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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

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Appendix A: RBA Aggregate Wage Phillips Curve Specification, Coefficients and Implied Slope

1 Aug 2021 RDP 2021-09
James Bishop and Emma Greenland
RDP 2021-09: Is the Phillips Curve Still a Curve? Evidence from the Regions Appendix A: RBA Aggregate Wage Phillips Curve Specification, Coefficients and Implied Slope.
https://www.rba.gov.au/publications/rdp/2021/2021-09/appendix-a.html

Is the Phillips Curve Still a Curve? Evidence from the Regions

31 Aug 2021 RDP 2021-09
James Bishop and Emma Greenland
Because monetary policy only responds to aggregate shocks, region-specific variation can be used to identify the true causal relationship between inflation and unemployment (Fitzgerald et al 2020; McLeay and Tenreyro ... Moreover, including time fixed
https://www.rba.gov.au/publications/rdp/2021/2021-09/full.html

Is the Phillips Curve Still a Curve? Evidence from the Regions

31 Aug 2021 RDP 2021-09
James Bishop and Emma Greenland
inflation, labour market, monetary policy. The way in which wages respond to very low rates of unemployment remains a key source of uncertainty in Australia, partly due to the lack of ... These findings have implications for monetary policy, particularly
https://www.rba.gov.au/publications/rdp/2021/2021-09.html

Introduction

1 Aug 2021 RDP 2021-09
James Bishop and Emma Greenland
Economic theory suggests that aggregate inflation (in prices and wages) and unemployment outcomes are determined in equilibrium with monetary policy, while the estimates of the Phillips curve at the regional level ... As such, using our region-level
https://www.rba.gov.au/publications/rdp/2021/2021-09/introduction.html

Is the Phillips Curve Still a Curve?

1 Aug 2021 RDP 2021-09
James Bishop and Emma Greenland
Because monetary policy only responds to aggregate shocks, region-specific variation can be used to identify the true causal relationship between inflation and unemployment (Fitzgerald et al 2020; McLeay and Tenreyro ... Moreover, including time fixed
https://www.rba.gov.au/publications/rdp/2021/2021-09/is-the-phillips-curve-still-a-curve.html

Conclusion

1 Aug 2021 RDP 2021-09
James Bishop and Emma Greenland
Regional data provides richer variation in inflation and unemployment rates, allowing for more accurate estimation of the slope of the Phillips curve at unemployment rates rarely seen in the aggregate data. ... using it in a model with a monetary policy
https://www.rba.gov.au/publications/rdp/2021/2021-09/conclusion.html

Robustness

1 Aug 2021 RDP 2021-09
James Bishop and Emma Greenland
In contrast, in the RBA's aggregate model, wages growth depends on both the level of the unemployment gap and the change in the unemployment rate (see Appendix A).
https://www.rba.gov.au/publications/rdp/2021/2021-09/robustness.html

Non-technical summary for ‘Is the Phillips Curve Still a Curve? Evidence from the Regions’

31 Aug 2021 RDP 2021-09
James Bishop and Emma Greenland
Download the Non-technical summary 631. KB. The Phillips curve is one of the most important macroeconomic relationships the Reserve Bank of Australia (RBA) considers when making its monetary policy decisions. ... Despite these challenges, our findings
https://www.rba.gov.au/publications/rdp/2021/2021-09/non-technical-summary.html

Is the Phillips Curve Still a Curve? Evidence from the Regions

31 Aug 2021 RDP 2021-09
James Bishop and Emma Greenland
https://www.rba.gov.au/publications/rdp/2021/2021-09/sections.html

Is the Phillips Curve Still a Curve? Evidence from the Regions

31 Aug 2021 RDP 2021-09
James Bishop and Emma Greenland
The time series data underlying the RBA's aggregate model estimate are not provided in this supplementary material. ... Figures 3 and 4 are generated in ‘RBA Aggregate Models - calculations.xlsx’ in the ‘output’ subfolder.
https://www.rba.gov.au/publications/rdp/2021/2021-09/read-me.html