China is transforming itself and the world. This article highlights some of the critical issues facing China, which are discussed in detail by leading scholars in the area in this collection of surveys on the Chinese economy.

This paper reports new aggregate and industry productivity series for the New Zealand economy for the period 1988 to 2002. Comparison between Australia and New Zealand shows that market sector multifactor productivity growth has been similar in both countries over the full sample period. Since...

This paper uses the open economy structural VAR model developed in Buckle, Kim, Kirkham, McLellan and Sharma (2002) to evaluate the impact of monetary policy on New Zealand business cycles and inflation variability and the output/inflation variability trade-off. The model includes a...

We investigate the investment performance of the art of Andy Warhol and Salvador Dali through constructing hedonic price indices from auction sales records. Although the arithmetic average returns are higher for the art than for equities, the geometric returns and the Sharpe ratios of the art...

New Zealand's economic reforms beginning in 1984 have been one of the most radical and comprehensive programme of structural adjustment amojng OECD countries. This paper provides an empirical assessment of how New Zealand's production structure has changed since the early 1970s. The methodology...

This paper reports estimates of the elasticity of taxable income with respect to the net-of-tax rate for New Zealand taxpayers. The relative stability of the New Zealand personal income tax system, in terms of marginal rates, thresholds and the tax base, provides helpful conditions for deriving...