Reserve Bank of New Zealand Bulletin articles

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September 2001 (Vol 64, no 3)

Download the complete issue of the September 2001 bulletin (PDF 288KB)

Articles

Editors Note (PDF 13KB)

Independent review of the operation of monetary policy: final outcomes (PDF 52KB)

By Joanne Archibald
On 7 August 2001, the Treasurer announced the results of the independent review of the operation of monetary policy. This article outlines these outcomes, focusing particularly on the modifications to the Bank's governance arrangements resulting from the Review.

What is the neutral real interest rate, and how can we use it? (PDF 71KB)

By Joanne Archibald and Leni Hunter
This article sets out the Reserve Bank's conception of the "neutral real interest rate", and identifies factors that influence its level. These factors provide a starting point for thinking about what might cause the neutral real interest rate to change over time, or differ across countries. We consider the uses and limitations of neutral real interest rates in answering some of the questions that are relevant to monetary policy, and present a range of estimates of the neutral real interest rate for New Zealand.

Macro-financial stability and macroprudential analysis (PDF 98KB)

By Ian Woolford
The Reserve Bank has recently extended its efforts to monitor and analyse financial stability issues. This article discusses the establishment of the Macro-Financial Stability (MFS) section in the Reserve Bank and some of the potential financial instability issues New Zealand faces. The role of macroprudential analysis is also discussed, along with a limited number of macroprudential indicators for illustrative purposes.

Summary of Discussion Paper

Central Banking: back to the future (PDF 14KB)

By Bruce White
This discussion paper explores the nature of the transmission of monetary policy from the central bank to the financial markets in a modern, deregulated, financial system in which there are few impediments to financial efficiency. The subject is one on which there is debate amongst monetary theorists and central banking practitioners alike. In particular, there has been a focus on the question of whether advances in information technology are changing the nature of money and undermining the ability of central banks to implement their monetary policies.

Speeches

Comments by Dr Don Brash on: Three perspectives on an Australasian Currency Union (PDF 19KB)

Faster Growth? If we want it (PDF 51KB)

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.