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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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Reserve Bank of Australia Annual Report 2023

1 May 2024 RBA Annual Report - 2023 PDF 9575KB
https://www.rba.gov.au/publications/annual-reports/rba/2023/pdf/rba-annual-report-2023.pdf

Direct Effects of Money on Aggregate Demand: Another Look at the Evidence

26 Aug 2010 RDP PDF 179KB
The empirical evidence is mixed. Rudebusch and Svensson (1999, 2002) find littlerole for monetary aggregates in empirical aggregate demand specifications, whileFavara and Giordani (2009) find that shocks to broad monetary aggregates ... Nelson E (2003),
https://www.rba.gov.au/publications/rdp/2010/pdf/rdp2010-05.pdf

The Information Content of Financial Aggregates in Australia

1 Dec 2009 RDP PDF 278KB
provides directly interpretable results for examining whether a monetary aggregate contributesforecasting power for real output and inflation. ... 13. change in the interest rate, monetary aggregate growth, inflation, and real outputgrowth.14.
https://www.rba.gov.au/publications/rdp/1996/pdf/rdp9606.pdf

Estimating the Effects of Monetary Policy in Australia Using Sign-restricted Structural Vector Autoregressions

29 Dec 2022 RDP PDF 1886KB
money demand. Since my SVAR does not include any monetary aggregates, I do not consider such restrictions. ... They also impose zero restrictions on the coefficients of some monetary aggregates in the monetary policy reaction.
https://www.rba.gov.au/publications/rdp/2022/pdf/rdp2022-09.pdf

Macrofinancial Stress Testing on Australian Banks

13 Sep 2023 RDP PDF 1940KB
banking system. Our approach draws on many of the characteristics that the International Monetary. ... from policy responses that mitigate stress (such as the monetary easing that would likely occur.
https://www.rba.gov.au/publications/rdp/2022/pdf/rdp2022-03.pdf

Doing Less, with Less: Capital Misallocation, Investment and the Productivity Slowdown in Australia

16 Mar 2023 RDP PDF 1288KB
whatever is inhibiting productive firms from investing is also holding back aggregate investment. ... have held back aggregate investment, with firm-level average investment declining most in.
https://www.rba.gov.au/publications/rdp/2023/pdf/rdp2023-03.pdf

The Impact of Interest Rates on Bank Profitability: A Retrospective Assessment Using New Cross-country Bank-level Data

8 Jun 2023 RDP PDF 1310KB
Keywords: interest rates, bank profitability, net interest margin, monetary policy. Table of Contents. ... et al (2017), while aggregate banking conditions might affect the stance of monetary policy, the.
https://www.rba.gov.au/publications/rdp/2023/pdf/rdp2023-05.pdf

The Demand for Money in Australia: New Tests on an Old Topic

30 Nov 2009 RDP PDF 135KB
invelocity that have affected all the monetary aggregates at one time or another. ... These last four monetary aggregates are shown inFigure 5. Figure 5: Real Monetary Aggregates.
https://www.rba.gov.au/publications/rdp/1993/pdf/rdp9314.pdf

Monetary Policy Goals for Inflation in Australia

30 Nov 2009 RDP PDF 85KB
A number ofthe countries concerned have in the past pursued monetary aggregate targets, orexchange rate targets (in a number of instances both) as an intermediate goal alongthe path to medium-term ... inflation.Inflation would be stationary around the
https://www.rba.gov.au/publications/rdp/1995/pdf/rdp9503.pdf

Reserve Bank of Australia Annual Report 2023

16 Oct 2023 RBA Annual Report - 2023 PDF 304KB
https://www.rba.gov.au/publications/annual-reports/rba/2023/pdf/annual-performance-statement.pdf