Search: monetary aggregates

Sort by: Relevance Date
1–7 of 7 collapsed search results for monetary aggregates

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

Search Results

Do Financial Aggregates Lead Activity?: A Preliminary Analysis

1 Jan 1988 RDP 8803
Michele Bullock, Glenn Stevens and Susan Thorp
Research Discussion Papers contain the results of economic research within the Reserve Bank
https://www.rba.gov.au/publications/rdp/1988/8803.html

References

1 Jan 1988 RDP 8803
Michele Bullock, Glenn Stevens and Susan Thorp
Islam, S. (1982). “Monetary and Credit Aggregates and Economic Activity: Evidence from Germany, Japan and the United States”. ... Empirical Comparisons of Credit and Monetary Aggregates Using Vector Autoregression Methods”.
https://www.rba.gov.au/publications/rdp/1988/8803/references.html

Overseas Experience

1 Jan 1988 RDP 8803
Michele Bullock, Glenn Stevens and Susan Thorp
Davis qualifies this conclusion, however, by noting that where innovation distorts the monetary aggregates, broad credit aggregates may become more useful as financial indicators. ... Fackler and Silver (1982) also conclude that although history provides
https://www.rba.gov.au/publications/rdp/1988/8803/overseas-experience.html

Do Financial Aggregates Lead Activity?: A Preliminary Analysis

1 Jan 1988 RDP 8803
Michele Bullock, Glenn Stevens and Susan Thorp
Research Discussion Papers contain the results of economic research within the Reserve Bank
https://www.rba.gov.au/publications/rdp/1988/8803/

Empirical Analysis for Australia

1 Jan 1988 RDP 8803
Michele Bullock, Glenn Stevens and Susan Thorp
The general tenor of the results is that monetary and credit aggregates move with, or may lag, movements in activity, and hence are more likely to be driven by nominal activity ... The financial aggregates considered are:. M3 and broad money, the two
https://www.rba.gov.au/publications/rdp/1988/8803/empirical-analysis-for-australia.html

Relationships between Money, Credit and Activity

1 Jan 1988 RDP 8803
Michele Bullock, Glenn Stevens and Susan Thorp
Laidler, 1985) that argues that monetary aggregates are linked with spending through a real balance effect. ... Footnote. This criticism of monetary targeting has become known as Goodhart's Law.
https://www.rba.gov.au/publications/rdp/1988/8803/relationships-between-money-credit-and-activity.html

Concluding Comments

1 Jan 1988 RDP 8803
Michele Bullock, Glenn Stevens and Susan Thorp
On balance, the analysis suggests, then, that money and credit aggregates are probably contemporaneous or lagging indicators of activity. ... While the structural relationship between financial aggregates, activity and interest rates is no doubt
https://www.rba.gov.au/publications/rdp/1988/8803/concluding-comments.html