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1–5 of 5 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

Financial Aggregates as Conditioning Information for Australian Output and Inflation

1 Jul 1997 RDP 9704
Ellis W. Tallman and Naveen Chandra
Research Discussion Papers contain the results of economic research within the Reserve Bank
https://www.rba.gov.au/publications/rdp/1997/9704.html

References

1 Jul 1997 RDP 9704
Ellis W. Tallman and Naveen Chandra
9510. Estrella, A. and F.S. Mishkin (1996), ‘Is there a Role for Monetary Aggregates in the Conduct of Monetary Policy’, NBER Working Paper No. ... 309–363. Roberds, W. and C.H. Whiteman (1992), ‘Monetary Aggregates as Monetary Targets: A
https://www.rba.gov.au/publications/rdp/1997/9704/references.html

Background

1 Jul 1997 RDP 9704
Ellis W. Tallman and Naveen Chandra
Roberds and Whiteman (1992) investigate whether monetary aggregates in the United States are useful for explaining real output and price-level fluctuations using a VAR methodology. ... The prediction exercise was a key test of the relationships in the US
https://www.rba.gov.au/publications/rdp/1997/9704/background.html

The Single-equation Methodology

1 Jul 1997 RDP 9704
Ellis W. Tallman and Naveen Chandra
We examine whether past information on financial aggregates is useful for explaining current movements in real output growth or inflation by including four lags of financial aggregate growth in both equations. ... One criticism of the real output growth
https://www.rba.gov.au/publications/rdp/1997/9704/single-equation-methodology.html

The In-sample Prediction Exercise | RDP 9704 Financial Aggregates as Conditioning Information for Australian Output and Inflation

1 Jul 1997 RDP 9704
Ellis W. Tallman and Naveen Chandra
RDP 9704: Financial Aggregates as Conditioning Information for Australian Output and Inflation 3. ... These prediction tests provide a ‘low hurdle’ for monetary aggregates as measures informative for real output growth and inflation due to the
https://www.rba.gov.au/publications/rdp/1997/9704/in-sample-prediction-exercise.html