Reserve Bank of New Zealand Bulletin articles
(NB. If you do not have the free Acrobat reader software necessary to read these discussion papers already installed, go to the Adobe website.)
March 1999 (Vol 62, no 1)
Articles
The Reserve Bank's role in the recent business cycle: actions and evolutions (PDF 184KB)
By Aaron Drew and Adrian Orr, Economics Department
This article reviews how monetary policy evolved during the recession of the early 1990s and that in 1998, and discusses some of the lessons the Bank has learned.
Monetary policy implementation: changes to operating procedures (PDF 32KB)
This article reproduces the document released to the financial markets on 8 February 1999, in which the Bank announced its intention to adopt an Official Cash Rate as its primary instrument for implementing monetary policy.
A cash rate system for implementing monetary policy (PDF 222KB)
By David Archer, Andy Brookes and Michael Reddell, Financial Markets Department
This article explains in greater depth a number of considerations relevant to the decision announced on 8 February to adopt an Official Cash Rate as the Bank's primary instrument for implementing monetary policy.
Inter-forecast monetary policy implementation: responding to unexpected exchange rate movements (PDF 112KB)
By Ben Hunt and Adrian Orr, Economics Department
This article addresses the question: `how should movements in the exchange rate be taken into account in day-to-day policy implementation?
The Y2000 and the banking sector (PDF 24KB)
A paper on the Y2000 computer problem as it relates to the banking sector.
The foreign exchange market and derivatives activity (PDF 49KB)
By Carrick Lucas and Lauren Rosborough, Financial Markets Department
This article presents the findings of a survey of foreign exchange and derivatives activity in New Zealand and compare key features of the local market with the international market.
Speeches
The New Zealand dollar and the recent business cycle (PDF 84KB)
Alternatively, link to the html version of this speech by Dr Don Brash.
Inflation targeting: an alternative way of achieving price stability (PDF 59KB)
Alternatively, link to the html version of this speech by Dr Don Brash.
The views expressed are those of individual authors and do not necessarily reflect official positions of the Reserve Bank of New Zealand. Articles published in this Bulletin may not be wholly or substantially reproduced without the permission of the Reserve Bank of New Zealand. Data, brief extracts from articles, and other material appearing in the Bulletin, may be used without restriction provided due acknowledgement is made of the source.
(c) Reserve Bank of New Zealand
