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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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Can We Use High-frequency Yield Data to Better Understand the Effects of Monetary Policy and Its Communication? Yes and No!
12 May 2023
RDP
2023-04
interest rates, monetary policy, COVID-19. Understanding the effects of monetary policy and its communication is crucial for a central bank. ... Reserve Bank of Australia, 2001–2024. All rights reserved. The Reserve Bank of Australia acknowledges the
https://www.rba.gov.au/publications/rdp/2023/2023-04.html
Can We Use High-frequency Yield Data to Better Understand the Effects of Monetary Policy and Its Communication? Yes and No!
1 Apr 2023
RDP
2023-04
the market understands how the central bank will react to the available information. ... premia, and how much reflected reduced uncertainty about the future as a result of the central bank's communications?
https://www.rba.gov.au/publications/rdp/2023/2023-04/full.html
Related Literature
12 May 2023
RDP
2023-04
Our paper relates more directly to a more recent stream of the literature that has used high-frequency changes in interest rates around policy or other central bank announcements. ... the market understands how the central bank will react to the
https://www.rba.gov.au/publications/rdp/2023/2023-04/related-literature.html
Non-technical summary for ‘Can We Use High-frequency Yield Data to Better Understand the Effects of Monetary Policy and Its Communication?…
12 May 2023
RDP
2023-04
However, assessing this can be difficult. One reason is that central banks set rates based on expected future economic outcomes. ... For example, the central bank may indicate that it expects the economy to remain weak and for interest rates to remain low
https://www.rba.gov.au/publications/rdp/2023/2023-04/non-technical-summary.html
Introduction
12 May 2023
RDP
2023-04
Download the Paper 1.43. MB. To set monetary policy appropriately, it is important for the central bank to understand how monetary policy affects the economy. ... For instance, if the central bank forecasts that inflation and activity are going to
https://www.rba.gov.au/publications/rdp/2023/2023-04/introduction.html
References
12 May 2023
RDP
2023-04
Previously released as Bank of England Working Paper No 489. Available at SSRN at <https://ssrn.com/abstract=2420379>. ... The Response of Asset Prices to Monetary Policy Actions and Statements’, International Journal of Central Banking, 1(1), pp
https://www.rba.gov.au/publications/rdp/2023/2023-04/references.html
Can We Use High-frequency Yield Data to Better Understand the Effects of Monetary Policy and Its Communication? Yes and No!
1 Apr 2023
RDP
2023-04
The views expressed in this paper are those of the authors and do not necessarily reflect the views of the Reserve Bank of Australia. ... The authors are responsible for any errors. Endnotes. Economic Research Department, Reserve Bank of Australia [].
https://www.rba.gov.au/publications/rdp/2023/2023-04/sections.html
Appendix A: Affine Term Structure Model
12 May 2023
RDP
2023-04
Reserve Bank of Australia, 2001–2024. All rights reserved. The Reserve Bank of Australia acknowledges the Aboriginal and Torres Strait Islander Peoples of Australia as the Traditional Custodians of this land,
https://www.rba.gov.au/publications/rdp/2023/2023-04/appendix-a.html
Documenting Shock Measures Pre-COVID-19
12 May 2023
RDP
2023-04
premia, and how much reflected reduced uncertainty about the future as a result of the central bank's communications? ... Several papers have argued that high-frequency shocks can still be endogenous if the central bank has some additional economic
https://www.rba.gov.au/publications/rdp/2023/2023-04/documenting-shock-measures-pre-covid-19.html
Read me file
12 May 2023
RDP
2023-04
VIX – US VIX, end-month value; obtained from Federal Reserve Bank of St. ... Unemployment rate – ABS Labour Force Statistics, Australia, seasonally adjusted, %. – Mortgage rate –Lending rates, Housing loans, Banks, Variable, Standard,
https://www.rba.gov.au/publications/rdp/2023/2023-04/read-me.html