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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

Monetary Policy, Equity Markets and the Information Effect

22 Apr 2021 RDP 2021-04
Calvin He
Research Discussion Paper – RDP 2021-04 Monetary Policy, Equity Markets and the Information Effect. ... These responses are consistent with conventional views of the effects of monetary policy.
https://www.rba.gov.au/publications/rdp/2021/2021-04.html

Monetary Policy, Equity Markets and the Information Effect

23 Mar 2021 RDP 2021-04
Calvin He
Research Discussion Paper – RDP 2021-04 Monetary Policy, Equity Markets and the Information Effect. ... I use the same time window used to calculate the monetary policy surprises.
https://www.rba.gov.au/publications/rdp/2021/2021-04/full.html

References

1 Apr 2021 RDP 2021-04
Calvin He
The Response of Asset Prices to Monetary Policy Actions and Statements’, International Journal of Central Banking, 1(1), pp 55–93. ... Melosi L (2017), ‘Signalling Effects of Monetary Policy’, The Review of Economic Studies, 84(2), pp 853–884.
https://www.rba.gov.au/publications/rdp/2021/2021-04/references.html

Results

1 Apr 2021 RDP 2021-04
Calvin He
Figure 3: Response of ASX 200 to Monetary Policy. 100 basis point monetary policy tightening. ... Instead, an unexpected tightening in monetary policy has the standard contractionary effect on equity prices.
https://www.rba.gov.au/publications/rdp/2021/2021-04/results.html

Conclusion

1 Apr 2021 RDP 2021-04
Calvin He
Download the Paper 1,551. KB. The effects of monetary policy remains a core question at the heart of macroeconomics. ... announcements. Rather, monetary policy announcements in Australia have the standard effects on equity markets.
https://www.rba.gov.au/publications/rdp/2021/2021-04/conclusion.html

Monetary Policy, Equity Markets and the Information Effect

23 Mar 2021 RDP 2021-04
Calvin He
Research Discussion Paper – RDP 2021-04 Monetary Policy, Equity Markets and the Information Effect. ... analysis/monetary-policy-surprises.Rmd. These files were compiled by Calvin He. 22 April 2021.
https://www.rba.gov.au/publications/rdp/2021/2021-04/read-me.html

Monetary Policy, Equity Markets and the Information Effect

22 Apr 2021 RDP 2021-04
Calvin He
Research Discussion Paper – RDP 2021-04 Monetary Policy, Equity Markets and the Information Effect.
https://www.rba.gov.au/publications/rdp/2021/2021-04/sections.html

Appendix C: Semi-elasticity versus Elasticity

1 Apr 2021 RDP 2021-04
Calvin He
RDP 2021-04: Monetary Policy, Equity Markets and the Information Effect Appendix C: Semi-elasticity versus Elasticity. ... Figure C1 compares the estimated effect of a 100 basis point monetary policy surprise at different levels of the discount rate.
https://www.rba.gov.au/publications/rdp/2021/2021-04/appendix-c.html

Literature Review

1 Apr 2021 RDP 2021-04
Calvin He
These results are consistent with the idea that monetary policy surprises contain information about the economy. ... The findings also suggest that the information effect could indeed be a powerful channel of monetary policy.
https://www.rba.gov.au/publications/rdp/2021/2021-04/literature-review.html

Appendix A: Data Description

1 Apr 2021 RDP 2021-04
Calvin He
RDP 2021-04: Monetary Policy, Equity Markets and the Information Effect Appendix A: Data Description. ... RBA. 2001:M4. 2020:M5. Due to incomplete data, occasionally the window around the monetary policy event needs to be modified.
https://www.rba.gov.au/publications/rdp/2021/2021-04/appendix-a.html