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An aggregate consumption function is estimated for New Zealand from 1974 to 1995. The instability of previous New Zealand models is addressed by using a broad measure of net wealth and a theoretically more sound measure of income. Households are assumed to be forward-looking, but only partly so....
Persistent link: https://www.econbiz.de/10009278753
This paper models the determinants of house prices in New Zealand at an aggregate and regional level. We model the demand for housing as part of households ' overall consumption decision and combine it with a supply curve and an aggregate consumption function. Dynamics are captured through an...
Persistent link: https://www.econbiz.de/10009278889
This paper confirms the forward premium puzzle, or the failure of uncovered interest parity, in New Zealand's foreign exchange market. The rejection of the risk-neutral rational expectations hypothesis is traced to two sources. First, there is evidence of a time-varying and possibly...
Persistent link: https://www.econbiz.de/10009278907