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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 Yield and Market Function Effects of the Reserve Bank of Australia's Bond Purchases
24 May 2022
RDP
2022-02
Research Discussion Paper – RDP 2022-02 The Yield and Market Function Effects of the Reserve Bank of Australia's Bond Purchases. ... financial markets, interest rates, money. We examine the effect on government bond yields of three Reserve Bank of
https://www.rba.gov.au/publications/rdp/2022/2022-02.html
Introduction
24 May 2022
RDP
2022-02
yields, and the evidence suggests that the accumulation of bonds by a central bank holds yields lower than they would have otherwise been over an extended period. ... to exist only while purchases are being conducted, while the signalling effect will be
https://www.rba.gov.au/publications/rdp/2022/2022-02/introduction.html
References
24 May 2022
RDP
2022-02
623. Bailey A, J Bridges, R Harrison, J Jones and A Mankodi (2020), ‘The Central Bank Balance Sheet as a Policy Tool: Past, Present and Future’, Paper prepared for the Federal ... Christensen JHE and S Krogstrup (2019), ‘Transmission of
https://www.rba.gov.au/publications/rdp/2022/2022-02/references.html
The Yield and Market Function Effects of the Reserve Bank of Australia's Bond Purchases
24 May 2022
RDP
2022-02
Central bank purchases of longer-term government bonds can lower bond yields via a number of channels including:. ... and. reducing liquidity premia – steady central bank buying reduces the risk of investors being unable to sell bonds at a reasonable
https://www.rba.gov.au/publications/rdp/2022/2022-02/full.html
Conclusion
24 May 2022
RDP
2022-02
RDP 2022-02: The Yield and Market Function Effects of the Reserve Bank of Australia's Bond Purchases 8. ... Download the Paper 1.89. MB. In this paper we assess the effect of three Reserve Bank policy measures involving government bond purchases:
https://www.rba.gov.au/publications/rdp/2022/2022-02/conclusion.html
The Yield and Market Function Effects of the Reserve Bank of Australia's Bond Purchases
24 May 2022
RDP
2022-02
Research Discussion Paper – RDP 2022-02 The Yield and Market Function Effects of the Reserve Bank of Australia's Bond Purchases. ... suggestions. The views expressed in this paper are those of the authors and do not necessarily reflect the views of the
https://www.rba.gov.au/publications/rdp/2022/2022-02/sections.html
Non-technical summary for ‘The Yield and Market Function Effects of the Reserve Bank of Australia's Bond Purchases’
24 May 2022
RDP
2022-02
Unlike many other central banks, the Reserve Bank had not used bond purchases as a monetary policy tool prior to the pandemic. ... Bond purchases by the central bank can also affect how well the bond market works.
https://www.rba.gov.au/publications/rdp/2022/2022-02/non-technical-summary.html
Implementation Effects
24 May 2022
RDP
2022-02
about the Reserve Bank's reaction function for the use of this new tool. ... That is, the Reserve Bank did not set purchase amounts for individual bonds.
https://www.rba.gov.au/publications/rdp/2022/2022-02/implementation-effects.html
Read me file
24 May 2022
RDP
2022-02
RDP 2022-02: The Yield and Market Function Effects of the Reserve Bank of Australia's Bond Purchases Read me file. ... Survey of Primary Dealers. The Federal Reserve Bank of New York publishes the results from its survey on its website
https://www.rba.gov.au/publications/rdp/2022/2022-02/read-me.html
Expected Future Short-term Rates and Term Premia
24 May 2022
RDP
2022-02
But as governments and central banks responded to the crisis, and as effective vaccines were developed, investors became more optimistic about future prospects and so raised their expectations for average future ... Term premia are also estimated to have
https://www.rba.gov.au/publications/rdp/2022/2022-02/expected-future-short-term-rates-and-term-premia.html