Search: bond
RBA Glossary definition for bond
bond – In general terms, a bond is a statement of debt with a medium to long term to maturity at the time it is issued. The holder of a bond is a lender to the issuer. As such, the statement gives the issuer an obligation to provide the holder with an income payment and/or a stream of income payments over the life of the bond and to repay the principal. The risk that the issuer cannot fulfil their obligation varies from issuer to issuer and over time.
Search Results
Explaining Monetary Spillovers: The Matrix Reloaded
1 Apr 2019
RDP
2019-03
in 10-year US Treasury bond yields orthogonalised against the change in 2-year bond yields. ... To assess the bond risk premium channel, we rely on proxies of financial openness.
https://www.rba.gov.au/publications/rdp/2019/2019-03/full.html
Data
23 Apr 2019
RDP
2019-03
in 10-year US Treasury bond yields orthogonalised against the change in 2-year bond yields. ... To assess the bond risk premium channel, we rely on proxies of financial openness.
https://www.rba.gov.au/publications/rdp/2019/2019-03/data.html
Why Do Monetary Policy Spillovers Occur?
23 Apr 2019
RDP
2019-03
Even if such interventions are sterilised, local bond yields could still be affected through signalling and/or portfolio rebalancing effects. ... and ECB unconventional policies affected foreign bond yields, although QE by the Bank of Japan did not.
https://www.rba.gov.au/publications/rdp/2019/2019-03/why-do-monetary-policy-spillovers-occur.html
Online Appendices: Explaining Monetary Spillovers: The Matrix Reloaded
1 Apr 2019
RDP
2019-03
Bloomberg; Thomson Reuters Tick History. 2-year and 10-year bond yields. Sovereign bond yields. ... Bloomberg; Thomson Reuters Tick History. Global controls. US 10-year yield. Sovereign benchmark bond yield.
https://www.rba.gov.au/publications/rdp/2019/2019-03/online-appendix.html
References
23 Apr 2019
RDP
2019-03
Dahlquist M and H Hasseltoft (2013), ‘International Bond Risk Premia’, Journal of International Economics, 90(1), pp 17–32. ... Krishnamurthy A, S Nagel and A Vissing-Jorgensen (2017), ‘ECB Policies Involving Government Bond Purchases: Impacts
https://www.rba.gov.au/publications/rdp/2019/2019-03/references.html
Conclusion
23 Apr 2019
RDP
2019-03
While the spillovers from the policy interest rates of the Fed, and even ECB, to other economies' long-term bond yields come less of a surprise, we demonstrate that their monetary ... We study the role of domestic economic conditions, FX regime and bond
https://www.rba.gov.au/publications/rdp/2019/2019-03/conclusion.html
Introduction
23 Apr 2019
RDP
2019-03
We propose three alternative channels: (i) domestic economic conditions (including economic linkages), (ii) FX regime, and (iii) the impact of bond risk premia (and financial factors more broadly). ... In support of the bond risk premium spillover channel
https://www.rba.gov.au/publications/rdp/2019/2019-03/introduction.html
What Determines the Strength of Spillovers?
23 Apr 2019
RDP
2019-03
i,t 1. measuring bilateral trade linkages and other controls; the dependent variable is the daily change in 10-year bond yields in our set of 47 recipient economies; as regressors, ... The main idea is that the more financially open and interconnected an
https://www.rba.gov.au/publications/rdp/2019/2019-03/what-determines-the-strength-of-spillovers.html
Does Monetary Policy Spill Over to Other Economies?
23 Apr 2019
RDP
2019-03
To measure the interest rate response, we consider rates of different maturities: 1-month and 6-month interest rates, and 2-year and 10-year government bond yields. ... The spillover matrices for bond yields show much clearer, and economically meaningful,
https://www.rba.gov.au/publications/rdp/2019/2019-03/does-monetary-policy-spill-over-to-other-economies.html
Research Design: Detecting and Explaining Spillovers
23 Apr 2019
RDP
2019-03
As for the channel of bond risk premia and financial conditions, a key prediction is that economies that are more financially open should receive larger spillovers. ... Macrofinancial conditioning variables. (a) Domestic macroeconomic conditions. Mainly
https://www.rba.gov.au/publications/rdp/2019/2019-03/research-design-detecting-and-explaining-spillovers.html