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RBA Glossary definition for broad money

broad money – The widest definition of money published by the Reserve Bank of Australia (RBA). Broad money is defined as currency plus ADI deposits from the non-AFI private sector, plus other short-term liquid AFI liabilities held by the non-AFI private sector.

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Data

1 Nov 1996 RDP 9606
Ellis W. Tallman and Naveen Chandra
Download the Paper 279. KB. The data sample consists of quarterly data on four financial aggregates (specifically, currency, M3, broad money, and credit of all financial intermediaries). ... The introduction of additional variables into the VAR system
https://www.rba.gov.au/publications/rdp/1996/9606/data.html

Empirical Methods

1 Nov 1996 RDP 9606
Ellis W. Tallman and Naveen Chandra
The F-test results for the output growth equations indicate that M3, currency and broad money are not significant for predicting real GDP. ... Broad money and credit appear important after 1992 in the two and possibly three-variable cases.
https://www.rba.gov.au/publications/rdp/1996/9606/empirical-methods.html

Introduction

1 Nov 1996 RDP 9606
Ellis W. Tallman and Naveen Chandra
This view is also expressed by Friedman (1996) ‘… the whole concept [using monetary aggregate information as an information variable] is senseless unless observed fluctuations in money do anticipate movements of prices, ... We employ four different
https://www.rba.gov.au/publications/rdp/1996/9606/introduction.html

Appendix A: Data

1 Nov 1996 RDP 9606
Ellis W. Tallman and Naveen Chandra
Source:. Reserve Bank of Australia Bulletin. Broad Money (BM). Definition:. M3 plus borrowings from the private sector by NBFIs less the latter's holdings of currency and bank deposits. ... Borrowings by NBFIs include borrowings by permanent building
https://www.rba.gov.au/publications/rdp/1996/9606/appendix-a.html

Discussion of Results

1 Nov 1996 RDP 9606
Ellis W. Tallman and Naveen Chandra
The RMSE ratio statistics indicate that models containing either broad money, credit, or currency improve the forecasting of inflation in the two and three-variable systems (and also for the
https://www.rba.gov.au/publications/rdp/1996/9606/discussion-of-results.html

Out-Of-Sample Forecasting

1 Nov 1996 RDP 9606
Ellis W. Tallman and Naveen Chandra
This procedure is conducted for each of the two, three, four, and five-variable systems that include M3, broad money (BM), credit, and currency. ... Figure 6: Inflation Forecasts For Systems Containing M3 and Currency. Figure 7: Inflation Forecasts for
https://www.rba.gov.au/publications/rdp/1996/9606/out-of-sample-forecasting.html