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RBA Glossary definition for monetary aggregates

monetary aggregates – A series of measures of the values of currency on issue, current deposits with banks, other deposits with banks, plus borrowings from the private sector by non-bank financial institutions (NBFIs) less currency and bank deposits by NBFIs. Components consist of: 'M1' defined as currency plus bank current deposits from the private non-bank sector; 'M3' defined as M1 plus all other authorised deposit-taking institution (ADI) deposits from the private non-ADI sector, plus certificates of deposit issued by banks, less ADI deposits held with one another; 'Broad money' defined as M3 plus other short-term liquid AFI liabilities held by the private sector, except those held by other AFIs ; 'Money base' defined as holdings of banknotes and coins by the private sector plus deposits of banks with the Reserve Bank of Australia (RBA) and other RBA liabilities to the private non-bank sector

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Conclusions

1 Dec 1988 RDP 8811
Dirk Morris
Many central banks take the monetary aggregates (including currency and required reserves) as demand determined and operate on the supply of excess liquid reserves to influence interest rates. ... The empirical evidence surveyed also suggests that there
https://www.rba.gov.au/publications/rdp/1988/8811/conclusions.html
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Data

31 Dec 2005 RDP 2005-12
Gianni La Cava
Not surprisingly given the smaller coverage, there tends to be more variability in the sample data than in the aggregate data. ... In summary, the aggregate and firm-level data appear reasonably well correlated over the sample period.
https://www.rba.gov.au/publications/rdp/2005/2005-12/data.html
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Do Interest Rates Affect Business Investment? Evidence from Australian Company-level Data

9 May 2018 RDP 2018-05
Jonathan Hambur and Gianni La Cava
Borrowing rates for a large portion of companies, including smaller and riskier ones, have remained high in recent years, despite falls in aggregate indicators of interest rates. ... These findings shed new light on the link between monetary policy and
https://www.rba.gov.au/publications/rdp/2018/2018-05.html
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Expectations

1 Aug 1986 RDP 8605
P.D. Jonson and R.W. Rankin
functions for the different monetary aggregates) depended on the monetary policy in place. ... In each country, the monetary aggregate which was the focus of policy targeting exhibited a different relationship than other aggregates, suggesting that
https://www.rba.gov.au/publications/rdp/1986/8605/expectations.html
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Appendix B: Estimation and Sensitivity Testing of Net Monetary Benefit

8 Oct 2018 RDP 2018-11
Mary-Alice Doyle
Figure B3: Distribution of Net Monetary Benefit – By Method of Calculating Annual Card Spending. ... Figure B5: Distribution of Net Monetary Benefit – By Assumed Frequency of Interest Charges.
https://www.rba.gov.au/publications/rdp/2018/2018-11/appendix-b.html
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Monetary SVAR Models

1 Dec 1999 RDP 1999-11
Andrea Brischetto and Graham Voss
The policy reaction function of the central bank depends contemporaneously on three variables: the oil price variable, the domestic monetary aggregate and the nominal exchange rate. ... The monetary aggregate equation is specified as a standard money
https://www.rba.gov.au/publications/rdp/1999/1999-11/monetary-svar-models.html
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Conclusion

1 Dec 1993 RDP 9314
Gordon de Brouwer, Irene Ng and Robert Subbaraman
A finding of cointegration between money and income would not, in itself, necessarily establish a paramount role for monetary aggregates in policy-making. ... That may mean that monetary aggregates have some useful indicator properties, but it implies
https://www.rba.gov.au/publications/rdp/1993/9314/conclusion.html
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The Evolution of Consumer Payments in Australia: Results from the 2022 Consumer Payments Survey

27 Nov 2023 RDP 2023-08
Tanya Livermore, Jack Mulqueeney, Thuong Nguyen and Benjamin Watson
Higher frequency data – such as monthly aggregate ATM withdrawals across Australia and alternative surveys – indicate that the steep decline in cash use was due to a sharp decline at the beginning
https://www.rba.gov.au/publications/rdp/2023/2023-08/full.html
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The Model

1 Dec 1989 RDP 8909
Jerome Fahrer
RDP 8909: Optimal Wage Indexation, Monetary Policy and the Exchange Rate Regime 2. ... 1. i and the aggregate demand shock η is replaced by another shock s.
https://www.rba.gov.au/publications/rdp/1989/8909/model.html
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Some Implications

1 Dec 1996 RDP 9612
Gordon de Brouwer and John Romalis
But, since US industrial output is not published on a quarterly basis, we only include US aggregate output. ... Shifting the specification to aggregate US output itself substantially weakens the links with the United States.
https://www.rba.gov.au/publications/rdp/1996/9612/some-implications.html
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