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. 70, No. 1, March

Discussion Papers
2006 DP2006/09 Uncovering the hit-list for small inflation targeters: a Bayesian structural analysis by Timothy Kam, Kirdan Lees and Philip Liu, November 2006 We estimate underlying macroeconomic policy objectives of three of the earliest...
Easy Money: Global Liquidity and Its Impact on New Zealand
Date 15 March 2007 Households and banks need to realise that the recent period of cheap international money has been unusual and at some point is likely to revert to more normal financial conditions, Reserve Bank Governor Alan Bollard said today....
Economic and Financial Chronology 2006
January 18 The Reserve Bank issues its finalised policy on the requirements that will apply to large New Zealand banks that have entered into outsourcing arrangements. The final policy follows consideration of comments on a draft policy issued in...
Editor's Note
The spending and revenue activities of the Government--often known as 'fiscal policy'--can have an important bearing on the path of the economy, particularly when major new initiatives occur. When assessing the economic outlook for monetary policy...
Emerging Asia and Global Inflation
The integration of emerging markets such as China into the global economy has had a profound effect on the inflation process in advanced economies. This article examines the relationship between the integration of emerging Asia into the global economy...
Ensuring Financial Services Work Better for New Zealand
26 January 2007 A lack of depth and breadth in New Zealand's capital markets is limiting economic growth and leaving the economy more vulnerable to crises, Reserve Bank Governor Alan Bollard said today. In a speech to the Canterbury Employers'...
New Zealand's Productivity Performance and Prospects
New Zealand's medium-to-longer-run growth prospects and general standard of living critically depend upon its labour productivity performance. Relative to most OECD countries, the level of labour productivity in New Zealand is low and, when measured...
Reserve Bank Bulletin Released
13 December 2006 The Reserve Bank today released the December 2006 issue of the Reserve Bank of New Zealand Bulletin. The first article of this issue considers the role of core inflation statistics and outlines a range of possible calculation...
Reserve Bank Raises OCR to 7.50 Percent
8 March 2007 The Official Cash Rate (OCR) will increase by 25 basis points to 7.50 percent. Reserve Bank Governor Alan Bollard said: "Recent indicators show clear evidence of a pick-up in economic activity in late 2006 and early 2007. Strengthening...
Reserve Bank Workshop on 'Housing, Savings, and the Household Balance Sheet'
On 14 November 2006, the Reserve Bank held a one-day workshop to discuss issues around housing, saving, and household balance sheet developments. Seven papers were presented at the workshop. These papers are available from the Reserve Bank website...
The Impact of Fiscal Policy on the Business Cycle
This article sets out theoretical and empirical evidence on the impact of fiscal policy on the business cycle. Our analysis suggests that fiscal policy has a significant influence on cyclical conditions in New Zealand. Simple measures of the stance...
Tradables and Non-Tradables Inflation in Australia and New Zealand
This article presents a detailed comparison of price changes for non-tradable and tradable items in the CPI across Australia and New Zealand. The main result is that relative price movements in Australia and New Zealand are highly correlated in the...