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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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Monetary Policy, Equity Markets and the Information Effect
23 Mar 2021
RDP
2021-04
This superior information could arise from the resources that central banks devote to analysing and forecasting the economy. ... More formally, the nominal interest rate, i. t. , set by the central bank can be represented as:.
https://www.rba.gov.au/publications/rdp/2021/2021-04/full.html
Monetary Policy, Equity Markets and the Information Effect
22 Apr 2021
RDP
2021-04
financial markets, forecasting, interest rates, monetary policy, money. Central banks analyse copious amounts of information to assess the economic outlook to then set monetary policy. ... However, looking beyond monetary policy announcements yields some
https://www.rba.gov.au/publications/rdp/2021/2021-04.html
Results
1 Apr 2021
RDP
2021-04
Reserve Bank of Australia, 2001–2024. All rights reserved. The Reserve Bank of Australia acknowledges the Aboriginal and Torres Strait Islander Peoples of Australia as the Traditional Custodians of this land,
https://www.rba.gov.au/publications/rdp/2021/2021-04/results.html
References
1 Apr 2021
RDP
2021-04
Cieslak A and A Schrimpf (2019), ‘Non-Monetary News in Central Bank Communication’, Journal of International Economics, 118, pp 293–315. ... Frankel A and N Kartik (2018), ‘What Kind of Central Bank Competence?’, Theoretical Economics, 13(2),
https://www.rba.gov.au/publications/rdp/2021/2021-04/references.html
Appendix B: Regression Output
1 Apr 2021
RDP
2021-04
Reserve Bank of Australia, 2001–2024. All rights reserved. The Reserve Bank of Australia acknowledges the Aboriginal and Torres Strait Islander Peoples of Australia as the Traditional Custodians of this land,
https://www.rba.gov.au/publications/rdp/2021/2021-04/appendix-b.html
Data and Method
1 Apr 2021
RDP
2021-04
Reserve Bank of Australia, 2001–2024. All rights reserved. The Reserve Bank of Australia acknowledges the Aboriginal and Torres Strait Islander Peoples of Australia as the Traditional Custodians of this land,
https://www.rba.gov.au/publications/rdp/2021/2021-04/data-and-method.html
Literature Review
1 Apr 2021
RDP
2021-04
Though theory provides various plausible mechanisms for the information effect, Romer and Romer (2000) first provided empirical evidence of the central bank information effect. ... However, Bauer and Swanson (2019) provide evidence that the results in
https://www.rba.gov.au/publications/rdp/2021/2021-04/literature-review.html
Monetary Policy, Equity Markets and the Information Effect
23 Mar 2021
RDP
2021-04
Reserve Bank of Australia, 2001–2024. All rights reserved. The Reserve Bank of Australia acknowledges the Aboriginal and Torres Strait Islander Peoples of Australia as the Traditional Custodians of this land,
https://www.rba.gov.au/publications/rdp/2021/2021-04/read-me.html
The Information Effect and Equity Prices
1 Apr 2021
RDP
2021-04
More formally, the nominal interest rate, i. t. , set by the central bank can be represented as:. ... t. was the central bank having received a private, positive signal about the state of the economy (a revision in X.
https://www.rba.gov.au/publications/rdp/2021/2021-04/the-information-effect-and-equity-prices.html
Beyond Board Meetings
1 Apr 2021
RDP
2021-04
For this reason, it may be important to consider other forms of central bank communication when evaluating the information effect. ... This is consistent with Cieslak and Schrimpf (2019) who find that there is more information present in central bank
https://www.rba.gov.au/publications/rdp/2021/2021-04/beyond-board-meetings.html