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. 69, No. 4, December

Changes to the Liquidity Management Regime
In July 2006, the Reserve Bank commenced implementation of changes to its liquidity management regime. Under the existing regime, there had been increasing evidence of insufficient liquidity in the banking system at various times and some inefficiencies...
Decline in Household Savings Rate Remains a Concern: 7 September 2006
The Reserve Bank today released a paper entitled Household Savings and Wealth in New Zealand. The paper was prepared as background for a presentation by Reserve Bank Governor, Alan Bollard, to the New Zealand Institute of Finance Professionals in Wellington....
Editor's Note
When assessing the strength of inflation pressures, most central banks employ core inflation indicators. These statistics are based on various adjustments to the headline Consumers Price Index (CPI) inflation rate (or whatever inflation measure the...
It's Time to Get Digging: 11 September 2006
It's been over a month since the introduction of smaller, lighter coins. The Reserve Bank expects over 300 million of the old coins to be returned. Results so far are encouraging, but with the old coins ceasing to be legal tender from 1 November, it's...
Low Equity Investment Leaves New Zealand Vulnerable: 9 November 2006
New Zealanders' low investment in local businesses leaves the economy more vulnerable to shocks and constrains the country's growth prospects, Reserve Bank Governor Alan Bollard said today. Speaking to the PricewaterhouseCoopers. Annual Tax Conference...
Measuring Core Inflation
Under the Policy Targets Agreement, the Reserve Bank is required to keep future CPI inflation outcomes between 1 percent and 3 percent on average over the medium term. The headline CPI inflation rate provides some information on the strength of current...
OCR Unchanged at 7.25 Percent: 14 September 2006
The Official Cash Rate (OCR) will remain unchanged at 7.25 percent. Reserve Bank Governor Alan Bollard said: "The New Zealand economy continues to show resilience. As reported in earlier statements, we have seen clear signs of easing activity and...
OCR Unchanged at 7.25 Percent: 7 December 2006
The Official Cash Rate (OCR) will remain unchanged at 7.25 percent. Reserve Bank Governor Alan Bollard said: "Medium-term inflation pressures remain persistent. While the short-term inflation outlook has improved, we are less optimistic about medium-term...
Reserve Bank and the Treasury Release Book: 16 October 2006
The Reserve Bank of New Zealand and The Treasury released today a book entitled "Testing stabilisation policy limits in a small open economy".__This book contains the proceedings of a conference held in Wellington on June 12th this year. The conference...
Reserve Bank Releases Financial Stability Report: 15 November 2006
The Reserve Bank today released its Financial Stability Report, a twice-yearly report that assesses the health of the New Zealand financial system. The report covers developments in financial institutions, foreign exchange and debt markets, and payments...
Saint Kentigern College Wins Reserve Bank Economics Challenge: 24 August 2006
Seventy-two schools, spanning the length of New Zealand from Springbank School in Kerikeri to Invercargill's Southland Girls' High School, entered this year's Reserve Bank Monetary Policy Challenge (MPC). Then teams from 43 schools met the challenge...
Testing Stabilisation Policy Limits in a Small Open Economy: Editors' Summary of a Macroeconomic Policy Forum
In early 2006, at the request of the Reserve Bank of New Zealand and New Zealand Treasury, four international academic experts and practitioners in the macro economic policy arena visited New Zealand. Their brief was to critically examine New Zealand's...
The Reserve Bank of New Zealand Amendment Act 2006
This article discusses the Reserve Bank of New Zealand Amendment Act 2006, passed in October, which implements the Government's response to the recommendations of the Trans-Tasman Council on Banking Supervision. The Act amends part of the existing...
The Reserve Bank's Local-Incorporation Policy
Foreign-owned banks play an important role in New Zealand's financial system. This article discusses the Reserve Bank's local-incorporation policy, which is one of the key elements in the policy framework to minimise the risks and maximise the benefits...