The Reserve Bank oversees the payment system for the purpose of promoting the maintenance of a sound and efficient financial system. Consistent with the Reserve Bank’s relatively light-handed payment system oversight powers, the Reserve Bank’s approach is to be clear about its objectives and...

The four largest banks in New Zealand have been accredited to operate as ‘internal models’ (IM) banks under the Basel II capital framework. Under this approach, banks are allowed to use their own models as a basis of determining their minimum capital requirements, subject to their models...

Using data from the Panel Study of Income Dynamics (PSID) we specify, estimate and simulate a dynamic structural model of housing demand. Our model generalizes previous applied econometric work by incorporating realistic features of the housing market including non-convex adjustment costs from...