Macro policy forum

New Zealand Treasury

             

Reserve Bank of New Zealand

Monday 12 June 2006, InterContinental Hotel

Monetary policy in New Zealand over the past decade has achieved considerable success in maintaining low and stable inflation, positively contributing to broader economic stability and growth. However, there have at times been periods of significant external imbalance and variability in the NZ dollar, placing stresses on the externally exposed sectors of the economy. It remains an open question whether greater external balance and smaller swings in the exchange rate can be achieved while maintaining or enhancing overall economic prospects through the application of alternative policies or policy strategies. This workshop brings together invited international and domestic experts to examine this broad policy issue.

Conference Programme

8.15 am

Arrival and coffee



8.45

Welcome

Alan Bollard, Governor, Reserve Bank of New Zealand


Session 1: Overview and macroeconomic policy challenges

9.00

Presenter – Stephen Grenville (Lowy Institute and CAMA research associate)

9.40

Discussant – Christopher Allsopp (University of Oxford)

10.00

General discussion

10:30

Morning tea


Session 2: Monetary and fiscal policy coordination

10.50

Presenter – Willem Buiter (London School of Economics)

11.40

Discussant – Pierre Siklos (Wilfrid Laurier University)

12:00

General discussion

12.30

Lunch


Session 3: Macroeconomic policy in a financially integrated world

2.00

Presenter – Klaus Schmidt-Hebbel (Central Bank of Chile)

2.40

Discussant – John Edwards (HSBC)

3.00

General discussion

3.30

Afternoon tea


Session 4: Capital markets and exchange rate policies

3.50

Presenter - Sebastian Edwards (UCLA)

4:30

Discussant – William Cline (Institute for International Economics)

4.50

General discussion


Roundtable Session: Reflections on policy challenges

5:20

Val Koromzay (OECD), Steve Dunaway (IMF), John McDermott (VUW)

6:30

Closing comments by John Whitehead, Secretary, New Zealand Treasury, and Alan Bollard, Governor, Reserve Bank of New Zealand



7.30 pm

Workshop dinner for participants and guests

The proceedings of this conference have been made into a book entitled "Testing stabilisation policy limits in a small open economy: proceedings from a macroeconomic forum". You may download the complete volume or individual contributions.

Contact details

Louise Abolins
Reserve Bank of New Zealand
PO Box 2498
Wellington
New Zealand
Email: Louise.Abolins@rbnz.govt.nz
Telephone: +64 4 471 3891

Denise Ashley
The Treasury
PO Box 3724
Wellington
New Zealand
Email: Denise.Ashley@treasury.govt.nz
Telephone:    +64 4 917 6972