Additional research

This section provides miscellaneous research conducted by staff and visitors not published as part of the Discussion Papers, Bulletin articles or Analytical Notes series.

Measures of the stance of United States and international monetary policy

October 2014

This research Measures of the stance of United States monetary policy is from material produced from the research of Leo Krippner. This work involves developing and applying yield curve models with an explicit allowance for the zero lower bound constraint. The series data will be updated regularly.

Also produced is a comparison of international monetary policy measures.

Review of the forecasting model used by the Reserve Bank

June 2014

This review by Dr Philip Turner, from the Bank for International Settlements, found that the model used by the Reserve Bank helps to discipline the policy debate and can expose incomplete thinking.

A review of NZSIM model (PDF 740KB)

Reserve Bank of New Zealand Submission to the 2013 CPI Advisory Committee

24 April 2013

The Reserve Bank released its Submission to the 2013 CPI Advisory Committee.

Submission to the Productivity Commission on Housing Affordability

16 August 2011

The Reserve Bank released its Submission to the Productivity Commission inquiry on Housing Affordability (PDF 212KB).

The outlook for commodity prices and implications for New Zealand monetary policy

12 April 2011

This paper The outlook for commodity prices and implications for New Zealand monetary policy by Richard Sullivan and Tim Aldridge, interprets recent events and thinking in commodity markets and evaluates what these mean for New Zealand and monetary policy

Reserve Bank submission to Savings Working Group

November 2010

The Reserve Bank released its submission to the Government-established Savings Working Group (PDF 87KB).

K.I.T.T. – A DSGE model for forecasting and policy analysis


Over 2006-2009, the Reserve Bank developed a dynamic stochastic general equilibrium (DSGE) model called the Kiwi Inflation Targeting Technology (KITT) model. KITT was developed to replace the Forecasting and Policy System (FPS) model; FPS was formulated in the mid-1990s.

Swine flu: what are the impacts on the New Zealand economy — a macro-modelling Approach

14 July 2009

This research note by Martin Fukac and Kirdan Lees, takes a macroeconomic approach to estimating the impact of swine flu on the New Zealand economy. The paper concludes the impacts of swine flu are likely to be small, with declines in output of at most 0.62 percent in the first year following the outbreak. Read the research paper on Swine Flu (PDF 207KB).

A Real-Time Database for GDP


The Reserve Bank has compiled a regularly-updated real-time database containing successive quarterly releases of data for the expenditure and production measures of gross domestic product (GDP) and their components. This is located in a zip file containing five excel spreadsheets.

See (Vol. 69(1)) Reserve Bank Bulletin article Analysis of revisions to quarterly GDP – a real-time database (PDF 232KB) by Cath Sleeman, which provides an introduction to the database and, by way of example, presents a basic analysis of the revisions made to GDP(E) and its components.

Macroeconomic impacts of a foot and mouth outbreak

The macroeconomic impacts of a foot-and-mouth disease outbreak: an information paper for Department of the Prime Minister and Cabinet

14 February 2003

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)

Archived research papers

Research Papers produced by staff in previous decades are listed under Archived research papers. The Research Paper series has been discontinued. More recent research and analysis is released via Discussion papers and Analytical notes.

Commissioned research

Household attitudes towards savings, investment and wealth - Sep 2007 (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.

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
Also available as PDF (308KB)

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".