Life-cycle theory predicts ageing exerting long-term macroeconomic impacts through the reduction of private savings. However, empirical research studying macroeconomic determinants of savings generally regard age dependency as the sole measure of ageing, but overlook longevity, which can also...

Purpose – The purpose of this paper is to re-examine the effect of population ageing on private saving, taking into account the fact that ageing is brought about by not only rising old-aged dependency but also expanding longevity. Design/methodology/approach – The study uses panel data of 22...

Purpose – The purpose of this paper is to re-examine the effect of population ageing on private saving, taking into account the fact that ageing is brought about by not only rising old-aged dependency but also expanding longevity. Design/methodology/approach – The study uses panel data of 22...

This paper develops an improved measure of human capital. Using a Mincer specification of human capital, the improved measure takes into consideration rates of returns to schooling, education quality, and school dropouts. The paper applies the improved measure to evaluate national and global...

Exchange rate changes affect prices in New Zealand. Using data from the last 25 years, this note illustrates how the inflation responses have differed depending on what caused the exchange rate to move.

We highlight how detrending within Structural Vector Autoregressions (SVAR) is directly linked to the shock identification. Consequences of trend misspecification are investigated using a prototypical Real Business Cycle model as the Data Generating Process. Decomposing the different sources of...

This paper presents evidence on why inflation pass-through from oil shocks in the 21st century relative to the 1970s has dampened. First, results suggest global business cycle demand driven oil shocks are not inflationary. Second, there has been a reduction in inflation pass-through from oil...

Analysis of the Michigan Survey data confirms U.S. inflation expectations are not perfectly anchored in the event of an oil price shock. Two key results emerge through counterfactual analysis. First, better anchoring of inflation expectations can ameliorate the mild inflation impact which occurs...