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RBA Glossary definition for HAC Rule
HAC Rule – Honour All Cards Rule
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Central Bank Frameworks: Evolution or Revolution?
4 Jan 2023
Conferences
PDF
7522KB
RBA Conference Volume 2018
https://www.rba.gov.au/publications/confs/2018/pdf/rba-conference-volume-2018.pdf
Implementation Effects
24 May 2022
RDP
2022-02
Notes: Heteroskedasticity and autocorrelation corrected (HAC) standard errors in parentheses; , and denote statistical significance at the 10, 5 and 1 per cent levels, respectively. ... It was also consistent with the Reserve Bank retaining operational
https://www.rba.gov.au/publications/rdp/2022/2022-02/implementation-effects.html
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The Yield and Market Function Effects of the Reserve Bank of Australia’s Bond Purchases
19 May 2022
RDP
PDF
1938KB
Notes: Heteroskedasticity and autocorrelation corrected (HAC) standard errors in parentheses; , and denote statistical.
https://www.rba.gov.au/publications/rdp/2022/pdf/rdp2022-02.pdf
Anticipatory Monetary Policy and the ‘Price Puzzle’
18 May 2017
RDP
PDF
2157KB
These coefficients are large, statistically significant and ‘incorrectly’ signed. The effect essentially occurs with a one-quarter lag, which rules out interpretations implying delayed or gradual responses. ... The resulting series should identify a
https://www.rba.gov.au/publications/rdp/2017/pdf/rdp2017-02.pdf
Anticipatory Monetary Policy and the ‘Price Puzzle’
1 May 2017
RDP
2017-02
In Approach 4, we restrict our sample to begin in 1996:Q1, a period for which the coefficients on the policy rule were arguably more stable. ... The resulting series should identify a narrower set of monetary shocks, namely innovations to the policy rule
https://www.rba.gov.au/publications/rdp/2017/2017-02/full.html
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An Empirical BVAR-DSGE Model of the Australian Economy
2 Feb 2015
RDP
PDF
657KB
deviations from steadystate) of inflation and value-added output, vat , as well as growth in value-addedoutput.5 The rule is:. ... 8 We do not allow a role for the exchange rate in the Taylor rule, reflecting the findings of Lubikand Schorfheide (2007).
https://www.rba.gov.au/publications/rdp/2013/pdf/rdp2013-07.pdf
Strategic Review of Innovation in the Payments System
19 Sep 2011
PDF
90KB
The RBA’s intervention to modify the Honour All Cards (HAC) rule in the Visa and MasterCard schemes enabled a dominant merchant to refuse to accept scheme debit while continuing to ... The RBA’s change to the HAC rule was unnecessary given the
https://www.rba.gov.au/payments-and-infrastructure/payments-system-regulation/past-regulatory-reviews/strategic-review-of-innovation-in-the-payments-system/submissions/201106-strategic-review-innovation/abacus.pdf
Review of Card Surcharging: A Consultation Document
25 Jul 2011
PDF
35KB
This review of merchants’ capacity to recover their card acceptance costs by surcharging again highlights our criticism of the RBA’s modification of the Honour All Cards (HAC) Rule. ... As you know, the Woolworths group last year took advantage of
https://www.rba.gov.au/payments-and-infrastructure/submissions/submissions-card-surcharging/abacus-card-surcharging.pdf
Credit Risk and the Macroeconomy: Evidence from an Estimated DSGE Model
20 Nov 2009
Research Workshop
PDF
727KB
Reserve Bank of Australia Research Workshop 2009
https://www.rba.gov.au/publications/workshops/research/2009/pdf/gilchrist.pdf