Search: Statement on Monetary Policy

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RBA Glossary definition for Statement on Monetary Policy

Statement on Monetary Policy – The Reserve Bank of Australia (RBA) issues a Statement on Monetary Policy four times a year. These statements assess current economic conditions and the prospects for inflation and output growth. These statements have replaced the Semi-Annual Statements on Monetary Policy and the Quarterly Reports on the Economy and Financial Markets, which were previously issued by the RBA.

RBA Glossary definition for monetary policy

monetary policy – monetary policy involves using interest rates to influence aggregate demand, employment and inflation in the economy.

Search Results

Introduction

18 Jan 2022 RDP 2022-01
Anthony Brassil, Mike Major and Peter Rickards
how the pass-through of monetary policy to banks' lending rates depends on the level of interest rates and the state of the economy (Section 5). ... We do this by feeding the downside scenario from the May 2020 Statement on Monetary Policy (RBA 2020c)
https://www.rba.gov.au/publications/rdp/2022/2022-01/introduction.html

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

18 Jan 2022 RDP 2022-01
Anthony Brassil, Mike Major and Peter Rickards
We do this by feeding the downside scenario from the May 2020 Statement on Monetary Policy (RBA 2020c) into BA-MARTIN and then explore how much worse predicted economic outcomes would ... The May 2020 Statement on Monetary Policy (SMP) (RBA 2020c)
https://www.rba.gov.au/publications/rdp/2022/2022-01/full.html

Non-technical summary for ‘MARTIN Gets a Bank Account: Adding a Banking Sector to the RBA's Macroeconometric Model’

18 Jan 2022 RDP 2022-01
Anthony Brassil, Mike Major and Peter Rickards
In this paper, we show how the effectiveness of monetary policy depends on the state of the economy. ... Had the downside scenario from the May 2020 RBA Statement on Monetary Policy eventuated – with GDP 12 per cent below pre-COVID-19 forecasts and the
https://www.rba.gov.au/publications/rdp/2022/2022-01/non-technical-summary.html

Conclusion

18 Jan 2022 RDP 2022-01
Anthony Brassil, Mike Major and Peter Rickards
The COVID-19 downside scenario from the May 2020 Statement on Monetary Policy is just one scenario out a wide range of plausible sources of stress. ... The results are promising; monetary policy is more effective precisely when it needs to be.
https://www.rba.gov.au/publications/rdp/2022/2022-01/conclusion.html

References

18 Jan 2022 RDP 2022-01
Anthony Brassil, Mike Major and Peter Rickards
Adrian T and F Duarte (2016), ‘Financial Vulnerability and Monetary Policy’, Federal Reserve Bank of New York Staff Report No 804, rev September 2017. ... RBA (2020c), ‘Economic Outlook’, Statement on Monetary Policy, May. RBA (2021), ‘The
https://www.rba.gov.au/publications/rdp/2022/2022-01/references.html

How Might COVID-19 Have Affected the Banking Sector and What Feedback Would This Have Had on the Real Economy?

18 Jan 2022 RDP 2022-01
Anthony Brassil, Mike Major and Peter Rickards
Download the Paper 1,775. KB. The May 2020 Statement on Monetary Policy (SMP) (RBA 2020c) presented three possible scenarios for how the Australian economy might have evolved following the onset ... In reality, monetary policy would respond by reducing
https://www.rba.gov.au/publications/rdp/2022/2022-01/how-might-covid-19-have-affected-the-banking-sector-and-what-feedback-would-this-have-had-on-the-real-economy.html