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Analysing the economy for monetary policy purposes

This March 2003 workshop discussed the underlying issues concerning the operation of monetary policy: productivity, equilibrium exchange rate and neutral real interest rate.

Past Event
Reserve Bank of New Zealand


Morning session

Session chair: David Archer (Reserve Bank of New Zealand)

Opening remarks by Alan Bollard, Governor, Reserve Bank of New Zealand

Monetary policy challenges in New Zealand: how are we different?
Presented by: Nils Björksten (Reserve Bank of New Zealand)

New Zealand's economic reforms after 1984 and the neutral real rate of interest
Presented by: Christopher Plantier (Reserve Bank of New Zealand)
Discussant: James Yetman (University of Hong Kong)

Monetary policy and the volatility of real exchange rates in New Zealand
Presented by: Kenneth West (University of Wisconsin)
Discussant: John McDermott (National Bank of New Zealand)

Afternoon session

Session chair: Bob Buckle (The Treasury)

Regime shifts in economic growth: assessing the evidence and the response of monetary policy
Presented by: Matthew Shapiro (University of Michigan)
Discussant: Malcolm Edey (Reserve Bank of Australia)

The real interest rate gap as an inflation indicator
Presented by: Ed Nelson (Bank of England)
Discussant: David Hargreaves (Reserve Bank of New Zealand)

Measuring the natural rate of interest
Presented by: Thomas Laubach (Board of Governors, Federal Reserve Board)
Discussant: David Gruen (Commonwealth Treasury, Australia)

Closing remarks