Additional research by staff and visitors
This section provides research conducted by staff and visitors not published as part of the discussion papers or bulletin articles series.
Proceedings from a macroeconomic policy forum
The RBNZ and The Treasury held a conference in June 2006 to examine the broad policy issue, with contributions from international and domestic policy experts. The proceedings of this conference have been made into a book. You may download the complete volume (PDF 2.5MB) here. Individual contributions are below.
Testing
stabilisation policy limits in a small open economy: Editors' summary of a
macroeconomic policy forum (PDF 89KB)
Authors: Bob
Buckle, The Treasury, Aaron Drew, Reserve Bank of New Zealand
Macroeconomic policy
challenges: monetary policy (PDF 299KB)
Author:
Stephen Grenville, Lowy Institute
Discussion by
Christopher Allsopp, University of Oxford
Stabilisation policy in
New Zealand: Counting your blessings, one by one (PDF521KB)
Author: Willem Buiter, London School of
Economics
Discussion by Pierre Siklos, Wilfred Laurier
University
New Zealand's
monetary and exchange-rate policy in international comparison (PDF 1.9MB)
Author: Klaus Schmidt-Hebbel, Central Bank of
Chile
Discussion by John Edwards, HSBC
External imbalances in
New Zealand (PDF 422KB)
Author: Sebastian
Edwards, University of California, Los Angeles
Discussion by William
Cline, Institute for International Economics
Comments on
the macroeconomic policy forum (PDF80KB)
Val Koromzay,
Organisation for Economic Co-operation and Development
Stephen
Dunaway, International Monetary Fund
John McDermott, Victoria
University of Wellington
Occasional research papers
These papers present the research of staff economists and visiting academics that were not released as discussion papers.
The
forecasting and policy system: an introduction (PDF
977KB)
Authors: Richard Black, Vincenzo Cassino, Aaron Drew,
Eric Hansen, Ben Hunt, David Rose and Alasdair Scott
Source:
RB Bulletin, Vol. 60 No. 3, & Research Paper No. 43, August
1997
The forecasting and policy system: the core model (PDF
679KB)
Authors: Richard Black, Vincenzo Cassino, Aaron Drew,
Eric Hansen, Ben Hunt, David Rose and Alasdair Scott
Source:
Research Paper No. 43, August 1997
The output gap: measurement, comparison and assessment
(PDF 1.2MB)
Authors: Iris Claus, Paul Conway and Alasdair
Scott
Source: Research Paper No. 44, 2000
Commissioned research
Household attitudes towards savings, investment and
wealth (PDF 171KB)
This report was prepared for the Reserve Bank by
consultants Janice Burns and Maire Dwyer. It is a small-scale exploratory study
of households' attitudes to various forms of investment. The idea behind this
work was to get a view, from a sociological perspective rather than an economic
perspective, on why wealth in New Zealand is held in the way it is. In
particular the report looks at why New Zealanders tend to hold such a large
proportion of their wealth in residential property.
Background monetary policy papers for the 2002 PTA
These papers, dealing with specific elements of monetary policy, were published along with the 2002 Policy Targets Agreement (PTA).
Assessing
alternative inflation targets: growth effects and other costs and benefits
(PDF 129KB)
Authors: Anne-Marie Brook, Özer Karagedikli
and Dean Scrimgeour
Is monetary policy in New Zealand
similar to that in Australia and the United States? (PDF
47KB)
Author: Angela Huang
The implications of modified
inflation targets for the behaviour of inflation (PDF
24KB)
Author: David Hargreaves
Is it feasible for monetary
policy to pursue economic growth targets, or multiple inflation targets?
(PDF 24KB)
Author: David Hargreaves
The appropriate time horizon for
monetary policy (PDF 20KB)
Author: Christopher
Plantier
Review of the literature on the
comparison of price level targeting and inflation targeting (PDF
29KB)
Author: Florin Citu
Inflation targeting - Domestic
inflation versus CPI inflation (PDF 25KB)
Author: Young
Ha
A cross-country comparison of
inflation target frameworks (PDF 21KB)
Author: Dean
Scrimgeour
Selected quotations of central
bankers' views on monetary policy's contribution to broader economic goals
(PDF 36KB)
Author: Angela Huang
Supporting papers in the review of the monetary policy framework
In May 2000, the Government initiated an independent review of New Zealand's monetary policy framework. The following papers were used to support the Reserve Bank’s main submission made to the review.
Term of Reference 1
The evolution of Policy Targets
Agreements
Also available as PDF (47KB)
The evolution of monetary policy
implementation
Also available as PDF (50KB)
Inflation targeting in principle and
practice
Also available as PDF (50KB)
Output volatility in New Zealand
Also available as PDF
(124KB)
Business cycle developments and the role
of monetary policy over the 1990s (PDF 308KB), also available in HTML
(Please note that the graphs in
this document have been thumb nailed, so to see the graphs at full size, you
need to click on the small image.)
Monetary policy in an uncertain
world
Also available as PDF (32KB)
Term of Reference 2
Alternative monetary policy
instruments
Also available as PDF (44KB)
Term of Reference 3
Data challenges in the monetary policy
process
Also available as PDF (34KB)
Term of Reference 4
The monetary policy decision-making
process
Also available as PDF (19KB)
The projection process and accuracy of
the RBNZ projections
Also available as PDF (99KB)
Term of Reference 5
Fiscal and monetary
coordination
Also available as PDF (28KB)
Prudential policy and monetary
policy
Also available as PDF (17KB)
Term of Reference 6
Communication of monetary policy
decisions
Also available as PDF (71KB)
Publication of projections
Also
available as a PDF
(30KB)
Forecasting performance of the Reserve Bank: background research
This collection of papers makes up
the greater part of the background research to the December 2002 (Vol. 65(4))
Reserve Bank Bulletin article, "The Reserve Bank's
Forecasting Performance".
Macroeconomic impacts of a foot and mouth outbreak
Prepared by the Reserve Bank of New Zealand and the Treasury, at the request of the
Department for the Prime Minister and Cabinet, as a part of the Government's
planning for crises and other contingencies. The paper provides a scenario
analysis of the likely macroeconomic impacts of a limited foot-and-mouth disease
(FMD) outbreak in New Zealand. The assessment of the possible economic impact is
indicative only and based on a relatively simple simulation.
Also available
as a PDF (37KB)
14
February 2003
