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RBA Glossary definition for interest rate

interest rate – The term used to describe the cost of borrowing money or the return to the owner of the funds which are invested or lent out. It is usually expressed as a percent per annum of the amount of money borrowed, lent or invested.

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Do Monetary Policy and Economic Conditions Impact Innovation? Evidence from Australian Administrative Data

15 Feb 2024 RDP 2024-01
Omer Majeed, Jonathan Hambur and Robert Breunig
policy is constrained by the effective lower bound on interest rates and therefore cannot offset economic downturns. ... As such, it might appear that higher interest rates lead to more innovation when both are moving with economic conditions.
https://www.rba.gov.au/publications/rdp/2024/2024-01/full.html

Do Monetary Policy and Economic Conditions Impact Innovation? Evidence from Australian Administrative Data

15 Feb 2024 RDP 2024-01
Omer Majeed, Jonathan Hambur and Robert Breunig
cr: cash rate, quarterly average – RBA statistical table F1.1 Interest Rates and Yields – Money Market – Monthly. ... cr_lvl: cash rate level, quarterly average – RBA statistical table F1.1 Interest Rates and Yields – Money Market – Monthly.
https://www.rba.gov.au/publications/rdp/2024/2024-01/read-me.html

Data and Methodology

15 Feb 2024 RDP 2024-01
Omer Majeed, Jonathan Hambur and Robert Breunig
For example, the central bank is likely to raise rates if it expects economic activity and inflation to increase. ... As such, it might appear that higher interest rates lead to more innovation when both are moving with economic conditions.
https://www.rba.gov.au/publications/rdp/2024/2024-01/data-and-methodology.html

Introduction

15 Feb 2024 RDP 2024-01
Omer Majeed, Jonathan Hambur and Robert Breunig
One stream of this literature argues that weaker economic conditions, particularly economic downturns, can lead to slower rates of innovation and technology adoption by businesses, which can in turn lead to ... policy is constrained by the effective
https://www.rba.gov.au/publications/rdp/2024/2024-01/introduction.html

Conclusion

15 Feb 2024 RDP 2024-01
Omer Majeed, Jonathan Hambur and Robert Breunig
It also increases the costs associated with such policies being constrained, such as at the effective zero lower bound on interest rates.
https://www.rba.gov.au/publications/rdp/2024/2024-01/conclusion.html

Non-technical summary for ‘Do Monetary Policy and Economic Conditions Impact Innovation? Evidence from Australian Administrative Data’

15 Feb 2024 RDP 2024-01
Omer Majeed, Jonathan Hambur and Robert Breunig
They also highlight the potential cost of having those polices constrained, for example, by the zero lower bound on interest rates.
https://www.rba.gov.au/publications/rdp/2024/2024-01/non-technical-summary.html

Literature Review

15 Feb 2024 RDP 2024-01
Omer Majeed, Jonathan Hambur and Robert Breunig
While this literature tends to focus on the effects of US policy on interest rates, investment or output in other countries (e.g.
https://www.rba.gov.au/publications/rdp/2024/2024-01/literature-review.html

Through Which Channels Does Monetary Policy Affect Innovation?

15 Feb 2024 RDP 2024-01
Omer Majeed, Jonathan Hambur and Robert Breunig
All regressions include controls for industry, (lag) GDP growth, (lag) inflation, (lag) growth in the exchange rate, (lag) turnover growth and (lag) employment, and lag of the shock and dependent variable. , ... due to lower revenue or higher interest
https://www.rba.gov.au/publications/rdp/2024/2024-01/through-which-channels-does-monetary-policy-affect-innovation.html