Reserve Bank Bulletin released
The Reserve Bank today released the March 2013 edition of the Reserve Bank Bulletin.
The Bulletin's first article discusses various core inflation measures and how they are used in the economic analysis that feeds into New Zealand monetary policy.
The Bulletin's second article outlines work that is under way to provide the government with resolution tools it can use in the unlikely event of bank failure. These tools include Open Bank Resolution. The article assesses the recovery and resolution framework in New Zealand in the context of the Financial Stability Board principles that are driving similar developments internationally.
The Bulletin's third article outlines the Reserve Bank's involvement in the operation of the New Zealand payment system, as a provider and operator of the Exchange Settlement Account System (ESAS) and the NZClear securities settlement system.
Developments in the overnight indexed swap (OIS) market are explored in the Bulletin's final article. It concludes that OIS prices are an unbiased gauge of market expectations of future monetary policy decisions.
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