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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

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
Jonathan Hambur and Qazi Haque
interest rates, monetary policy, COVID-19. Understanding the effects of monetary policy and its communication is crucial for a central bank. ... of monetary policy, specifically: current policy action; signalling or forward guidance about future rates;
https://www.rba.gov.au/publications/rdp/2023/2023-04.html

References

12 May 2023 RDP 2023-04
Jonathan Hambur and Qazi Haque
Beckers B (2020), ‘Credit Spreads, Monetary Policy and the Price Puzzle’, RBA Research Discussion Paper No 2020-01. ... Berkelmans L (2005), ‘Credit and Monetary Policy: An Australian SVAR’, RBA Research Discussion Paper No 2005-06.
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
Jonathan Hambur
However, it can be difficult to quantitatively assess the effects of monetary policy. ... housing market, a pure monetary policy shock that would weigh on macroeconomic outcomes.
https://www.rba.gov.au/publications/rdp/2023/2023-04/full.html

The Effects of Monetary Policy Shocks

12 May 2023 RDP 2023-04
Jonathan Hambur and Qazi Haque
This remains the case when we use only the non-monetary policy announcement events. ... housing market, a pure monetary policy shock that would weigh on macroeconomic outcomes.
https://www.rba.gov.au/publications/rdp/2023/2023-04/the-effects-of-monetary-policy-shocks.html

Conclusion

12 May 2023 RDP 2023-04
Jonathan Hambur and Qazi Haque
RDP 2023-04: Can We Use High-frequency Yield Data to Better Understand the Effects of Monetary Policy and Its Communication? ... It produces an intuitive lens through which to examine and understand monetary policy and its communication and provides a
https://www.rba.gov.au/publications/rdp/2023/2023-04/conclusion.html

Appendix A: Affine Term Structure Model

12 May 2023 RDP 2023-04
Jonathan Hambur and Qazi Haque
RDP 2023-04: Can We Use High-frequency Yield Data to Better Understand the Effects of Monetary Policy and Its Communication?
https://www.rba.gov.au/publications/rdp/2023/2023-04/appendix-a.html

Appendix B: Additional Results

12 May 2023 RDP 2023-04
Jonathan Hambur and Qazi Haque
RDP 2023-04: Can We Use High-frequency Yield Data to Better Understand the Effects of Monetary Policy and Its Communication?
https://www.rba.gov.au/publications/rdp/2023/2023-04/appendix-b.html

Introduction

12 May 2023 RDP 2023-04
Jonathan Hambur and Qazi Haque
However, it can be difficult to quantitatively assess the effects of monetary policy. ... To get around the first issue, economists often try to identify monetary policy ‘shocks’.
https://www.rba.gov.au/publications/rdp/2023/2023-04/introduction.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
Jonathan Hambur
https://www.rba.gov.au/publications/rdp/2023/2023-04/sections.html

Related Literature

12 May 2023 RDP 2023-04
Jonathan Hambur and Qazi Haque
More recently, papers have tried to identify monetary policy shocks using other types of data. ... Overall, they find that Action shocks affect the economy like textbook monetary policy shocks.
https://www.rba.gov.au/publications/rdp/2023/2023-04/related-literature.html