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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 B: Real Exchange Rate Model B

1 May 1996 RDP 9601
David Gruen and Tro Kortian
Download the Paper 204. KB. This appendix explains how the preferred specifications for real exchange rate model B are determined. ... Specifically, we have the following real exchange rate models:. Note that model (B8) is simply exchange rate model A.
https://www.rba.gov.au/publications/rdp/1996/9601/appendix-b.html

Modelling the Real Exchange Rate

1 May 1996 RDP 9601
David Gruen and Tro Kortian
Download the Paper 204. KB. We construct a measure of Australia's real exchange rate as a trade-weighted arithmetic average of the real exchange rates of Australia's five largest ... Two time-series models for this trade-weighted real exchange rate, q. t.
https://www.rba.gov.au/publications/rdp/1996/9601/modelling-the-real-exchange-rate.html

Predictable Real Exchange Rate Changes and Excess Returns

1 May 1996 RDP 9601
David Gruen and Tro Kortian
4. Predictable Real Exchange Rate Changes and Excess Returns. David Gruen and Tro Kortian. ... where. is the expectation at time-t based on real exchange rate model x = A,B.
https://www.rba.gov.au/publications/rdp/1996/9601/predictable-real-exchange-rate-changes-and-excess-returns.html

Appendix C: Monte Carlo Simulations

1 May 1996 RDP 9601
David Gruen and Tro Kortian
To begin, we test the null hypotheses that our models of the real exchange rate have no explanatory power, that is, that. = ... to estimate a preferred real exchange rate model. For model A, this is equation (6) in the text,.
https://www.rba.gov.au/publications/rdp/1996/9601/appendix-c.html

Why Does the Australian Dollar Move so Closely with the Terms of Trade?

1 May 1996 RDP 9601
David Gruen and Tro Kortian
Research Discussion Papers contain the results of economic research within the Reserve Bank
https://www.rba.gov.au/publications/rdp/1996/9601.html

Introduction

1 May 1996 RDP 9601
David Gruen and Tro Kortian
terms of trade and the real exchange rate, as shown in Figure 1 below. ... For both models, the terms of trade is the sole explanator of the real exchange rate.
https://www.rba.gov.au/publications/rdp/1996/9601/introduction.html

Why Does the Australian Dollar Move so Closely with the Terms of Trade?

1 May 1996 RDP 9601
David Gruen and Tro Kortian
https://www.rba.gov.au/publications/rdp/1996/9601/

References

1 May 1996 RDP 9601
David Gruen and Tro Kortian
pp. 159–178. McKenzie, I. M. (1986), ‘Australia's Real Exchange Rate During the Twentieth Century’, in D. ... Taylor, M. (1995), ‘The Economics of Exchange Rates’, Journal of Economic Literature, Vol XXXIII, March, pp.
https://www.rba.gov.au/publications/rdp/1996/9601/references.html

Appendix D: Data

1 May 1996 RDP 9601
David Gruen and Tro Kortian
Nominal bilateral exchange rates are end of quarter 4 pm (Sydney) quotations, from Table F.9 of the RBA Bulletin Database. ... Footnote. As reported above, we use nominal exchange rates at the end (4pm) of the last day of quarter t.
https://www.rba.gov.au/publications/rdp/1996/9601/appendix-d.html

Discussion and Conclusions

1 May 1996 RDP 9601
David Gruen and Tro Kortian
Finally, our paper has implications for empirical modelling of the Australian exchange rate. ... risk-premium, combined with the assumption of rational (or quasi-rational) expectations, as the central relationship determining exchange rate outcomes.
https://www.rba.gov.au/publications/rdp/1996/9601/discussion-and-conclusions.html