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1–9 of 9 collapsed search results for monetary aggregates

RBA Glossary definition for monetary aggregates

monetary aggregates – A series of measures of the values of currency on issue, current deposits with banks, other deposits with banks, plus borrowings from the private sector by non-bank financial institutions (NBFIs) less currency and bank deposits by NBFIs. Components consist of: 'M1' defined as currency plus bank current deposits from the private non-bank sector; 'M3' defined as M1 plus all other authorised deposit-taking institution (ADI) deposits from the private non-ADI sector, plus certificates of deposit issued by banks, less ADI deposits held with one another; 'Broad money' defined as M3 plus other short-term liquid AFI liabilities held by the private sector, except those held by other AFIs ; 'Money base' defined as holdings of banknotes and coins by the private sector plus deposits of banks with the Reserve Bank of Australia (RBA) and other RBA liabilities to the private non-bank sector

Search Results

Do Monetary Policy and Economic Conditions Impact Innovation? Evidence from Australian Administrative Data

15 Feb 2024 RDP 2024-01
Omer Majeed, Jonathan Hambur and Robert Breunig
Research Discussion Paper – RDP 2024-01 Do Monetary Policy and Economic Conditions Impact Innovation? ... We find that contractionary (expansionary) monetary policy reduces (increases) aggregate research and development (R&D) spending, and that lower
https://www.rba.gov.au/publications/rdp/2024/2024-01.html

Results

15 Feb 2024 RDP 2024-01
Omer Majeed, Jonathan Hambur and Robert Breunig
Figure 1: Effect of Monetary Policy Shock on Aggregate Innovation Measures. ... 100 basis point contractionary shock. Notes: Results from local projection model of aggregate innovation metrics on monetary policy shock.
https://www.rba.gov.au/publications/rdp/2024/2024-01/results.html

Do Monetary Policy and Economic Conditions Impact Innovation? Evidence from Australian Administrative Data

15 Feb 2024 RDP 2024-01
Omer Majeed, Jonathan Hambur and Robert Breunig
100 basis point contractionary shock. Notes: Results from local projection model of aggregate innovation metrics on monetary policy shock. ... Changing aggregate demand in the economy is an important channel for monetary policy.
https://www.rba.gov.au/publications/rdp/2024/2024-01/full.html

Introduction

15 Feb 2024 RDP 2024-01
Omer Majeed, Jonathan Hambur and Robert Breunig
Empirically, adoption is an important determinant of aggregate productivity growth (OECD 2015; Argente et al 2020; Majeed et al 2021) and features in theoretical models of the effect of monetary policy ... We find that contractionary (expansionary)
https://www.rba.gov.au/publications/rdp/2024/2024-01/introduction.html

Literature Review

15 Feb 2024 RDP 2024-01
Omer Majeed, Jonathan Hambur and Robert Breunig
For monetary policy, this assumption is reflected in the so called ‘neutrality’ of monetary policy. ... Monetary policy can thus influence productivity and economic output in the medium term.
https://www.rba.gov.au/publications/rdp/2024/2024-01/literature-review.html

Data and Methodology

15 Feb 2024 RDP 2024-01
Omer Majeed, Jonathan Hambur and Robert Breunig
Aggregate (log) R&D spending data from the Australian Bureau of Statistics (ABS) national accounts. ... That is, innovation activity and monetary policy are co-determined by other factors.
https://www.rba.gov.au/publications/rdp/2024/2024-01/data-and-methodology.html

Do Monetary Policy and Economic Conditions Impact Innovation? Evidence from Australian Administrative Data

15 Feb 2024 RDP 2024-01
Omer Majeed, Jonathan Hambur and Robert Breunig
RDP 2024-01: Do Monetary Policy and Economic Conditions Impact Innovation? Evidence from Australian Administrative Data Read me file. ... BT: Bishop and Tulip (2017) monetary policy shock. level: Hambur and Haque (2023) action shock.
https://www.rba.gov.au/publications/rdp/2024/2024-01/read-me.html

Macroeconomic Effects on Productivity

15 Feb 2024 RDP 2024-01
Omer Majeed, Jonathan Hambur and Robert Breunig
RDP 2024-01: Do Monetary Policy and Economic Conditions Impact Innovation? Evidence from Australian Administrative Data 6. ... Footnote. We experimented with looking directly at the effects of monetary policy shocks on productivity.
https://www.rba.gov.au/publications/rdp/2024/2024-01/macroeconomic-effects-on-productivity.html

Through Which Channels Does Monetary Policy Affect Innovation?

15 Feb 2024 RDP 2024-01
Omer Majeed, Jonathan Hambur and Robert Breunig
One is the demand channel: contractionary monetary policy may weaken aggregate demand and therefore lower the returns to innovation. ... Changing aggregate demand in the economy is an important channel for monetary policy.
https://www.rba.gov.au/publications/rdp/2024/2024-01/through-which-channels-does-monetary-policy-affect-innovation.html