Reserve Bank of New Zealand Bulletin articles
All articles are in Adobe Acrobat PDF format. You can download the free Acrobat PDF reader from the Adobe website.
March 2008 (Vol. 71, no 1)
Download the complete issue of the March 2008 Bulletin (PDF 525KB)
Articles
Editor’s Note (PDF 87KB)
The use of money and credit measures in contemporary monetary policy (PDF 141KB)
The changing interaction between economic and financial developments around the world is prompting lively debate in the academic and central banking community about the use of money and credit measures in contemporary monetary policy formulation. Currently, money and credit measures generally have a fairly low, but arguably increasing, profile in the panoply of models and economic indicators used in central banks? Assessments of the economic outlook. Some prominent academics and central banks advocate increased emphasis on money and credit measures. In this view, credit developments in particular can materially enrich our understanding of the economic outlook when financial asset markets and the price of credit risk are moving substantially. At the same time, there are prominent sceptics on the specific value of money in understanding and predicting inflation. In New Zealand monetary policy formulation, we tend to focus on disaggregated credit measures, and mostly to provide corroborating information about particular developments in the various sectors of the economy. Increasing international financial integration and a greater emphasis on the interaction between financial stability assessment and monetary policy may see increased use and profile of credit measures in the future.
Recent trends and developments in currency (PDF 223KB)
The first article in an annual series that reviews recent trends in the use of notes and coins in New Zealand, and that reports on developments of particular interest.
The Reserve Bank, private sector banks and the creation of money and credit (PDF 104KB)
This article provides an overview of the functions of money, and how money and credit are created in the economy. The roles of the Reserve Bank and private sector banks are illustrated, and we explain the link between money and monetary policy.
Future directions for Reserve Bank financial statistics (PDF 74KB)
Central banks around the world rely heavily on timely and accurate data in their decision-making processes. As such, they are both heavy users and producers of various types of statistics. This article looks at the role of the Reserve Bank of New Zealand as a producer of financial statistics, provides some detail on the production of these statistics and outlines the challenges the Bank faces in this area.
The business cycle, housing and the role of policy: summary of a recent conference held by The Treasury and the Reserve Bank of New Zealand (PDF 56KB)
The Treasury and the Reserve Bank of New Zealand hosted a conference during December 10-11, 2007 on the business cycle, housing and the role of policy. Research presented included investigations of recent shocks to the New Zealand business cycle, including the role of housing and the influence of fiscal policies. Research considering the monetary policy transmission mechanism and the roles that fiscal and prudential policies might play in macroeconomic stabilisation was also discussed. In this article, we summarise the themes and insights from this workshop and suggest areas for future work that will aid policy advice.
Economic and financial chronology 2007 (PDF 49KB)
The Reserve Bank’s annual update of the Chronology lists key economic and financial events that shaped the conduct of our business over 2007. This edition will be the last published in the Bulletin. We will continue to update the Chronology annually online.
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.
