Search Results
1 Apr 2021
RDP
2021-04
Calvin He
These represented the largest changes in the cash rate since the early 1990s. ... 0. ]. is an indicator variable for when the cash rate target was changed, and.
https://www.rba.gov.au/publications/rdp/2021/2021-04/robustness-and-extensions.html
1 Apr 2021
RDP
2021-04
Calvin He
Consistent with standard models, unexpected increases in the cash rate cause equity prices to fall (Figure 3). ... The absolute value of the effect is much smaller when using the cash rate as the independent variable.
https://www.rba.gov.au/publications/rdp/2021/2021-04/results.html
1 Apr 2021
RDP
2021-04
Calvin He
Source. Start date. End date. Missing data. Cash rate target. RBA.
https://www.rba.gov.au/publications/rdp/2021/2021-04/appendix-a.html
1 Apr 2021
RDP
2021-04
Calvin He
One-year-ahead earnings growth. Long-term earnings growth. Monetary policy surprise. Cash rate. ... 0.030). Monetary policy surprise. 2.988. (0.434). 1.919. (0.864). 0.021. (0.234). Cash rate.
https://www.rba.gov.au/publications/rdp/2021/2021-04/appendix-b.html
1 Apr 2021
RDP
2021-04
Calvin He
For example, if the conventional effects of cash rate changes (e.g. ... To overcome this issue I use high-frequency financial data of Australia's overnight index swap (OIS) market, which measures expectations of the cash rate.
https://www.rba.gov.au/publications/rdp/2021/2021-04/introduction.html
1 Apr 2021
RDP
2021-04
Calvin He
An OIS is an over-the-counter agreement between two parties where one party agrees to pay the other a fixed interest rate in exchange for receiving the average cash rate ... This could happen if a change in the cash rate also resolves some uncertainty in
https://www.rba.gov.au/publications/rdp/2021/2021-04/data-and-method.html
1 Apr 2021
RDP
2021-04
Calvin He
Brassil A (2019), ‘How Insufficiently Responsive Monetary Policy Can Lead to a Positive Relationship between Consumer Confidence and the Cash Rate’, Unpublished manuscript, Reserve Bank of Australia, 18 December. ... Cook T and T Hahn (1989), ‘The
https://www.rba.gov.au/publications/rdp/2021/2021-04/references.html
1 Apr 2021
RDP
2021-04
Calvin He
Changes in the cash rate could reflect ‘random’ deviations from the policy reaction function, changes in the reaction function itself, or changes in the outlook of macroeconomic variables used to guide ... These predictions are presented in Table 1.
https://www.rba.gov.au/publications/rdp/2021/2021-04/the-information-effect-and-equity-prices.html
1 Apr 2021
RDP
2021-04
Calvin He
This is unsurprising as it is well documented that the exchange rate is an important channel for monetary policy in Australia. ... This may especially be the case in the current situation where the RBA's cash rate target is close to the zero lower bound
https://www.rba.gov.au/publications/rdp/2021/2021-04/discussion-limitations-and-future-research.html
23 Mar 2021
RDP
2021-04
Calvin He
Consistent with standard models, unexpected increases in the cash rate cause equity prices to fall (Figure 3). ... The absolute value of the effect is much smaller when using the cash rate as the independent variable.
https://www.rba.gov.au/publications/rdp/2021/2021-04/full.html