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RBA Glossary definition for central bank
central bank – A non-commercial bank, which may or may not be independent of government, which has some or all of the following functions: conduct monetary policy; oversee the stability of the financial system; issue currency notes; act as banker to the government; supervise financial institutions and regulate payments systems.
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The Macroeconomy, the Term Structure and Monetary Policy Under Imperfect Information
31 Dec 2006
RDP
2006-05
where I. t. is the information set of the central bank at time t. ... where Z. t. is the vector of variables that are observable to the central bank and.
https://www.rba.gov.au/publications/rdp/2006/2006-05/macroeconomy-term-structure-and-monetary-policy-under-imperfect-information.html
Optimal Monetary Policy with Real-time Signal Extraction from the Bond Market
1 Jun 2006
RDP
2006-05
Research Discussion Papers contain the results of economic research within the Reserve Bank
https://www.rba.gov.au/publications/rdp/2006/2006-05.html
Conclusions
31 Dec 2006
RDP
2006-05
demand. Söderlind and Svensson (1997) warn that ‘central banks should not react mechanically to [market expectations]’ since this may lead to a situation of ‘the central bank chasing the market, and ... The model here differs because, to the
https://www.rba.gov.au/publications/rdp/2006/2006-05/conclusions.html
Introduction
31 Dec 2006
RDP
2006-05
However, there is one important exception: the market for short-term nominal debt where central banks borrow and lend at fixed interest rates. ... can be used by a central bank in the policy process when the transmission mechanism is assumed to be known.
https://www.rba.gov.au/publications/rdp/2006/2006-05/introduction.html
The Dynamics of the Estimated Model
31 Dec 2006
RDP
2006-05
The Australian central bank can then also counter a cost-push shock by lowering demand already in the impact period. ... In the baseline estimation above it was assumed that the central banks had an explicit interest rate smoothing objective.
https://www.rba.gov.au/publications/rdp/2006/2006-05/dynamics-of-the-estimated-model.html
References
31 Dec 2006
RDP
2006-05
Lippi F and S Neri (2003), ‘Information variables for monetary policy in a small structural model of the euro area’, Bank of Italy, mimeo. ... and in the euro area business cycles: a Bayesian DSGE approach’, European Central Bank Working Paper No
https://www.rba.gov.au/publications/rdp/2006/2006-05/references.html