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RBA Glossary definition for broad money

broad money – The widest definition of money published by the Reserve Bank of Australia (RBA). Broad money is defined as currency plus ADI deposits from the non-AFI private sector, plus other short-term liquid AFI liabilities held by the non-AFI private sector.

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Money Demand, Own Interest Rates and Deregulation

1 May 1987 RDP 8703
Adrian Blundell-Wignall and Susan Thorp
Research Discussion Papers contain the results of economic research within the Reserve Bank
https://www.rba.gov.au/publications/rdp/1987/8703.html

Appendix D: Calculation of the own rate on M3 and BM

1 May 1987 RDP 8703
Adrian Blundell-Wignall and Susan Thorp
The M3 own rate was employed as the representative rate for the M3 component of Broad Money. ... M3. and R. NBFI. ) was weighted according to the shares of M3 and NBFI's in Broad Money.
https://www.rba.gov.au/publications/rdp/1987/8703/appendix-d.html

Appendix C: Data Sources

1 May 1987 RDP 8703
Adrian Blundell-Wignall and Susan Thorp
Broad Money. =. M3 plus borrowings from private sector by Non-Bank Financial Institutions less the latter's holdings of currency and bank deposits; unadjusted, 3 month average over quarter. ... R. BM. =. Broad Money own rate: quarterly average of monthly
https://www.rba.gov.au/publications/rdp/1987/8703/appendix-c.html

The Stability of Money Demand

1 May 1987 RDP 8703
Adrian Blundell-Wignall and Susan Thorp
Table 3: Money Demand Broad Money: OLS Sample Period March 1977 to June 1986. ... For M3, the main competing rate was found to be that available on broad money.
https://www.rba.gov.au/publications/rdp/1987/8703/the-stability-of-money-demand.html

Introduction

1 May 1987 RDP 8703
Adrian Blundell-Wignall and Susan Thorp
Chart 1 shows the behaviour of M1, M3 and broad money (BM) in recent years. ... makers. Issues concerning the econometric stability of money demand functions are examined in Section 2.
https://www.rba.gov.au/publications/rdp/1987/8703/introduction.html

Concluding Remarks

1 May 1987 RDP 8703
Adrian Blundell-Wignall and Susan Thorp
Taken together, the above findings might constitute an argument in favour of targeting broad money. ... This conclusion, however, has some limitations. In the first place, the estimates of the broad money equation are new and are still based on a
https://www.rba.gov.au/publications/rdp/1987/8703/concluding-remarks.html

References

1 May 1987 RDP 8703
Adrian Blundell-Wignall and Susan Thorp
Evans, J.L. (1986) “A series for the Own Rate of Money: M3”. ... Reserve Bank of Australia, Research Discussion Paper No.8701. Thorp, S. (1986) “The Own Rate of Return on M3 and Broad Money”.
https://www.rba.gov.au/publications/rdp/1987/8703/references.html

Appendix A: Statistical Tests

1 May 1987 RDP 8703
Adrian Blundell-Wignall and Susan Thorp
RDP 8703: Money Demand, Own Interest Rates and Deregulation Appendix A: Statistical Tests. ... Download the Paper 1.1. MB. This appendix sets out in detail the stability tests applied to the preferred equations for M1, M3 and Broad Money recorded in
https://www.rba.gov.au/publications/rdp/1987/8703/appendix-a.html

Parameters of Money Demand, Own Rates and the Effectiveness of Intermediate Targets

1 May 1987 RDP 8703
Adrian Blundell-Wignall and Susan Thorp
This can be shown to be equivalent to reducing the interest sensitivity of money demand. ... It has an R. 2. of. 99. For broad money it will be recalled that there was no contemporaneous interest rate sensitivity of money demand.
https://www.rba.gov.au/publications/rdp/1987/8703/parameters-of-money-demand-own-rates-and-the-effectiveness-of-intermediate-targets.html