Exchange Rate Policy Forum: Issues and Policy Implications

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Tuesday, 26 March 2013

5th floor seminar facilities, The Treasury, 1 The Terrace, Wellington

PROGRAMME

MORNING SESSION

8:15 – 8:45

Arrival - tea and coffee available

8:45 – 9:00

Welcome, introduction and opening comments

Gabriel Makhlouf, Secretary to The Treasury

Session 1

Exchange rate regimes in New Zealand and overseas

Chair: Grant Scobie, The Treasury

9:00 – 9:25

New Zealand history of monetary and exchange rate regimes (PDF 886KB)

Richard Sullivan, RBNZ (25 min) Presentation slides (PDF 448KB)

9.25 – 9:50

Contemporary exchange rate regimes: floating, fixed and hybrid (PDF 439KB)

Willy Chetwin and Anella Munro, RBNZ (25 min)
Presentation slides (PDF 334KB)

9:50 - 10:05

Discussant for Session 1: Stephen Grenville, Lowy Institute for International Policy (15 min)

10:05 – 10:15

General discussion (10 min)

10:15 – 10.45 Morning tea

Session 2

Short- and medium-term exchange rate volatility

Chair: Bernard Hodgetts, RBNZ

10:45 – 11:15

Exchange rate valuation and its impact on the real economy (PDF 646KB)

Enzo Cassino and David Oxley, The Treasury (30 min)
Presentation slides (PDF 679 KB)

11:15 – 11:45

The New Zealand experience of short- and medium-term real exchange rate volatility: drivers and policy implications (PDF 376)

Willy Chetwin, Tim Ng and Daan Steenkamp, RBNZ (30 min)
Presentation slides (PDF 559KB)

11:45 – 12:00

Discussant for Session 2: Roger Procter, Ministry of Business, Innovation and Employment (15 min)

12:00 - 12:15

General discussion (15 min)

12:15 – 1:30 Lunch

Session 3

Longer-run issues

Chair: Mark Blackmore, The Treasury

1:30 – 2:00

The long-term level "misalignment" of the exchange rate: Some perspectives on causes and consequences (PDF 1MB)

Michael Reddell, RBNZ (30 min)
Speaking notes and presentation slides (PDF 863KB)

2:00 – 2:30

Policy options to narrow New Zealand's saving-investment imbalance (PDF 1MB)

Anne-Marie Brook, The Treasury (30 min)
Presentation slides (PDF 863KB)

2:30 - 2:45

Discussant for Session 3: Stephen Topliss, BNZ (15 min)

2:45 - 3:00

General discussion (15 min)

3:00 - 3:20 Afternoon tea

Session 4

Making sense of the NZ exchange rate experience

Chair: Geoff Bascand, RBNZ

3:20 – 4:00

Panel Discussion

Selwyn Pellett, Imarda

David Gruen, Australian Treasury

Dominick Stephens, Westpac

Panelists speak for 10 minutes each (40 min)

4:00 – 4:15

Bringing it all together: where does this leave us, and where to from here? (PDF 99 KB)

John McDermott, RBNZ (15 min)

4:15 – 4:35

General discussion (20 min)

4:35 – 4:45

Wrap-up