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Optimal Monetary Policy with Real-time Signal Extraction from the Bond Market
2 Dec 2009
RDP
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222KB
The filtering problem of the centralbank is then solved, taking the term structure model as given. ... andin the euro area business cycles: a Bayesian DSGE approach’, European CentralBank Working Paper No 391.
https://www.rba.gov.au/publications/rdp/2006/pdf/rdp2006-05.pdf
Identifying the Efficacy of Central Bank Interventions: Evidence from Australia
8 May 2012
RDP
PDF
128KB
The paper proceeds as follows. There is a brief review, in Section 2, of centralbank intervention practices and the associated literature. ... Centralbanks can choose the method of intervention, ranging from direct trades withcommercial banks, to
https://www.rba.gov.au/publications/rdp/2003/pdf/rdp2003-04.pdf
Inflation Targeting in a Small Open Economy
1 Dec 2009
RDP
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421KB
1. Introduction. The practice of inflation targeting is becoming increasingly popular amongst centralbanks. ... Flexible inflation targeting allows the centralbank to maintain low, and relatively stable inflation, while promoting stability inproduct and
https://www.rba.gov.au/publications/rdp/1998/pdf/rdp9807.pdf
Asset-price Bubbles and Monetary Policy
1 Dec 2009
RDP
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63KB
Thisasymmetric effect of asset price changes, by reducing the extent of intermediatedfinance, can reduce output below potential and keep inflation below the centralbank’s target for extended periods. ... Centralbanks with inflation targets do not
https://www.rba.gov.au/publications/rdp/1997/pdf/rdp9709.pdf
Estimation and Solution of Models with Expectations and Structural Changes
28 Jan 2015
RDP
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1110KB
rt = rt1 ρπ (πtπcb)ρg (gtgcb) εr,t. (28). This specification makes a distinction between the inflation target of the centralbank and its estimate of trend growth, πcb and gcb, and ... However, the centralbank’s view of trend growth does not. At
https://www.rba.gov.au/publications/rdp/2012/pdf/rdp2012-08.pdf
Long-term Interest Rates, Risk Premia and Unconventional Monetary Policy
4 Apr 2011
RDP
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518KB
In one case, we assume that the centralbank follows a policy rule in which it sets the short rate. ... Alternatively, we assume instead that the centralbank sets the long-term interest rate according to a policy rule of the form:.
https://www.rba.gov.au/publications/rdp/2011/pdf/rdp2011-02.pdf
Monetary Policy and the Exchange Rate: Evaluation of VAR Models
30 Sep 2010
RDP
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334KB
Mojon B and G Peersman (2001), ‘A VAR Description of the Effects ofMonetary Policy in the Individual Countries of the Euro Area’, European CentralBank Working Paper No 92.
https://www.rba.gov.au/publications/rdp/2010/pdf/rdp2010-07.pdf
Inflation Targeting and Output Stabilisation
1 Dec 2009
RDP
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134KB
aggregate demand equation and the centralbank’s loss function:. ... The initialchoice on the variability frontier may influence the speed with which the centralbank acquires credibility, and hence, the choices available to it in the longer term(that is,
https://www.rba.gov.au/publications/rdp/1999/pdf/rdp1999-08.pdf
Estimating Inflation Expectations with a Limited Number of Inflation-indexed Bonds
8 Mar 2011
RDP
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479KB
Richard Finlay and Sebastian Wende. 1. Introduction. Reliable and accurate estimates of inflation expectations are important to centralbanks given the role of these expectations in influencing inflation and economicactivity.
https://www.rba.gov.au/publications/rdp/2011/pdf/rdp2011-01.pdf
Term Structure Rules for Monetary Policy
19 Apr 2006
RDP
PDF
315KB
Operational considerationssuggest that rules should be expressed in terms of instrument variables that canbe controlled by central banks and require only information available to centralbanks.20 Recall that the outcome of
https://www.rba.gov.au/publications/rdp/2006/pdf/rdp2006-02.pdf