This article examines the response of consumer and business confidence to five measures of change in Australian monetary policy. Actual, expected and surprise increases in the official cash rate target and related interest rates are shown to negatively impact consumer sentiment. Business confidence is less affected by increases in the cash rate target, but is negatively affected by an increase in the 90‐day bank accepted bill rate. Tests for model stability and asymmetries in the response of sentiment to increases and decreases in interest rates otherwise find only limited evidence for monetary policy having a perverse signalling effect on sentiment.

中文翻译：

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货币政策变化对消费者和企业信心的影响

本文考察了消费者和企业信心对澳大利亚货币政策变化的五个指标的反应。官方现金利率目标和相关利率的实际、预期和意外增加对消费者情绪产生负面影响。商业信心受现金利率目标上升的影响较小，但受到 90 天银行承兑汇票利率上升的负面影响。在情绪对利率上升和下降的反应中对模型稳定性和不对称性的测试否则只能发现有限的证据表明货币政策对情绪有反常的信号影响。