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March 2006 Reserve Bank Bulletin released

The Reserve Bank today released the March 2006 issue of the Reserve Bank of New Zealand Bulletin.

The first article sets out a conceptual framework behind the Reserve Bank's financial stability role, which was the subject of Deputy Governor Adrian Orr's speech on 22 March 2006. The article identifies the necessary preconditions for stability in the financial system as well as the guiding principles behind policy decisions in this area.

Changes in the inflation process in New Zealand over the past two decades are the subject of the second article. Understanding such changes is crucial for the Bank in fulfilling its role of maintaining price stability over the medium term. The article identifies a range of factors, including the move to inflation targeting, low global inflation and structural changes in the domestic economy, that appear to have contributed to a more stable inflation process than was once the case.

The third article describes a database that has been established to capture real time revisions to New Zealand's GDP statistics. It is hoped that the database will prove a useful resource for researchers interested in forecasting and policy issues. The database can be accessed free of charge on the Bank's website (

This issue includes an economic and financial chronology for 2005. A full chronology running back to the early 1990s can be accessed on the Bank's website.

For further information contact
Anthea Black
External Communications Adviser
Ph 04 471 3767, 021 222 5225, [email protected]