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. 71, No. 2, June

Discussion Papers
DP2008/07 Heterogeneous expectations, adaptive learning, and forward-looking monetary policy Martin Fukac, May 2008 In this paper, I examine the role of monetary policy in a heterogeneous expectations environment. I use a New Keynesian business...
Editor's Note
This edition of the Reserve Bank Bulletin is built around the theme of monetary policy and its interaction with the business cycle in New Zealand. In its pursuit of price stability, the Reserve Bank must form views on the current economic situation...
Entries Open in Reserve Bank Monetary Policy Challenge
27 March 2008 Entries have opened to the Reserve Bank of New Zealand 2008 Monetary Policy Challenge (MPC). The MPC is open to all New Zealand senior secondary school economics students. It is designed to expand students' understanding of monetary...
Establishing Technical Specifications for New Zealand's New 10 Cent, 20 Cent and 50 Cent Coins
This article explains the analytical process through which the Reserve Bank established technical specifications for New Zealand's recently issued silver- and copper-coloured coins. The new coins are smaller and are constructed using metal plating...
No Need for Banks, Businesses to Hibernate, Says RBNZ
9 April 2008 Banks should avoid overreacting to the economic downturn, Reserve Bank Governor Alan Bollard told the Marlborough Chamber of Commerce today. "The New Zealand economy remains fundamentally sound and creditworthy," he said. Dr Bollard...
NZ Financial System Withstands Test, Says Reserve Bank
7 May 2008 New Zealand's financial system has so far withstood a severe test of global financial markets, but it would be prudent to ensure there is adequate liquidity in case disruptions intensify, Reserve Bank Governor Alan Bollard said today,...
Reserve Bank Announces New Liquidity Measures
7 May 2008 The Reserve Bank today announced that it is adopting measures to ensure there is sufficient liquidity in the banking system in the event of further international financial market turbulence. Deputy Governor Grant Spencer said the measures...
Some Perspectives on Past Recessions
As the economy slows in 2008, this article sketches out some key features of past recessions in New Zealand--all the downturns since the mid-1960s, plus the Depression of the 1930s. Each recession was triggered, in significant part, by international...
The Changing Transmission Mechanism of New Zealand Monetary Policy
This is the second of two Bulletin articles on the transmission mechanism of New Zealand monetary policy. In the first article (Drew and Sethi 2007), we described this mechanism, detailing the process by which changes in the Reserve Bank's primary...
The New Zealand Economic Outlook
28 March 2008 Recent global financial and economic developments have underlined the policy risks facing New Zealand, Reserve Bank Governor Alan Bollard told the Euromoney Australian Financial Markets Innovation Congress in Sydney today. In a...
The Relationship between Monetary and Financial Stability
The Reserve Bank of New Zealand takes distinct actions in order to pursue its goals of monetary and financial stability. However, it is necessary to have coordination between actions taken towards each goal, as the achievement of each depends on the...
The Themes and Thinking Behind New Zealand's 1967 Decimal Coin Designs
New Zealand's switch to decimal currency in July 1967 concluded around three years' continuous and, at times, controversial work by officials from the Decimal Currency Board, The Treasury and the Reserve Bank, among others. Those directly involved...