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


Coffee and registration

Morning Session

Chaired by John McDermott, RBNZ


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


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


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


Michael Reddell, RBNZ

12:30 – 2:00


Afternoon Session

Chaired by Gavin Lockwood, The Treasury

2.00 – 3:00

Comparative approaches to fiscal rules

Felicity Barker and Renee Phillip, The Treasury


David Gruen, Australian Treasury

3.00 – 4.00

Cycle-stabilising capital requirements: what can be achieved?

(PDF 128KB)

Tim Ng, RBNZ


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


Dave Mare, Motu

5:15 – 6:30

Reception, 5th floor, New Zealand Treasury


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



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


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


Khoon Goh, ANZ

12:30 – 2.00


Afternoon Session

Chaired by Bernard Hodgetts, RBNZ

2.00 – 3.00

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

Andrew Coleman, RBNZ


Iris Claus, IRD

3.00 – 4.00

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

David Hargreaves, RBNZ


Geoff Leggett, IRD