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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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Non-technical summary for 'China's Evolving Monetary Policy Framework in International Context'

3 Dec 2019 RDP PDF 357KB
RDP 2019-11 non-technical summary
https://www.rba.gov.au/publications/rdp/2019/2019-11/rdp-2019-11-non-technical-summary.pdf

Read me file for Credit Spreads, Monetary Policy and the Price Puzzle

24 Jan 2020 RDP PDF 500KB
RDP 2020-01 supplementary information
https://www.rba.gov.au/publications/rdp/2020/2020-01/rdp-2020-01-read-me.pdf

The Rise in Household Liquidity

24 Nov 2021 RDP PDF 1793KB
associated with aggregate mortgage debt over the past couple of decades in Australia. ... 7. Aggregate household liquidity buffers are measured using national accounts data from the Australian.
https://www.rba.gov.au/publications/rdp/2021/pdf/rdp2021-10.pdf

Is the Phillips Curve Still a Curve? Evidence from the Regions

29 Aug 2021 RDP PDF 1706KB
aggregate wages growth will respond as the unemployment rate declines is only valid, strictly speaking, if monetary. ... Because monetary policy only responds to aggregate shocks, region-specific variation can be used.
https://www.rba.gov.au/publications/rdp/2021/pdf/rdp2021-09.pdf

The Relationship between Financial Indicators and Economic Activity: 1968–1987

19 Nov 2012 RDP PDF 1761KB
The evidence for monetary and credit aggregates is mixed. M1 consistently leads real demand (though this is probably not independent of interest rates). ... Broader monetary and credit aggregates tend to lag real demand. In the case of nominal demand,
https://www.rba.gov.au/publications/rdp/1988/pdf/rdp8805.pdf

The Lags of Monetary Policy

1 Dec 2009 RDP PDF 246KB
lag from monetary policy to outputgrowth has become any shorter in the 1990s. ... Variables 17. 3.4 Have the Lags of Monetary Policy Changed over Time?
https://www.rba.gov.au/publications/rdp/1997/pdf/rdp9702.pdf

The Distributional Effects of Monetary Policy: Evidence from Local Housing Markets

14 Feb 2020 RDP PDF 1878KB
abstracting from the aggregate effects of national monetary policy changes. The regional monetary policy shocks are. ... i and it is a white noise error. If monetary policy systematically responds to aggregate output.
https://www.rba.gov.au/publications/rdp/2020/pdf/rdp2020-02.pdf

MARTIN Gets a Bank Account: Adding a Banking Sector to the RBA’s Macroeconometric Model

12 Jan 2022 RDP PDF 1774KB
amplifications would be smaller, as some combination of fiscal, monetary and regulatory policies. ... Aggregate shocks to interest rates, unemployment and housing prices are then distributed among.
https://www.rba.gov.au/publications/rdp/2022/pdf/rdp2022-01.pdf

Do Australian Households Borrow to Keep up with the Joneses?

8 Nov 2022 RDP PDF 1659KB
indebtedness? Figure 3 plots total household debt in real monetary terms against the Gini coefficient. ... 7 Results for debt accumulation in monetary terms are robust and can be found in Table B5.
https://www.rba.gov.au/publications/rdp/2022/pdf/rdp2022-06.pdf

The Role of Collateral in Borrowing

14 Jan 2021 RDP PDF 1784KB
monetary policy implementation target. The rate has historically displayed very little cross-sectional. ... similar to studies of heterogeneous effects of monetary policy changes (e.g., Kashyap and.
https://www.rba.gov.au/publications/rdp/2021/pdf/rdp2021-01.pdf