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18 Jan 2022
RDP
2022-01
Anthony Brassil, Mike Major and Peter Rickards
In the RBA's macroeconometric model, known as MARTIN (Ballantyne et al 2019), the difference between banks' mortgage rates and the RBA's cash rate is treated as exogenous (i.e. ... With deposit rates unable to move below zero, cash rate reductions cause
https://www.rba.gov.au/publications/rdp/2022/2022-01/full.html
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10 Nov 2021
RDP
2021-10
Gianni La Cava and Lydia Wang
The relevant interest rate is derived from RBA statistical table ‘F5 Indicator Lending Rates’. ... Households may respond to this increased risk by increasing their rate of precautionary saving.
https://www.rba.gov.au/publications/rdp/2021/2021-10/full.html
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21 Jun 2023
RDP
2023-05
Callan Windsor, Terhi Jokipii and Matthieu Bussiere
Starting with the impact on banks' interest margins, several studies identify a nonlinear relationship between interest rates and NIMs, with the marginal impact of a cut to the cash rate larger ... In fact, for France, Norway and Poland a further
https://www.rba.gov.au/publications/rdp/2023/2023-05/full.html
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1 May 1992
RDP
9204
Philip Lowe
The overnight cash rate (that is the “Authorised dealers: weighted average rate”) and the 90 and 180 day bill rates are from Table F.1. ... In the inflation change regressions, the three end-month interest rates are averaged for the quarter while, in
https://www.rba.gov.au/publications/rdp/1992/9204/appendix-1.html
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1 Dec 1988
RDP
8812
Ian Macfarlane
0.41. 0.89. 0.46. 90-day bill rates. 2.21. 2.06. 1.04. Official cash rate. ... At the other extreme, if there is zero capital mobility, foreign interest rates have no impact on the domestic rate.
https://www.rba.gov.au/publications/rdp/1988/8812/main-questions.html
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11 Dec 2023
RDP
2023-09
Gulnara Nolan, Jonathan Hambur and Philip Vermeulen
This suggests that evidence that some, particularly large, firms have sticky hurdle rates does not mean that they do not respond to monetary policy. ... We find evidence that financially constrained firms, and sectors that are more dependent on external
https://www.rba.gov.au/publications/rdp/2023/2023-09.html
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16 Aug 2018
RDP
2018-09
Nicholas Garvin
False detection and false omission rates are estimated to be 3 per cent or less. ... From 2006 to 2015, the distribution of repo-rate spreads (to the cash rate) drifted up and tightened, and the market shifted towards overnight maturities.
https://www.rba.gov.au/publications/rdp/2018/2018-09.html
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22 May 2017
RDP
2017-02
James Bishop and Peter Tulip
This ‘price puzzle’ is commonly thought to reflect interest rates being tightened in anticipation of future inflation, reflecting information possessed by policymakers beyond that contained in the model. ... Romer and Romer (2004) and Cloyne and
https://www.rba.gov.au/publications/rdp/2017/2017-02.html
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19 Dec 2023
RDP
2023-09
We allow the shock to enter the model directly, similar to Durante et al (2022), rather than using it as an instrument for changes in the cash rate. ... That said, the results are reasonably robust to using the shock as an instrument for cash rate changes
https://www.rba.gov.au/publications/rdp/2023/2023-09/methodology.html
31 Dec 2014
RDP
2014-11
Josef Manalo, Dilhan Perera and Daniel Rees
The cash rate responds little to the shock in the first few quarters. ... 1.5. Inflation. 1.0. 3.6. 3.9. 3.3. Cash rate. 0.1. 1.9. 3.8.
https://www.rba.gov.au/publications/rdp/2014/2014-11/results.html
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