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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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Australia's Medium-run Exchange Rate: A Macroeconomic Balance Approach

1 Mar 2003 RDP 2003-03
Nikola Dvornak, Marion Kohler and Gordon Menzies
Research Discussion Papers contain the results of economic research within the Reserve Bank
https://www.rba.gov.au/publications/rdp/2003/2003-03.html

Australia's Medium-Run Exchange Rate: A Macroeconomic Balance Approach

1 Mar 2003 RDP 2003-03
Nikola Dvornak, Marion Kohler and Gordon Menzies
Research Discussion Paper – RDP 2003-03 Australia's Medium-Run Exchange Rate: A Macroeconomic Balance Approach.
https://www.rba.gov.au/publications/rdp/2003/2003-03/

Empirical Estimates

31 Dec 2003 RDP 2003-03
Nikola Dvornak, Marion Kohler and Gordon Menzies
With our disaggregated approach to modelling the trade balance, we have multiple real exchange rates and therefore solve directly for the nominal effective exchange rate (the TWI, abbreviated with E. ... WD solve for a real exchange rate, but one has
https://www.rba.gov.au/publications/rdp/2003/2003-03/empirical-estimates.html

Modelling Macroeconomic Balance

31 Dec 2003 RDP 2003-03
Nikola Dvornak, Marion Kohler and Gordon Menzies
RDP 2003-03: Australia's Medium-Run Exchange Rate: A Macroeconomic Balance Approach 2. ... Net transfers are assumed to be independent of demand or the exchange rate.
https://www.rba.gov.au/publications/rdp/2003/2003-03/modelling-macroeconomic-balance.html

Conclusion

31 Dec 2003 RDP 2003-03
Nikola Dvornak, Marion Kohler and Gordon Menzies
RDP 2003-03: Australia's Medium-Run Exchange Rate: A Macroeconomic Balance Approach 4. ... Our aim, instead, is to estimate the level of the exchange rate consistent with alternative possible values for the target current account.
https://www.rba.gov.au/publications/rdp/2003/2003-03/conclusion.html

Appendix B: Estimation Results

31 Dec 2003 RDP 2003-03
Nikola Dvornak, Marion Kohler and Gordon Menzies
twi. is the effective exchange rate, p. cpi. is Australian CPI, and y. ... Upon consultation with the ABS, we decided to impose an exchange rate elasticity of 0.5.
https://www.rba.gov.au/publications/rdp/2003/2003-03/appendix-b.html

Introduction

31 Dec 2003 RDP 2003-03
Nikola Dvornak, Marion Kohler and Gordon Menzies
RDP 2003-03: Australia's Medium-Run Exchange Rate: A Macroeconomic Balance Approach 1. ... Short-run movements can reflect changes in ‘market equilibrium rates’, that is, the exchange rate that balances demand and supply in the foreign exchange market
https://www.rba.gov.au/publications/rdp/2003/2003-03/introduction.html

References

31 Dec 2003 RDP 2003-03
Nikola Dvornak, Marion Kohler and Gordon Menzies
RDP 2003-03: Australia's Medium-Run Exchange Rate: A Macroeconomic Balance Approach References. ... Williamson J (1983), The Exchange Rate System, Institute for International Economics, Washington DC.
https://www.rba.gov.au/publications/rdp/2003/2003-03/references.html

Appendix A: Data

31 Dec 2003 RDP 2003-03
Nikola Dvornak, Marion Kohler and Gordon Menzies
RDP 2003-03: Australia's Medium-Run Exchange Rate: A Macroeconomic Balance Approach Appendix A: Data. ... Nominal bilateral exchange rate (US$). Definition:. Nominal bilateral exchange rate, A$ units per US$.
https://www.rba.gov.au/publications/rdp/2003/2003-03/appendix-a.html

Appendix C: Time Series Properties and Model Selection

31 Dec 2003 RDP 2003-03
Nikola Dvornak, Marion Kohler and Gordon Menzies
RDP 2003-03: Australia's Medium-Run Exchange Rate: A Macroeconomic Balance Approach Appendix C: Time Series Properties and Model Selection. ... Because the dependent variables are expressed in differences, using a time trend implies that this variable
https://www.rba.gov.au/publications/rdp/2003/2003-03/appendix-c.html