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RBA Glossary definition for Treasury notes

Treasury notes – Australian Government Securities with a short term to maturity, issued at a discount to their face value with the difference (or discount) representing the return on the note. They are used primarily to meet the Government's need for within-year finance.

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How Many Jobs Did JobKeeper Keep?

23 Nov 2020 RDP 2020-07
James Bishop and Iris Day
Figure 1: Employment. Notes: (a) Shaded area represents 95 per cent confidence intervals. ... JobKeeper's contribution to employment outcomes (nor do Treasury argue that it does).
https://www.rba.gov.au/publications/rdp/2020/2020-07/full.html

Results

23 Nov 2020 RDP 2020-07
James Bishop and Iris Day
Figure 2: Employment Rate. Casual employees in February 2020. Note: (a) Shaded area represents 95 per cent confidence intervals. ... However, it is important to note that JobKeeper was announced during the period referenced by the April survey (29 March
https://www.rba.gov.au/publications/rdp/2020/2020-07/results.html

References

23 Nov 2020 RDP 2020-07
James Bishop and Iris Day
OECD (Organisation for Economic Co-operation and Development) (2020), ‘Issue Note 5: Flattening the Unemployment Curve? ... Treasury (2020b), ‘The JobKeeper Payment: Three-Month Review’, June. Treasury and ATO (2020), ‘JobKeeper Update’, Joint
https://www.rba.gov.au/publications/rdp/2020/2020-07/references.html

Introduction

23 Nov 2020 RDP 2020-07
James Bishop and Iris Day
The Treasury's (2020b) three-month review of the program used descriptive evidence to make the assessment that JobKeeper has had a material effect. ... Figure 1: Employment. Notes: (a) Shaded area represents 95 per cent confidence intervals.
https://www.rba.gov.au/publications/rdp/2020/2020-07/introduction.html

Previous Literature

23 Nov 2020 RDP 2020-07
James Bishop and Iris Day
In addition to case studies, Treasury (2020b) provided some novel empirical analysis using administrative data. ... JobKeeper's contribution to employment outcomes (nor do Treasury argue that it does).
https://www.rba.gov.au/publications/rdp/2020/2020-07/previous-literature.html

Appendix E: Alternative Identification Strategy

23 Nov 2020 RDP 2020-07
James Bishop and Iris Day
607. 41. Note: Characteristics in February for sample remaining in June 2020; employees and self-employed who arrived in the past 1–6 years. ... Notes: Monthly data are smoothed using a 12-month trailing average. (a) Arrived in Australia within the
https://www.rba.gov.au/publications/rdp/2020/2020-07/appendix-e.html

Robustness and Potential Biases

23 Nov 2020 RDP 2020-07
James Bishop and Iris Day
Note: Away from work for more than four weeks and not paid in last four weeks. ... Notes: Hours are set to zero for those who are unemployed or not in the labour force.
https://www.rba.gov.au/publications/rdp/2020/2020-07/robustness-and-potential-biases.html

Appendix B: Additional Details on the Model

23 Nov 2020 RDP 2020-07
James Bishop and Iris Day
To see this, note that the set-up with a binary treatment and binary instrument lends itself to the Wald IV estimator:. ... The number of JobKeeper recipients by industry is from Treasury (2020b, p 43), which we adjust (proportionally) so that industry
https://www.rba.gov.au/publications/rdp/2020/2020-07/appendix-b.html

The JobKeeper Payment

23 Nov 2020 RDP 2020-07
James Bishop and Iris Day
The authors note that ‘[o]f the more than fifty countries that have introduced emergency wage subsidies over the course of the pandemic, none paid a single rate to all eligible ... Cassells and Duncan (2020) note that most international wage subsidy
https://www.rba.gov.au/publications/rdp/2020/2020-07/the-jobkeeper-payment.html