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RBA Glossary definition for exchange rates

exchange rates – The price of one currency expressed in terms of another currency. Any exchange rate can be quoted two ways, e.g. Australian dollars per US dollar (USD/AUD) or US dollars per Australian dollar (AUD/USD). The convention for the Australian dollar is that it is quoted as the foreign currency price of the Australian dollar. This is sometimes referred to as the 'Indirect' method of quoting.

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Appendix C: Transmission of Exchange Rate Shocks

6 Apr 2018 RDP 2018-04
Christopher G Gibbs, Jonathan Hambur and Gabriela Nodari
Figure C1: Aggregate Variable Response to an Exchange Rate Shock. Deviation from baseline. ... Note: 10 per cent appreciation of nominal exchange rate. Figure C2: Sectoral Output and Investment Response to an Exchange Rate Shock.
https://www.rba.gov.au/publications/rdp/2018/2018-04/appendix-c.html

DSGE Reno: Adding a Housing Block to a Small Open Economy Model

1 Apr 2018 RDP 2018-04
Christopher G Gibbs, Jonathan Hambur and Gabriela Nodari
t. is the price level; S. t. is the nominal exchange rate; ψ. ... t. is the real exchange rate, ρ. r. governs the degree of interest rate smoothing, and ε.
https://www.rba.gov.au/publications/rdp/2018/2018-04/full.html

Appendix A: Data Sources for Estimation

6 Apr 2018 RDP 2018-04
Christopher G Gibbs, Jonathan Hambur and Gabriela Nodari
Nominal exchange rate: Quarterly average percentage change in the nominal trade-weighted exchange rate. ... Source: RBA statistical table F11 Exchange Rates. Resource prices: Quarterly average percentage change in the RBA non-rural commodity price index
https://www.rba.gov.au/publications/rdp/2018/2018-04/appendix-a.html

Appendix B: Transmission of Commodity Price Shocks

6 Apr 2018 RDP 2018-04
Christopher G Gibbs, Jonathan Hambur and Gabriela Nodari
Meanwhile, value added in the tradeable sector contracts as the increase in resource prices causes an appreciation of the real exchange rate, making the sector less competitive. ... Looking at sectoral inflation (Figure B3), the appreciation in the
https://www.rba.gov.au/publications/rdp/2018/2018-04/appendix-b.html

References

6 Apr 2018 RDP 2018-04
Christopher G Gibbs, Jonathan Hambur and Gabriela Nodari
Lim G and S Tsiaplias (2016), ‘Non-Linearities in the Relationship between House Prices and Interest Rates: Implications for Monetary Policy’, Melbourne Institute Working Paper No 2/16. ... Manalo J, D Perera and D Rees (2014), ‘Exchange Rate
https://www.rba.gov.au/publications/rdp/2018/2018-04/references.html

DSGE Reno: Adding a Housing Block to a Small Open Economy Model

1 Apr 2018 RDP 2018-04
Christopher G Gibbs, Jonathan Hambur and Gabriela Nodari
Research Discussion Paper – RDP 2018-04 DSGE Reno: Adding a Housing Block to a Small Open Economy Model. Christopher G Gibbs. , Jonathan Hambur. and Gabriela Nodari. April 2018. 1,668. KB. The authors would like to thank Daniel Rees, Tim Robinson,
https://www.rba.gov.au/publications/rdp/2018/2018-04/sections.html

The Model

6 Apr 2018 RDP 2018-04
Christopher G Gibbs, Jonathan Hambur and Gabriela Nodari
t. is the price level; S. t. is the nominal exchange rate; ψ. ... t. is the real exchange rate, ρ. r. governs the degree of interest rate smoothing, and ε.
https://www.rba.gov.au/publications/rdp/2018/2018-04/the-model.html

Estimation

6 Apr 2018 RDP 2018-04
Christopher G Gibbs, Jonathan Hambur and Gabriela Nodari
nominal and real exchange rates; commodity prices; domestic interest rates; and foreign and domestic aggregate inflation and GDP. ... Consistent with RSH, there is no evidence that monetary policy responds to changes in the real exchange rate.
https://www.rba.gov.au/publications/rdp/2018/2018-04/estimation.html

The Transmission of Monetary Policy

6 Apr 2018 RDP 2018-04
Christopher G Gibbs, Jonathan Hambur and Gabriela Nodari
This is mainly due to the exchange rate appreciation induced by higher interest rates. ... t. ); and the real trade-weighted exchange rate (q. t. ). Thus, the full vector. As in the DSGE model, all variables are quarterly growth rates except the foreign
https://www.rba.gov.au/publications/rdp/2018/2018-04/the-transmission-of-monetary-policy.html

The Transmission of Housing Shocks

6 Apr 2018 RDP 2018-04
Christopher G Gibbs, Jonathan Hambur and Gabriela Nodari
On the nominal side, inflation declines slightly and the cash rate is lowered by around 10 basis points. ... Note: 5 per cent decline in housing investment. Footnotes. In interpreting the shock as a change in demand from foreign buyers, we would be
https://www.rba.gov.au/publications/rdp/2018/2018-04/the-transmission-of-housing-shocks.html