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RBA Glossary definition for business cycle

business cycle – The period between peaks or troughs of macroeconomic activity.

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Firms' Price-setting Behaviour: Insights from Earnings Calls

11 Sep 2023 RDP 2023-06
Callan Windsor and Max Zang
machine learning, business, inflation. We introduce new firm-level indices covering input costs, demand and final prices based on listed Australian firms' earnings calls going back to 2007.
https://www.rba.gov.au/publications/rdp/2023/2023-06.html

Data

11 Sep 2023 RDP 2023-06
Callan Windsor and Max Zang
In the calls, company executives deliver prepared remarks summarising the overall business position of the firm and the operating environment. ... A further 10 per cent of firms are so-called off-cycle reporters, whose reporting year ends in September,
https://www.rba.gov.au/publications/rdp/2023/2023-06/data.html

Appendix B: Matched Sample Results

11 Sep 2023 RDP 2023-06
Callan Windsor and Max Zang
Download the Paper 1.6. MB. Table B1: Earnings Calls and Business Liaison/Survey Indicators. ... t. is the measure of interest (input costs, demand, labour costs and prices), constructed using either (1) earnings calls and business liaison; (2) earnings
https://www.rba.gov.au/publications/rdp/2023/2023-06/appendix-b.html

Measuring Tense

11 Sep 2023 RDP 2023-06
Callan Windsor and Max Zang
RDP 2023-06: Firms' Price-setting Behaviour: Insights from Earnings Calls 5. Measuring Tense. Callan Windsor and Max Zang. September 2023. Download the Paper 1.6. MB. As highlighted above, our newly constructed indices contain valuable information
https://www.rba.gov.au/publications/rdp/2023/2023-06/measuring-tense.html

Appendix A: Constructing the Dictionary-based Indices

11 Sep 2023 RDP 2023-06
Callan Windsor and Max Zang
RDP 2023-06: Firms' Price-setting Behaviour: Insights from Earnings Calls Appendix A: Constructing the Dictionary-based Indices. Callan Windsor and Max Zang. September 2023. Download the Paper 1.6. MB. We construct word lists for 10 subindices,
https://www.rba.gov.au/publications/rdp/2023/2023-06/appendix-a.html

Firms' Price-setting Behaviour: Insights from Earnings Calls

11 Sep 2023 RDP 2023-06
Callan Windsor and Max Zang
RDP 2023-06: Firms' Price-setting Behaviour: Insights from Earnings Calls Read me file. Callan Windsor and Max Zang. September 2023. This ‘read me’ file contains general instructions on how to replicate the results presented in RDP 2023-06,
https://www.rba.gov.au/publications/rdp/2023/2023-06/read-me.html

Firms' Price-setting Behaviour: Insights from Earnings Calls

11 Sep 2023 RDP 2023-06
Callan Windsor and Max Zang
and seminar participants at the Australian Conference of Economists 2023, the RBA–APRA Business Coding Knowledge Sharing Session and the e61/MQBS Big Data Workshop.
https://www.rba.gov.au/publications/rdp/2023/2023-06/sections.html

Appendix C: Tense Comparisons

11 Sep 2023 RDP 2023-06
Callan Windsor and Max Zang
RDP 2023-06: Firms' Price-setting Behaviour: Insights from Earnings Calls Appendix C: Tense Comparisons. Callan Windsor and Max Zang. September 2023. Download the Paper 1.6. MB. Figure C1: Earnings Calls and Tense Comparisons. Notes: Series are
https://www.rba.gov.au/publications/rdp/2023/2023-06/appendix-c.html

Introduction

11 Sep 2023 RDP 2023-06
Callan Windsor and Max Zang
outlook. For this reason, policymakers have been closely monitoring firms' price-setting behaviour using insights derived from business liaisons and surveys of firms. ... business liaison program and can help predict (in the sense of Granger causality)
https://www.rba.gov.au/publications/rdp/2023/2023-06/introduction.html

Conclusion

11 Sep 2023 RDP 2023-06
Callan Windsor and Max Zang
We show that the signal from these indices about input costs, demand and final prices is contemporaneous with the information the Reserve Bank of Australia receives as part of its business ... liaison program and leads (in the sense of Granger causality)
https://www.rba.gov.au/publications/rdp/2023/2023-06/conclusion.html