Academic journal article The Reserve Bank of New Zealand Bulletin

Editor's Note

Academic journal article The Reserve Bank of New Zealand Bulletin

Editor's Note

Article excerpt

In this edition of the Reserve Bank Bulletin we present five articles covering a range of topics.

Our first article, by Mizuho Kida, discusses financial vulnerability in the household sector. Between 2001 and 2008, aggregate household debt more than doubled, alongside similarly rapid increases in house prices. Now, with house prices falling and the economy weakening, questions arise about the risk of households being unable to meet their debt obligations. The article presents evidence and modelling results suggesting that household financial vulnerability did not greatly increase during the debt buildup, though a small proportion of households remains vulnerable under certain scenarios.

Our second article is an interview with Eric Leeper, Professor of Economics at Indiana University. Professor Leeper visited New Zealand in 2008 as the Reserve Bank and Victoria University of Wellington Professorial Fellow. Eric and I chat about his work on advancing the modelling of fiscal policy and its interaction with monetary policy, how fiscal policy could be enhanced by making it more transparent, and the progress of fiscal and monetary policymakers so far in handling the current financial and economic crisis.

In our third article, Alan Boaden and Kristin Langwasser present our annual review of trends in the use of banknotes and coins. …

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