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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

Direct Effects of Money on Aggregate Demand: Another Look at the Evidence

30 Aug 2010 RDP 2010-05
Stephen Elias and Mariano Kulish
Research Discussion Papers contain the results of economic research within the Reserve Bank
https://www.rba.gov.au/publications/rdp/2010/2010-05.html

Introduction

31 Dec 2010 RDP 2010-05
Stephen Elias and Mariano Kulish
It is possible to augment this system of three equations and track monetary aggregates, but adding such an equation – whatever it may be – does not give money any direct effect over ... The empirical evidence is mixed. Rudebusch and Svensson (1999,
https://www.rba.gov.au/publications/rdp/2010/2010-05/introduction.html

Reference

31 Dec 2010 RDP 2010-05
Stephen Elias and Mariano Kulish
Nelson E (2002), ‘Direct Effects of Base Money on Aggregate Demand: Theory and Evidence’, Journal of Monetary Economics, 49(4), pp 687–708. ... Nelson E (2003), ‘The Future of Monetary Aggregates in Monetary Policy Analysis’, Journal of
https://www.rba.gov.au/publications/rdp/2010/2010-05/references.html

Conclusion

31 Dec 2010 RDP 2010-05
Stephen Elias and Mariano Kulish
RDP 2010-05: Direct Effects of Money on Aggregate Demand: Another Look at the Evidence 5. ... Monetary authorities in these economies have turned to unconventional monetary policies which involve balance sheet expansions of one form or another.
https://www.rba.gov.au/publications/rdp/2010/2010-05/conclusion.html

Empirical Analysis

31 Dec 2010 RDP 2010-05
Stephen Elias and Mariano Kulish
RDP 2010-05: Direct Effects of Money on Aggregate Demand: Another Look at the Evidence 2. ... Download the Paper 180. KB. We follow Nelson (2002) and estimate empirical aggregate demand specifications in which a measure of de-trended real output, ỹ.
https://www.rba.gov.au/publications/rdp/2010/2010-05/empirical-analysis.html

An Extended New Keynesian Model

31 Dec 2010 RDP 2010-05
Stephen Elias and Mariano Kulish
RDP 2010-05: Direct Effects of Money on Aggregate Demand: Another Look at the Evidence 3. ... Equation (9) is the household's first-order condition for capital accumulation. Equation (10) is the monetary policy rule.
https://www.rba.gov.au/publications/rdp/2010/2010-05/extended-keynesian-model.html

Appendix A: Data Description and Sources

31 Dec 2010 RDP 2010-05
Stephen Elias and Mariano Kulish
RDP 2010-05: Direct Effects of Money on Aggregate Demand: Another Look at the Evidence Appendix A: Data Description and Sources. ... Money: The St. Louis adjusted monetary base series (Federal Reserve Bank of St.
https://www.rba.gov.au/publications/rdp/2010/2010-05/appendix-a.html