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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 A: A Small Macroeconomic Model of Australia

31 Dec 2002 RDP 2002-01
Guy Debelle and Jenny Wilkinson
where e is the nominal exchange rate and wp represents world export prices. ... We assume unitary pass-through of movements in the exchange rate and world prices.
https://www.rba.gov.au/publications/rdp/2002/2002-01/appendix-a.html

Inflation Targeting and the Inflation Process: Some Lessons from an Open Economy

1 Jan 2002 RDP 2002-01
Guy Debelle and Jenny Wilkinson
Research Discussion Papers contain the results of economic research within the Reserve Bank
https://www.rba.gov.au/publications/rdp/2002/2002-01.html

References

31 Dec 2002 RDP 2002-01
Guy Debelle and Jenny Wilkinson
McCarthy J (1999), ‘Pass-through of Exchange Rates and Import Prices to Domestic Inflation in Some Industrialized Countries’, BIS Working Papers No 79. ... Ryan C and C Thompson (2000), ‘Inflation Targeting and Exchange Rate Fluctuations in
https://www.rba.gov.au/publications/rdp/2002/2002-01/references.html

Evidence of Changes in the Inflation Process

31 Dec 2002 RDP 2002-01
Guy Debelle and Jenny Wilkinson
Understanding the link between changes in the exchange rate and inflation is thus particularly important. ... Speech by First Deputy Governor Lars Heikensten, Monetary Policy and the Exchange Rate, Riksbank, 19 April 1999).
https://www.rba.gov.au/publications/rdp/2002/2002-01/evidence-of-changes-in-the-inflation-process.html

Which Inflation Rate to Target in an Open Economy?

31 Dec 2002 RDP 2002-01
Guy Debelle and Jenny Wilkinson
The third equation implies that the exchange rate appreciates in response to a rise in domestic interest rates. ... If a rigid inflation target is in place, the increase in inflation can be counteracted by a rise in interest rates to offset the downward
https://www.rba.gov.au/publications/rdp/2002/2002-01/which-inflation-rate-to-target-in-an-open-economy.html

Conclusion

31 Dec 2002 RDP 2002-01
Guy Debelle and Jenny Wilkinson
In part, this appears to be because the estimated pass-through of exchange rate changes to aggregate inflation is protracted. ... Most notably, the effect of exchange rate changes on inflation has become more muted.
https://www.rba.gov.au/publications/rdp/2002/2002-01/conclusion.html

Introduction

31 Dec 2002 RDP 2002-01
Guy Debelle and Jenny Wilkinson
One of these is that central banks in open economies have to decide how to respond to changes in the exchange rate. ... and have investigated how the specifics of the exchange rate pass-through process affect the monetary policy decision.
https://www.rba.gov.au/publications/rdp/2002/2002-01/introduction.html

Evidence from a Small Empirical Macro Model

31 Dec 2002 RDP 2002-01
Guy Debelle and Jenny Wilkinson
indirectly through changes in the real exchange rate (with a four-quarter lag). ... This occurs because exchange rate changes have a muted effect on aggregate inflation.
https://www.rba.gov.au/publications/rdp/2002/2002-01/evidence-from-a-small-empirical-macro-model.html