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RBA Glossary definition for HAC Rule
HAC Rule – Honour All Cards Rule
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Implementation Effects
24 May 2022
RDP
2022-02
Notes: Heteroskedasticity and autocorrelation corrected (HAC) standard errors in parentheses; , and denote statistical significance at the 10, 5 and 1 per cent levels, respectively. ... It was also consistent with the Reserve Bank retaining operational
https://www.rba.gov.au/publications/rdp/2022/2022-02/implementation-effects.html
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Anticipatory Monetary Policy and the ‘Price Puzzle’
1 May 2017
RDP
2017-02
In Approach 4, we restrict our sample to begin in 1996:Q1, a period for which the coefficients on the policy rule were arguably more stable. ... The resulting series should identify a narrower set of monetary shocks, namely innovations to the policy rule
https://www.rba.gov.au/publications/rdp/2017/2017-02/full.html
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Do Monetary Policy and Economic Conditions Impact Innovation? Evidence from Australian Administrative Data
15 Feb 2024
RDP
2024-01
This approach is widely used in the literature (Ramey 2016). Specifically, Beckers (2020) estimates an augmented Taylor rule that includes a forecast for economic conditions and a number of indicators of ... bond spreads, option-implied volatility). The
https://www.rba.gov.au/publications/rdp/2024/2024-01/full.html
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Data
21 Dec 2023
RDP
2023-10
Doing so does not change the results. While we are confident that we have removed all false positives, we cannot rule out the possibility of false negatives where firms are using
https://www.rba.gov.au/publications/rdp/2023/2023-10/data.html
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Methodology
19 Dec 2023
RDP
2023-09
In particular, Beckers (2020) estimates an augmented Taylor rule that includes forecasts for economic conditions, as well as a number of indicators of financial conditions (e.g. ... bond spreads, option-implied volatility). The shocks are then
https://www.rba.gov.au/publications/rdp/2023/2023-09/methodology.html
Results with Tax Data on Actual Investment
19 Dec 2023
RDP
2023-09
For example, the decline in the cash rate following the shock in Beckers (2020) is much more persistent than that implied by the Taylor rules in MARTIN or the RBA's
https://www.rba.gov.au/publications/rdp/2023/2023-09/results-with-tax-data-on-actual-investment.html
The Evolution of Consumer Payments in Australia: Results from the 2022 Consumer Payments Survey
27 Nov 2023
RDP
2023-08
The Reserve Bank first enacted rules in 2003 to require card schemes to remove their ‘no-surcharge’ rules, thereby freeing merchants to surcharge card payments. ... First, a default network can be set by the issuer of the card, and this might be
https://www.rba.gov.au/publications/rdp/2023/2023-08/full.html
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Does Monetary Policy Affect Non-mining Business Investment in Australia? Evidence from BLADE
21 Sep 2023
RDP
2023-09
In particular, Beckers (2020) estimates an augmented Taylor rule that includes forecasts for economic conditions, as well as a number of indicators of financial conditions (e.g. ... bond spreads, option-implied volatility). The shocks are then
https://www.rba.gov.au/publications/rdp/2023/2023-09/full.html
Measuring Tense
11 Sep 2023
RDP
2023-06
Because of this, we trial two approaches: a rule-based tense tagging method and a zero-shot text classifier approach. ... The tagger can recognise a wide range of temporal representations through dictionary look-up and date–time detection rules.
https://www.rba.gov.au/publications/rdp/2023/2023-06/measuring-tense.html
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Doing Less, with Less: Capital Misallocation, Investment and the Productivity Slowdown in Australia
22 Mar 2023
RDP
2023-03
And finally, simple tests suggest that the slowdown does not reflect increasing use of intangible capital, which is often poorly measured, though we can't rule out the possibility that this ... This provides some evidence that the results are not driven
https://www.rba.gov.au/publications/rdp/2023/2023-03/full.html
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