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RBA Glossary definition for money market

money market – The market which deals in short-term discount securities such as Treasury notes, bank bills and promissory notes. Major participants in this market include the Reserve Bank of Australia, banks, superannuation funds, insurance companies, investment trusts, investment banks, building societies and large corporates.

Search Results

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

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
Much of this literature focuses on medium-run employment effects, stemming from labour market scarring for workers (e.g. ... A version of the Beckers (2020) shock that does not purge market expectations, which we call ‘Beckers’.
https://www.rba.gov.au/publications/rdp/2024/2024-01/full.html

Results

15 Feb 2024 RDP 2024-01
Omer Majeed, Jonathan Hambur and Robert Breunig
A version of the Beckers (2020) shock that does not purge market expectations, which we call ‘Beckers’. ... A Romer and Romer-style shock where the policy reaction function includes only economic variables and excludes the financial market variables
https://www.rba.gov.au/publications/rdp/2024/2024-01/results.html

References

15 Feb 2024 RDP 2024-01
Omer Majeed, Jonathan Hambur and Robert Breunig
Davis SJ and J Haltiwanger (forthcoming), ‘Dynamism Diminished: The Role of Housing Markets and Credit Conditions’, American Economic Journal: Macroeconomics. ... Hambur J (2023), ‘Did Labour Market Concentration Lower Wages Growth Pre-COVID?’,
https://www.rba.gov.au/publications/rdp/2024/2024-01/references.html

Data and Methodology

15 Feb 2024 RDP 2024-01
Omer Majeed, Jonathan Hambur and Robert Breunig
We use the continuous measure that also orthogonalises the shock with respect to market expectations for the policy rate, though our results are near identical using the measure without this step.
https://www.rba.gov.au/publications/rdp/2024/2024-01/data-and-methodology.html

Literature Review

15 Feb 2024 RDP 2024-01
Omer Majeed, Jonathan Hambur and Robert Breunig
Much of this literature focuses on medium-run employment effects, stemming from labour market scarring for workers (e.g. ... Different papers propose different mechanisms for the decline in innovation, including reduced incentives due to lower demand
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
Foreign-owned firms may be better able to access credit from overseas markets or from their overseas parent (Dahlquist and Robertsson 2001).
https://www.rba.gov.au/publications/rdp/2024/2024-01/through-which-channels-does-monetary-policy-affect-innovation.html