the actual (unofficial) cash rate; and. is the target cash rate. ... Daily data were used in estimation and seven lags of the changes in both the actual and target cash rate were included initially.
https://www.rba.gov.au/publications/rdp/1997/9703/appendix-a.html
1 Jul 1997
RDP
9703
Ric Battellino, John Broadbent and Philip Lowe
Research Discussion Paper – RDP 9703 The Implementation of Monetary Policy in Australia. Ric Battellino, John Broadbent and Philip Lowe. July 1997. 191. KB. This paper was prepared for the Autumn Meeting of Central Bank Economists at the Bank for
https://www.rba.gov.au/publications/rdp/1997/9703/
1 Jul 1997
RDP
9703
Ric Battellino, John Broadbent and Philip Lowe
Research Discussion Papers contain the results of economic research within the Reserve Bank
https://www.rba.gov.au/publications/rdp/1997/9703.html
1 Jul 1997
RDP
9703
Ric Battellino, John Broadbent and Philip Lowe
With the Bank announcing the target cash rate, and daily volatility in the cash rate much reduced, one would expect a commensurate decline in volatility in short-term yields, with yields ... 1990, volatility is measured using differences in the actual
https://www.rba.gov.au/publications/rdp/1997/9703/impact-financial-markets.html
1 Jul 1997
RDP
9703
Ric Battellino, John Broadbent and Philip Lowe
33–50. Blinder, A. (1995), ‘Targets, Instruments and Stabilisation’, Marshall Lecture I, University of Cambridge. ... 81. Lowe, P. (1995), ‘The Link Between the Cash Rate and Market Interest Rates’, Reserve Bank of Australia Research Discussion
https://www.rba.gov.au/publications/rdp/1997/9703/references.html
1 Jul 1997
RDP
9703
Ric Battellino, John Broadbent and Philip Lowe
The process of announcing changes to the cash rate target has some of the same characteristics as a system of administered interest rates, and there was therefore some concern, when the ... The Australian experience is summarised in Table 2. Using data
https://www.rba.gov.au/publications/rdp/1997/9703/thinking-underlying-current-arrangements.html
1 Jul 1997
RDP
9703
Ric Battellino, John Broadbent and Philip Lowe
Market conditions are easier to manage, given that the behaviour of participants is conditioned by the fact that they do not expect the cash rate to move much away from the ... Benefits have spread to the wider market, including less day-to-day
https://www.rba.gov.au/publications/rdp/1997/9703/concluding-remarks.html
1 Jul 1997
RDP
9703
Ric Battellino, John Broadbent and Philip Lowe
where r. t. is the actual cash rate and. is the target cash rate. ... As expected, the estimates for both periods indicate that eventually changes in the target cash rate are fully reflected in the actual cash rate.
https://www.rba.gov.au/publications/rdp/1997/9703/australian-framework-implementing-monetary.html