Discussion papers

Reserve Bank discussion papers present the detailed scholarly research of staff economists and visiting scholars. The papers are published throughout the year, mainly for academic and professional economists.

Unless otherwise stated, views expressed are those of the authors, and do not necessarily represent the views of the Reserve Bank.

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A monthly financial conditions index for New Zealand
Miguel C. Herculano
DP2022/01, Discussion Paper, 10/02/2022
In this paper, Miguel Herculano constructs a monthly FCI for New Zealand, using novel estimation techniques that resolve problems posed by missing data, and also enable the use of data that are available at different time frequencies. Since the new FCI is timelier than other alternatives that are available only at a quarterly frequency, it makes it more appealing to policymakers.
A monthly financial conditions index for New Zealand (PDF 1.27 MB)
Chronology of discussion papers
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DP2022/01
A monthly financial conditions index for New Zealand
Miguel C. Herculano
 A monthly financial conditions index for New Zealand (PDF 1.27 MB)
In this paper, Miguel Herculano constructs a monthly FCI for New Zealand, using novel estimation techniques that resolve problems posed by missing data, and also enable the use of data that are available at different time frequencies. Since the new FCI is timelier than other alternatives that are available only at a quarterly frequency, it makes it more appealing to policymakers.
DP2021/01
Star Wars at Central Banks
Joel Bank; Hamish Fitchett; Adam Gorajek; Benjamin Malin; Andrew Staib
 Star Wars at Central Banks (PDF 2.76 MB)
Researchers in economics often write stars (*) next to their results, to highlight which results pass conventional thresholds of certainty, or ‘statistical significance’. Researchers typically like showing starry results because they can improve perceptions about the value of a piece of work, broadening its influence. But are these stars always what they seem?
DP2018/07
Migration and Business Cycle Dynamics
Christie Smith; Christoph Thoenissen
 Migration and Business Cycle Dynamics (PDF 1.63 MB)
DP2018/05
DP2018/01
Global Factors and Trend Inflation
Güneş Kamber; Benjamin Wong
 Global Factors and Trend Inflation (PDF 2.53 MB)
DP2011/06
Cyclical changes in firm volatility
Emmanuel De Veirman; Andrew Levin
 Cyclical changes in firm volatility (PDF 295.4 KB)
DP2010/06
Sharing a Risky Cake
David Baqaee; Richard Watt
 Sharing a Risky Cake (PDF 216.35 KB)
DP2009/19
DP2009/15
Measuring Output Gap Uncertainty
Anthony Garratt; James Mitchell; Shaun P. Vahey
 Measuring Output Gap Uncertainty (PDF 292.41 KB)
DP2009/06
Analysing wage and price dynamics in New Zealand
Ashley Dunstan; Troy Matheson; Hamish Pepper
 Analysing wage and price dynamics in New Zealand (PDF 199.38 KB)
DP2008/15
Practical Monetary Policies
Alfred V. Guender; David Gillmore
 Practical Monetary Policies (PDF 348.93 KB)
DP2008/10
Incorporating judgement with DSGE models
Jaromír Beneš; Andrew Binning; Kirdan Lees
 Incorporating judgement with DSGE models (PDF 232.75 KB)
DP2007/08
DP2006/10
G99/9
The myth of co-moving commodity prices
Paul Cashin; Dr John McDermott; Alasdair Scott
 The myth of co-moving commodity prices (PDF 163.98 KB)
G99/8
Booms and slumps in world commodity prices
Paul Cashin; Dr John McDermott; Alasdair Scott
 Booms and slumps in world commodity prices (PDF 176.25 KB)
G99/7
Concordance in business cycles
Dr John McDermott; Alasdair Scott
 Concordance in business cycles (PDF 336.27 KB)
G99/2
Noise trading and exchange rate regimes
Olivier Jeanne; Andrew K. Rose
 Noise trading and exchange rate regimes (PDF 465.91 KB)
G97/1