Search: exchange rates

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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.

Search Results

Exchange Rate Movements and the Australian Economy

26 Sep 2014 RDP 2014-11
Josef Manalo, Dilhan Perera and Daniel Rees
Research Discussion Paper – RDP 2014-11 Exchange Rate Movements and the Australian Economy Abstract. ... The mining, manufacturing, personal services, construction and business services industries are the most exchange rate sensitive sectors of the
https://www.rba.gov.au/publications/rdp/2014/2014-11.html

Results

31 Dec 2014 RDP 2014-11
Josef Manalo, Dilhan Perera and Daniel Rees
This is consistent with the observation that movements in nominal exchange rates (which determine most short-horizon movements in the real exchange rate) cannot be explained by macroeconomic fundamentals (Meese and ... This notion typically emphasises
https://www.rba.gov.au/publications/rdp/2014/2014-11/results.html

Scenario Analysis

31 Dec 2014 RDP 2014-11
Josef Manalo, Dilhan Perera and Daniel Rees
RDP 2014-11: Exchange Rate Movements and the Australian Economy 4. Scenario Analysis. ... The model suggests that Australian nominal interest rates would have been considerably higher if the nominal exchange rate had not appreciated, reflecting higher
https://www.rba.gov.au/publications/rdp/2014/2014-11/sce-analysis.html

Exchange Rate Movements and the Australian Economy

31 Dec 2014 RDP 2014-11
Josef Manalo, Dilhan Perera and Daniel Rees
Research Discussion Paper – RDP 2014-11 Exchange Rate Movements and the Australian Economy.
https://www.rba.gov.au/publications/rdp/2014/2014-11/

Introduction

31 Dec 2014 RDP 2014-11
Josef Manalo, Dilhan Perera and Daniel Rees
We identify exchange rate shocks as any movement in the exchange rate not explained by other economic factors, such as interest rates or the terms of trade. ... However, this real exchange rate appreciation would have been accompanied by a large increase
https://www.rba.gov.au/publications/rdp/2014/2014-11/introduction.html

Conclusion

31 Dec 2014 RDP 2014-11
Josef Manalo, Dilhan Perera and Daniel Rees
In contrast, if the terms of trade boom had not occurred, the real exchange rate would not have appreciated. ... But, despite a weaker exchange rate, the Australian economy would not have grown more rapidly.
https://www.rba.gov.au/publications/rdp/2014/2014-11/conclusion.html

Model and Data

31 Dec 2014 RDP 2014-11
Josef Manalo, Dilhan Perera and Daniel Rees
To justify the first assumption, we note that short-term movements in the real exchange rate largely reflect changes in nominal exchange rates. ... The inclusion of output, inflation, interest rates and the real exchange rate in the domestic block is
https://www.rba.gov.au/publications/rdp/2014/2014-11/mod-data.html

References

31 Dec 2014 RDP 2014-11
Josef Manalo, Dilhan Perera and Daniel Rees
Sectoral Effects of the Exchange Rate Shocks’, Reserve Bank of New Zealand Discussion Paper Series DP2013/05. ... Lubik T and F Schorfheide (2007), ‘Do Central Banks Respond to Exchange Rate Movements?
https://www.rba.gov.au/publications/rdp/2014/2014-11/references.html

Robustness Checks

31 Dec 2014 RDP 2014-11
Josef Manalo, Dilhan Perera and Daniel Rees
RDP 2014-11: Exchange Rate Movements and the Australian Economy 5. Robustness Checks. ... The exchange rate is ordered before the cash rate in the identification scheme.
https://www.rba.gov.au/publications/rdp/2014/2014-11/rob-checks.html

Appendix B: Estimation and Identification

31 Dec 2014 RDP 2014-11
Josef Manalo, Dilhan Perera and Daniel Rees
RDP 2014-11: Exchange Rate Movements and the Australian Economy Appendix B: Estimation and Identification. ... We identify one structural shock – an exchange rate shock – and identify this shock using a recursive ordering.
https://www.rba.gov.au/publications/rdp/2014/2014-11/appendix-b.html