The Reserve Bank of New Zealand Bulletin

Quarterly that explores issues related to both central banking and the New Zealand economy. On the record speeches of the Governor and Deputy Governors also featured regularly.

Articles from Vol. 64, No. 1, March

Brash Outlines Decision-Making Process
26 January 2001 Reserve Bank Governor Don Brash today outlined the processes employed in arriving at monetary policy decisions. In a speech to the Canterbury Employers' Chamber of Commerce, Dr Brash said he was doing this to dispel criticism...
Central Bank Corporate Governance, Financial Management, and Transparency
Richard Perry [1] This article discusses the Reserve Bank of New Zealand's corporate governance, financial management and transparency practices within the broader context of international efforts to strengthen central bank governance, transparency...
Central Banks: What They Can and Cannot Do
An address by Donald T Brash, Governor of the Reserve Bank of New Zealand to Trans-Tasman Business Circle, Sydney on 30 March 2001 Introduction It is a great pleasure for me to be back in Australia, addressing an audience hosted by the Trans-Tasman...
Does a Stitch in Time Save Nine?
In December 2000, the Reserve Bank issued a discussion paper entitled "Interest rate smoothing in New Zealand and other dollar bloc countries," written by Aaron Drew and L Christopher Plantier. The key points made in this paper are summarised in the...
Editor's Note
In May last year, the Government initiated a review of the New Zealand monetary policy framework. Professor Lars Svensson of Stockholm University was appointed to conduct the review. Professor Svensson's report was released on 28 February and the executive...
Independent Review of the Operation of Monetary Policy in New Zealand
In May 2000, the Government announced that the New Zealand monetary policy framework would be reviewed. Professor Lars Svensson of Stockholm University was appointed to undertake the review and to report by the end of February 2001. Professor Svensson's...
Information Release: Reserve Bank of New Zealand Reweights TWI
20 December 2000 In January of 1999, the Reserve Bank revised the method used to calculate the Trade-Weighted index (TWI) measure of the New Zealand dollar, and also announced plans to reweight the TWI annually. Accordingly, The Reserve Bank of...
Making Monetary Policy: A Look Behind the Curtains
An address by Dr Donald T Brash, Governor, Reserve Bank of New Zealand to the Canterbury Employers' Chamber of Commerce, Christchurch on 26 January 2001 Introduction Mr Chairman, as most New Zealanders know, the Reserve Bank operates monetary...
Monetary Policy Review
Released: Media Statement Professor Lars E.O. Svensson Stockholm University 28 February 2001 "Monetary policy in New Zealand is currently entirely consistent with the best international practice of flexible inflation targeting," Professor...
Monetary Policy Review: Media Statement
Hon Dr Michael Cullen Minister of Finance 28 February 2001 "Professor Lars Svensson's Review of the Operation of Monetary Policy is an intelligent and careful piece of work which will require an intelligent and careful response," Finance Minister...
Monetary Policy Statement: Format Changes
29 November 2000 The Reserve Bank today indicated that tables in the upcoming December Monetary Policy Statement would include some minor format changes. Tables 1, A and C will remain, while tables B, and D to H will no longer be published. In...
OCR Unchanged at 6.5 per Cent
6 December 2000 The Reserve Bank has again decided to leave the Official Cash Rate unchanged at 6.5 per cent, but also signalled that some increase in interest rates is likely, possibly early next year. That's come with the release of the Reserve...
RBNZ Welcomes Svensson Report
28 February 2001 The Reserve Bank today said it welcomed the judgement of Professor Lars Svensson that "Monetary policy in New Zealand is currently consistent with the best international practice of flexible inflation targeting." This follows...
Reserve Bank Non-Executive Directors' Committee Response to the Svenson Report
The following is a copy of the paper sent by the Reserve Bank's Non-Executive Directors to the Minister of Finance, Hon. Michael Cullen, in response to the Svensson Report. 1. Should the Chair of the Board be a non-executive? 1.1 Professor Svensson...
The Reserve Bank's Submission to the Minister of Finance on the Monetary Policy Review Conducted by Professor Lars Svensson
This is a copy of a paper, signed by Dr Brash, Governor, to the Minister of Finance, Hon. Michael Cullen, setting out the Reserve Bank's response to the Svensson Report. Introduction 1. In my memo to you dated 23 February 2001, I undertook that...