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. 73, No. 1, March

Editor's Note
In this first edition of the Reserve Bank Bulletin for 2010, we present a number of articles, most of which are directly concerned about the fallout from the global financial crisis and the implications for policy, both in New Zealand and across the...
How May the New Architecture of Financial Regulations Develop?
28 January 2010 Public lecture by Professor Charles Goodhart The global financial crisis What I want to talk about is the regulatory response to the crisis that we have had. And, in particular, one of the set of buzz words nowadays is the...
Inflation Targeting, the Financial Crisis and Macroeconomics: An Interview with Mark Gertler
Few people have had such strong influence on macroeconomics in general and on the New Keynesian School of macroeconomics as Mark Gertler has. His work with Ben Bernanke and Simon Gilchrist on the role of credit and financial conditions on business...
Lessons from Previous Us Recessions and Recoveries
1 Introduction The global financial crisis, which began in mid-2007 and continued through to mid-2009, had its origins in the US sub-prime mortgage market. Developments in this market resulted in significant and unexpected disruptions to both real...
Monetary Policy Worked Well in Crisis
29 January 2010 New Zealand's inflation targeting monetary policy has proven flexible, durable and successful, but economic growth requires more than this, Reserve Bank Governor Alan Bollard said today. New Zealand was the first country to formally...
Recent Trends and Developments in Currency-2009
1 Introduction The Reserve Bank has the sole right to issue New Zealand's currency; that is, the bank notes and coins we use every day. Maintaining the supply, quality, and integrity of the currency is one of the Reserve Bank's core functions. To...
The Crisis and Monetary Policy: What We Learned and Where We Are Going: An Address by Dr Alan Bollard to the Canterbury Employers' Chamber of Commerce Christchurch, 29 January 2010
1 Introduction Inflation targeting is a monetary policy framework that was developed in response to the high inflation and macroeconomic instability of the 1970s and 1980s. Twenty years ago, New Zealand was the first country to formally adopt key...
The Crisis and the Reserve Bank's Stabilisation Role
1 Introduction The global financial crisis and subsequent recession have highlighted the huge costs that financial imbalances can impose on an economy. Because the financial crisis was in large part the result of specific vulnerabilities in the...
Twenty Years of Inflation Targeting
1 Introduction In December 2009 the Reserve Bank of New Zealand, in conjunction with Northwestern University's Centre for International Economics and Development (CIED), hosted a monetary policy conference to mark the 20th anniversary of the Reserve...