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RBA Glossary definition for SOEs

SOEs – state owned enterprises

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Extensions

10 Jul 2019 RDP 2019-05
Trent Saunders and Peter Tulip
However, a specification chosen so as to directly model the argument for nonlinear effects gives similar results. ... So by lowering credit growth, leaning against the wind is likely to decrease the severity, as well as the probability, of a crisis.
https://www.rba.gov.au/publications/rdp/2019/2019-05/extensions.html

Criticisms and Doubts

10 Jul 2019 RDP 2019-05
Trent Saunders and Peter Tulip
Interest rates work by changing the price of credit, so one might expect credit-sensitive expenditure to respond more strongly than other expenditure. ... In this sense, the standard view can be extended so that monetary policy should ‘react to the
https://www.rba.gov.au/publications/rdp/2019/2019-05/criticisms-and-doubts.html

Cost-benefit Analysis of Leaning against the Wind

1 Jul 2019 RDP 2019-05
Trent Saunders and Peter Tulip
However, a specification chosen so as to directly model the argument for nonlinear effects gives similar results. ... In this sense, the standard view can be extended so that monetary policy ‘ .
https://www.rba.gov.au/publications/rdp/2019/2019-05/full.html

Appendix A: Decomposition of Dynamic Estimates

10 Jul 2019 RDP 2019-05
Trent Saunders and Peter Tulip
e. ). 2. ]. Crises under leaning against the wind. (. c. t. l. a. w. ). are variable, so have a time subscript, whereas crises in the baseline are not. ... a. w. =. c. b. a. s. e. , so that the unemployment gap in a crisis is the same regardless of
https://www.rba.gov.au/publications/rdp/2019/2019-05/appendix-a.html

Dynamic Estimates for Australia

10 Jul 2019 RDP 2019-05
Trent Saunders and Peter Tulip
Because the elements interact multiplicatively and the loss function is quadratic the problem is highly nonlinear, so simple averages can be misleading. ... Leaning against the wind affects many other variables that society cares about, such as inflation,
https://www.rba.gov.au/publications/rdp/2019/2019-05/dynamic-estimates-for-australia.html

Cost-benefit Analysis of Leaning against the Wind

1 Jul 2019 RDP 2019-05
Trent Saunders and Peter Tulip
growth. These results are discussed in Section 5.1.1 in the RDP. 5_extension_credit_gap.prg: Extend the model so that the probability of a crisis also depends on
https://www.rba.gov.au/publications/rdp/2019/2019-05/read-me.html

Introduction

10 Jul 2019 RDP 2019-05
Trent Saunders and Peter Tulip
Leaning against the wind involves incurring this negligible cost in return for a reduction in the probability of a crisis in the future, so would, on net, be beneficial. ... As far as we are aware, this argument has not been quantified in the research
https://www.rba.gov.au/publications/rdp/2019/2019-05/introduction.html

Appendix B: Endogenous Crisis Severity

10 Jul 2019 RDP 2019-05
Trent Saunders and Peter Tulip
Svensson (2017a) assumes that a crisis results in a fixed increase in the unemployment gap, so that:.
https://www.rba.gov.au/publications/rdp/2019/2019-05/appendix-b.html