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RBA Glossary definition for central bank

central bank – A non-commercial bank, which may or may not be independent of government, which has some or all of the following functions: conduct monetary policy; oversee the stability of the financial system; issue currency notes; act as banker to the government; supervise financial institutions and regulate payments systems.

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

26 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
forecasting, interest rates, modelling, money. This paper introduces MARTIN – the Reserve Bank of Australia's (RBA) current model of the Australian economy. ... In contrast to other large-scale models used at the RBA – and at many other central banks
https://www.rba.gov.au/publications/rdp/2019/2019-07.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
The central bank sets the cash rate according to a monetary policy reaction function that responds to deviations of trimmed mean inflation from the inflation target, the unemployment gap and the ... The central bank adjusts interest rates to ensure that
https://www.rba.gov.au/publications/rdp/2019/2019-07/a-stylised-description-of-the-model.html

Conclusion

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
Download the Paper 1,572. KB. MARTIN has many of the required features of a central bank's core macroeconomic model. ... Reserve Bank of Australia, 2001–2024. All rights reserved. The Reserve Bank of Australia acknowledges the Aboriginal and Torres
https://www.rba.gov.au/publications/rdp/2019/2019-07/conclusion.html

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
Lindé (2018) offers a more sceptical appraisal. Although DSGE models remain widely used, several other central banks maintain macroeconometric models that are similar to MARTIN. ... The central bank adjusts interest rates to ensure that consumer price
https://www.rba.gov.au/publications/rdp/2019/2019-07/full.html

What is MARTIN and What is it Used for?

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
output. MARTIN aims to capture the mechanisms that matter most for a central bank; namely the features of the Australian economy that affect the setting and transmission of monetary policy. ... Lindé (2018) offers a more sceptical appraisal. Although
https://www.rba.gov.au/publications/rdp/2019/2019-07/what-is-martin-and-what-is-it-used-for.html