The business cycle, housing and the role of policy

Monday 10 & Tuesday 11 December 2007
Joint with New Zealand Treasury

The workshop will present a range of work that has been completed by RBNZ, Treasury and other researchers in the areas of housing, macro policies and the business cycle more broadly.

Workshop Programme

Day One: ‘The recent business cycle and the role of policy'

Monday 10 December 2007

8.30am

Coffee and registration

Morning Session

Chaired by John McDermott, RBNZ

9.00am

Opening remarks by Alan Bollard, Governor, RBNZ

9:15 – 10.15

Changes in the transmission mechanism of monetary policy in New Zealand. (PDF 1.7MB)

Aaron Drew, Rishab Sethi, Christie Smith & Ozer Karagedikli, RBNZ

Discussant

Dominick Stephens, Westpac

10:15 – 10.30

Coffee break

10:30 – 11:30

Identifying fiscal and monetary policy in a small open economy VAR

Mardi Dungey and Renee Fry, Cambridge University, ANU, CAMA

Discussant

Christie Smith, RBNZ

11:30 – 12.30

The roles of fiscal policy in New Zealand

Bob Buckle, Felicity Barker and Rob St Clair, The Treasury

Discussant

Michael Reddell, RBNZ

12:30 – 2:00

Lunch

Afternoon Session

Chaired by Gavin Lockwood, The Treasury

2.00 – 3:00

Comparative approaches to fiscal rules

Felicity Barker and Renee Phillip, The Treasury

Discussant

David Gruen, Australian Treasury

3.00 – 4.00

Cycle-stabilising capital requirements: what can be achieved?

(PDF 128KB)

Tim Ng, RBNZ

Discussant

Bryan Chapple, MED

4.00 – 4.15

Coffee break

4:15 – 5:15

Housing, markets and migration in New Zealand 1962 - 2006 (PDF 413KB)

Andrew Coleman and John Landon-Lane, RBNZ & Rutgers University

Discussant

Dave Mare, Motu

5:15 – 6:30

Reception, 5th floor, New Zealand Treasury

7.00pm

Dinner: Restaurant - Shed 5

Day Two: ‘The role of housing in the New Zealand economy'

Tuesday 11 December 2007

Morning Session

Chaired by Peter Bushnell, The Treasury

9.00 – 10.00

DPMC summary of the inquiry into housing in New Zealand

DPMC

Discussant

John Gibson, University of Waikato

10:00 – 11:00

Impacts of land availability, housing supply and planning infrastructure

on New Zealand house prices

Arthur Grimes, Motu

Discussant

Ernst Zoellner, Wellington City Council

11.00 – 11:30

Coffee Break

11:30 – 12:30

Housing wealth, financial wealth & consumption: evidence from New Zealand (PDF 185KB)

Emmanuel de Veirman, Ashley Dunstan and Felix Delbruck, RBNZ

Discussant

Khoon Goh, ANZ

12:30 – 2.00

Lunch

Afternoon Session

Chaired by Bernard Hodgetts, RBNZ

2.00 – 3.00

Credit constraints and housing markets in New Zealand (PDF 195KB)

Andrew Coleman, RBNZ

Discussant

Iris Claus, IRD

3.00 – 4.00

The tax system and housing demand in New Zealand (PDF 106KB)

David Hargreaves, RBNZ

Discussant

Geoff Leggett, IRD