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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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Anticipatory Monetary Policy and the ‘Price Puzzle’

1 May 2017 RDP 2017-02
James Bishop and Peter Tulip
Central banks say they respond to accelerating inflation by raising nominal interest rates. ... Romer and Romer (2004) argue that central bank forecasts should reflect all relevant information about the outlook.
https://www.rba.gov.au/publications/rdp/2017/2017-02/full.html

Anticipatory Monetary Policy and the ‘Price Puzzle’

22 May 2017 RDP 2017-02
James Bishop and Peter Tulip
Romer and Romer (2004) and Cloyne and Hürtgen (2016) successfully remove the price puzzle from US and UK data, respectively, by purging the cash rate of systematic policy responses to central ... Reserve Bank of Australia, 2001–2024. All rights
https://www.rba.gov.au/publications/rdp/2017/2017-02.html

Introduction

29 May 2017 RDP 2017-02
James Bishop and Peter Tulip
the exchange rate or the unemployment rate), Z. t. 1. is another variable that helps the central bank predict inflation (e.g. ... Central banks say they respond to accelerating inflation by raising nominal interest rates.
https://www.rba.gov.au/publications/rdp/2017/2017-02/introduction.html

What's Going on?

29 May 2017 RDP 2017-02
James Bishop and Peter Tulip
In other central banks, forecasts and policy are decided by disjoint groups who have separate responsibility for them. ... Persistent or rising inflation, if it is systematic, should be reflected in the central bank forecasts and hence purged from the
https://www.rba.gov.au/publications/rdp/2017/2017-02/whats-going-on.html

Romer and Romer's Approach

29 May 2017 RDP 2017-02
James Bishop and Peter Tulip
To see how this approach can remove the effect of anticipatory policy, assume that the central bank's inflation forecasts, F. ... The central bank also reacts to predicted inflation in the current quarter, but for simplicity we subsume this into the
https://www.rba.gov.au/publications/rdp/2017/2017-02/romer-and-romers-approach.html

Anticipatory Monetary Policy and the ‘Price Puzzle’

1 May 2017 RDP 2017-02
James Bishop and Peter Tulip
The views expressed in this paper are our own and do not necessarily reflect those of the Reserve Bank of Australia. ... 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/2017/2017-02/sections.html

Data for RDP 2017-02: Anticipatory Monetary Policy and the ‘Price Puzzle’

22 May 2017 RDP 2017-02
James Bishop and Peter Tulip
Research Discussion Papers contain the results of economic research within the Reserve Bank
https://www.rba.gov.au/publications/rdp/2017/2017-02-data.html

Robustness to Alternative Specifications

29 May 2017 RDP 2017-02
James Bishop and Peter Tulip
Barakchian and Crowe (2013) argue that such changes in the weight on the forecasts in the central bank's reaction function could lead to misleading results. ... This has similar advantages as Approach 7. One disadvantage is that Consensus forecasts
https://www.rba.gov.au/publications/rdp/2017/2017-02/robustness-to-alternative-specifications.html

References

29 May 2017 RDP 2017-02
James Bishop and Peter Tulip
Kearns J and P Manners (2005), ‘The Impact of Monetary Policy on the Exchange Rate: A Study Using Intraday Data’, International Journal of Central Banking, 2(4), pp 157–183. ... Reserve Bank of Australia, 2001–2024. All rights reserved. The
https://www.rba.gov.au/publications/rdp/2017/2017-02/references.html