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RBA Glossary definition for balance of payments

balance of payments – A summary of the economic transactions between residents of one country and residents of other countries.

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MARTIN Has Its Place: A Macroeconometric Model of the Australian Economy

1 Aug 2019 RDP 2019-07
Alexander Ballantyne, Tom Cusbert, Richard Evans, Rochelle Guttmann, Jonathan Hambur, Adam Hamilton, Elizabeth Kendall, Rachael McCririck, Gabriela Nodari and Daniel Rees
Several components of the household balance sheet are modelled, as well as some financial market variables (such as the exchange rate and equity prices). ... Households' decisions to consume and invest in housing are affected by their income and balance
https://www.rba.gov.au/publications/rdp/2019/2019-07/full.html

A Stylised Description of the Model

23 Aug 2019 RDP 2019-07
Alexander Ballantyne, Tom Cusbert, Richard Evans, Rochelle Guttmann, Jonathan Hambur, Adam Hamilton, Elizabeth Kendall, Rachael McCririck, Gabriela Nodari and Daniel Rees
Households' decisions to consume and invest in housing are affected by their income and balance sheet position. ... payments (and receipts) of households and businesses.
https://www.rba.gov.au/publications/rdp/2019/2019-07/a-stylised-description-of-the-model.html