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RBA Glossary definition for exchange rates

exchange rates – The price of one currency expressed in terms of another currency. Any exchange rate can be quoted two ways, e.g. Australian dollars per US dollar (USD/AUD) or US dollars per Australian dollar (AUD/USD). The convention for the Australian dollar is that it is quoted as the foreign currency price of the Australian dollar. This is sometimes referred to as the 'Indirect' method of quoting.

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An Empirical Model of Australian Interest Rates, Exchange Rates and Monetary Policy

1 Nov 1990 RDP 9009
Jerome Fahrer and Lynne-Ellen Shori
Research Discussion Papers contain the results of economic research within the Reserve Bank
https://www.rba.gov.au/publications/rdp/1990/9009.html

Some Stylized Facts

1 Nov 1990 RDP 9009
Jerome Fahrer and Lynne-Ellen Shori
RDP 9009: An Empirical Model of Australian Interest Rates, Exchange Rates and Monetary Policy 2. ... The exchange rate is defined as the number of Australian dollars per U.S.
https://www.rba.gov.au/publications/rdp/1990/9009/some-stylized-facts.html

References

1 Nov 1990 RDP 9009
Jerome Fahrer and Lynne-Ellen Shori
RDP 9009: An Empirical Model of Australian Interest Rates, Exchange Rates and Monetary Policy References. ... Macfarlane, I.J. and W.J. Tease (1989, “Capital Flows and Exchange Rate Determination”, Reserve Bank of Australia Research Discussion Paper
https://www.rba.gov.au/publications/rdp/1990/9009/references.html

An Empirical Model of Australian Interest Rates, Exchange Rates and Monetary Policy

1 Nov 1990 RDP 9009
Jerome Fahrer and Lynne-Ellen Shari
Research Discussion Paper – RDP 9009 An Empirical Model of Australian Interest Rates, Exchange Rates and Monetary Policy.
https://www.rba.gov.au/publications/rdp/1990/9009/

Introduction

1 Nov 1990 RDP 9009
Jerome Fahrer and Lynne-Ellen Shori
For example, if nominal interest rates increase because inflation is expected to increase, the exchange rate will probably depreciate, contrary to the predictions of the portfolio balance model. ... Using this model, we can then examine the effects of
https://www.rba.gov.au/publications/rdp/1990/9009/introduction.html

Appendix: Confidence Intervals

1 Nov 1990 RDP 9009
Jerome Fahrer and Lynne-Ellen Shori
RDP 9009: An Empirical Model of Australian Interest Rates, Exchange Rates and Monetary Policy Appendix: Confidence Intervals. ... Figure A.3: Exchange rate shock. Figure A.4: Cash rate shock. Figure A.5: Australian bond rate shock.
https://www.rba.gov.au/publications/rdp/1990/9009/appendix.html

Results

1 Nov 1990 RDP 9009
Jerome Fahrer and Lynne-Ellen Shori
RDP 9009: An Empirical Model of Australian Interest Rates, Exchange Rates and Monetary Policy 4. ... 1987 period, especially over shorter time horizons in the case of the exchange rate.
https://www.rba.gov.au/publications/rdp/1990/9009/results.html

The VAR Method

1 Nov 1990 RDP 9009
Jerome Fahrer and Lynne-Ellen Shori
10 year bond rate affect Australian interest rates and the $A/$US exchange rate contemporaneously, but not vice versa. ... We use daily data with the exchange rate measured as an average of buy and sell rates at 4 p.m., Eastern Australian time.
https://www.rba.gov.au/publications/rdp/1990/9009/var-method.html

Conclusions

1 Nov 1990 RDP 9009
Jerome Fahrer and Lynne-Ellen Shori
interest rates, and the $A/$US exchange rate. On the basis of the evidence uncovered by this model, we make the following conclusions:. ... However, shocks to cash rates have had very little discernible effect on the exchange rate.
https://www.rba.gov.au/publications/rdp/1990/9009/conclusions.html