Externally published research

Articles and books published by staff of the Reserve Bank over the last 5 years.


Kamber, Güneş, Konstantinos Theodoridis & Christoph Thoenissen, News-driven business cycles in small open economies, Journal of International Economics, 105, 77-89. https://doi.org/10.1016/j.jinteco.2016.12.005.

Kamber, Güneş, James Morley, & Benjamin Wong, Intuitive and reliable estimates of the output gap from a Beveridge-Nelson filter, Review of Economics and Statistics, http://dx.doi.org/ 10.1162/REST_a_00691.

Karagedikli, Özer & C. John McDermott, Inflation expectations and low inflation in New Zealand, New Zealand Economic Papers, http://dx.doi.org/10.1080/00779954.2017.1348386.

McDermott, C John, Policy uncertainty from a central bank perspective,” Australian Economic Review, 50(1), 103-106.

Steenkamp, Daan, Factor substitution and productivity in New Zealand, Economic Record, forthcoming.

Steenkamp, Daan, Explosiveness in G11 currencies, Economic Modelling, http://doi.org/10.1016/j.econmod.2017.08.007.


Claus, Edda, Iris Claus, & Leo Krippner, Monetary policy spillovers across the Pacific when interest rates are at the zero lower bound, Asian Economic Papers, 15(3), 1-27.

Eickmeier, Sandra, Krippner, Leo & Julia von Borstel, The interest rate pass-through in the euro area during the sovereign debt crisis, Journal of International Money and Finance, 68. 386-402.

Hall, Viv B. & John McDermott, Recessions and recoveries in New Zealand’s post-Second World War business cycles, New Zealand Economic Papers, 50(3), 261-280.

Kamber, Güneş, Chris McDonald, Nick Sander & Konstantinos Theodoridis, Modelling the business cycle of a small open economy: The Reserve Bank of New Zealand’s DSGE model, 59, 546-569.

Lewis, Michelle & John McDermott, New Zealand’s experience with changing its inflation target and the impact on inflation expectations, New Zealand Economic Papers, 50(3), 343-361.

Parker, Miles, Price-setting behaviour in New Zealand, New Zealand Economic Papers, forthcoming.

Wiriyawit, Varang & Benjamin Wong, Structural VARs, deterministic and stochastic trends: How much detrending matters for shock identification, Studies in Nonlinear Dynamics and Econometrics, 20(2), 141-157.


Jacob, Punnoose, Deep habits, price rigidities and the consumption response to government spending, Journal of Money, Credit and Banking, 47(2-3), 481-510.

Kamber, Güneş, Christie Smith, & Christoph Thoenissen, Financial frictions and the role of investment-specific technology shocks, Economic Modelling, 51, 571-682.

Kamber, Güneş, Özer Karagedikli & Christie Smith, Applying an inflation targeting lens to macroprudential policy ‘institutions’, International Journal of Central Banking, 11(S1), 395-429.

Karagedikli, Özer, Michael Ryan, Daan Steenkamp, & Tugrul Vehbi, What happens when the Kiwi flies? Sectoral effects of exchange rate shocks on the New Zealand economy, Economic Modelling, 52, 945-959.

Krippner, Leo, Zero Lower Bound Term Structure Modeling: A Practitioner’s Guide, Palgrave Macmillan, NY.

Krippner, Leo, A theoretical foundation for the Nelson and Siegel class of yield curve models, Journal of Applied Econometrics, 30(1), 97-118.

Munro, Anella, Exchange rates, expected returns and risk: What can we learn from Asia Pacific currencies? BIS Papers, 82, p137-166.

Smith, Christie, Comments on: Effectiveness of macroprudential and capital flow measures in Asia and the Pacific, BIS Papers, 193-196.

Wong, Benjamin, Do inflation expectations propagate the inflation impact of real oil price shocks?  Evidence from the Michigan survey, Journal of Money, Credit, and Banking, 47(8), 1673-1689.


Eyquem, Aurélien & Güneş Kamber, A note on the business cycle implications of trade in intermediate goods, Macroeconomic Dynamics,18(5), 1172-1186.

Yao, Fang, Stabilising Taylor rules when the supply shock has a unit root, Journal of Macroeconomics, 41, 16-20.

Yao, Fang, A note on increasing hazard functions and monetary transmission mechanism, Macroeconomic Dynamics, forthcoming.


Fabling, Richard & Lynda Sanderson, Exporting and firm performance: Market entry, investment and expansion, Journal of International Economics, 89(2), 422–31.

Jacob, Punnoose & Gert Peersman, Dissecting the dynamics of the US trade balance in an estimated equilibrium model, Journal of International Economics, 90(2), 302–315.

Kamber, Güneş & Christoph Thoenissen, Financial exposure and the international transmission of financial shocks, Journal of Money, Credit and Banking, forthcoming.

Krippner, Leo, Measuring the stance of monetary policy in zero lower bound environments, Economics Letters,118(1), 135-138.

Maré, David & Richard Fabling, Productivity and local workforce composition, in Geography, Institutions and Regional Economic Performance, eds Riccardo Crescenzi & Marco Percoco, Advances in Spatial Science Series, Springer: Berlin and New York.

Smith, Christie, Viv Hall & John Janssen, New Zealand's macroeconomic imbalances – causes and remedies: Guest editors' introduction, New Zealand Economic Papers,47(1), 1-7.