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RBA Glossary definition for interest rate

interest rate – The term used to describe the cost of borrowing money or the return to the owner of the funds which are invested or lent out. It is usually expressed as a percent per annum of the amount of money borrowed, lent or invested.

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Appendix B: A Model of Interest-rate Adjustment

1 Jul 1997 RDP 9703
Ric Battellino, John Broadbent and Philip Lowe
In this model, inflation is persistent and interest rates affect inflation with a lag. ... In contrast, if η is zero, the correlation between interest-rate changes will be negative.
https://www.rba.gov.au/publications/rdp/1997/9703/appendix-b.html

The Impact on Financial Markets

1 Jul 1997 RDP 9703
Ric Battellino, John Broadbent and Philip Lowe
The panels in Figure 1 show daily observations of the overnight interest rate for the period since the mid 1980s. ... In Australia, a high proportion of banking products have traditionally been priced off short-term interest rates.
https://www.rba.gov.au/publications/rdp/1997/9703/impact-financial-markets.html

The Thinking Underlying Current Arrangements

1 Jul 1997 RDP 9703
Ric Battellino, John Broadbent and Philip Lowe
Table 3: Interest-rate Changes and Market Interest Rates: Regression Results. 90-day bills. ... The pattern of interest-rate changes that has been adopted by the RBA is one that has delivered positively autocorrelated inflation rates.
https://www.rba.gov.au/publications/rdp/1997/9703/thinking-underlying-current-arrangements.html

The Implementation of Monetary Policy in Australia

1 Jul 1997 RDP 9703
Ric Battellino, John Broadbent and Philip Lowe
Research Discussion Paper – RDP 9703 The Implementation of Monetary Policy in Australia. Ric Battellino, John Broadbent and Philip Lowe. July 1997. 191. KB. This paper was prepared for the Autumn Meeting of Central Bank Economists at the Bank for
https://www.rba.gov.au/publications/rdp/1997/9703/

References

1 Jul 1997 RDP 9703
Ric Battellino, John Broadbent and Philip Lowe
81. Lowe, P. (1995), ‘The Link Between the Cash Rate and Market Interest Rates’, Reserve Bank of Australia Research Discussion Paper No. ... 327–341. Mankiw, N.G. and J. Miron. (1991), ‘Should the Fed Smooth Interest Rates?
https://www.rba.gov.au/publications/rdp/1997/9703/references.html

The Implementation of Monetary Policy in Australia

1 Jul 1997 RDP 9703
Ric Battellino, John Broadbent and Philip Lowe
Research Discussion Papers contain the results of economic research within the Reserve Bank
https://www.rba.gov.au/publications/rdp/1997/9703.html

Introduction

1 Jul 1997 RDP 9703
Ric Battellino, John Broadbent and Philip Lowe
One consequence of this move to announcements was that interest-rate changes are now implemented as discrete, and fairly large, steps. ... Section 4 then examines the impact of the changed procedures on financial markets, including the effects on interest
https://www.rba.gov.au/publications/rdp/1997/9703/introduction.html

The Australian Framework for Implementing Monetary Policy

1 Jul 1997 RDP 9703
Ric Battellino, John Broadbent and Philip Lowe
The immediate objective of these operations is the overnight interest rate (also known as the ‘cash’ rate), which is the instrument of monetary policy. ... This initial announcement was made mid-morning, at the end of the Bank's dealing session for
https://www.rba.gov.au/publications/rdp/1997/9703/australian-framework-implementing-monetary.html

Concluding Remarks

1 Jul 1997 RDP 9703
Ric Battellino, John Broadbent and Philip Lowe
Benefits have spread to the wider market, including less day-to-day variability in other interest rates. ... The announcement and explanation of movements in official interest rates has not led to increased delays in changing policy, as some had feared.
https://www.rba.gov.au/publications/rdp/1997/9703/concluding-remarks.html