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RBA Glossary definition for money market

money market – The market which deals in short-term discount securities such as Treasury notes, bank bills and promissory notes. Major participants in this market include the Reserve Bank of Australia, banks, superannuation funds, insurance companies, investment trusts, investment banks, building societies and large corporates.

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Appendix A: Data Description

1 Apr 2021 RDP 2021-04
Calvin He
RDP 2021-04: Monetary Policy, Equity Markets and the Information Effect Appendix A: Data Description.
https://www.rba.gov.au/publications/rdp/2021/2021-04/appendix-a.html

Appendix B: Regression Output

1 Apr 2021 RDP 2021-04
Calvin He
RDP 2021-04: Monetary Policy, Equity Markets and the Information Effect Appendix B: Regression Output.
https://www.rba.gov.au/publications/rdp/2021/2021-04/appendix-b.html

Discussion, Limitations and Future Research

1 Apr 2021 RDP 2021-04
Calvin He
areas outside of the equity market, such as household consumption and business investment decisions. ... model) would be useful in better understanding how monetary policy propagates through equity markets.
https://www.rba.gov.au/publications/rdp/2021/2021-04/discussion-limitations-and-future-research.html

The Information Effect and Equity Prices

1 Apr 2021 RDP 2021-04
Calvin He
If market participants concluded that the primary driver behind an increase in i. ... causes market participants to update their perception of the policy reaction function, f.
https://www.rba.gov.au/publications/rdp/2021/2021-04/the-information-effect-and-equity-prices.html

Robustness and Extensions

1 Apr 2021 RDP 2021-04
Calvin He
The unprecedented nature of the GFC make it (almost) impossible for market participants to have known the RBA's reaction function to these events. ... In this example, we would expect smaller (or possibly positive) equity market effects from surprise
https://www.rba.gov.au/publications/rdp/2021/2021-04/robustness-and-extensions.html

Beyond Board Meetings

1 Apr 2021 RDP 2021-04
Calvin He
Overall, looking across different types of monetary policy communication reveals a more nuanced picture of the effects of monetary policy on equity markets. ... Nonetheless, the results provide some evidence that the results found earlier in this section
https://www.rba.gov.au/publications/rdp/2021/2021-04/beyond-board-meetings.html

Introduction

1 Apr 2021 RDP 2021-04
Calvin He
One limitation of my work is that I only focus on the equity market. ... has shown aggregated market forecasts have produced superior GDP forecasts to the RBA.
https://www.rba.gov.au/publications/rdp/2021/2021-04/introduction.html

Data and Method

1 Apr 2021 RDP 2021-04
Calvin He
I exploit the information within financial markets to extract the ‘unexpected’ or ‘surprise’ component of monetary policy. ... Expanding the window gives time for the OIS market to price in the announcement.
https://www.rba.gov.au/publications/rdp/2021/2021-04/data-and-method.html

Policy Rule Changes or Deviations?

1 Apr 2021 RDP 2021-04
Calvin He
Download the Paper 1,551. KB. The results suggest that the information effect is not a strong channel of monetary policy in Australian equity markets. ... market participants have lagged behind in updating their estimate of the central bank reaction
https://www.rba.gov.au/publications/rdp/2021/2021-04/policy-rule-changes-or-deviations.html