June 2008 Reserve Bank Bulletin released

Release date
27 June 2008

The Reserve Bank today released the June 2008 issue of the Reserve Bank of New Zealand Bulletin.

This latest edition of the Bulletin focuses on monetary policy and its interaction with the business cycle in New Zealand.

The first article looks at six New Zealand recessions since the 1930s Depression, identifying a range of factors relevant for each. The article collects together for the first time economic data stretching back seven decades.

The second article discusses the changing manner by which the OCR affects the New Zealand economy and inflation. A range of research suggests that, despite the changing ‘transmission mechanism', the overall impact of the OCR on inflation remains broadly unchanged.

The third article sets out and discusses the relationships and inter-dependencies between the Reserve Bank's monetary policy and financial stability functions, arguing that monetary and financial stability policy actions need to be coordinated.

The edition also presents two articles on New Zealand's coinage. The first shows how the imagery chosen for New Zealand's decimal currency of 1967 came to be adopted, with illustrations and discussion of the large range of rejected designs. The second documents the technical work done to establish the physical specification of New Zealand's new nickel- and copper-plated 10, 20 and 50 cent coins.

Media contact:
Mike Hannah
Head of Communications
Ph 04-471-3671, 021-497418, mike.hannah@rbnz.govt.nz