This article discusses how the yield curve might act as an indicator and predictor of developments in economic activity and inflation.

This paper is based on a joint project by The Ministry of Economic Development and Treasury to examine the link between New Zealand’s financial system and economic performance. Overall economic performance is influenced by a wide range of factors including the financial system. There is strong...

Recent commentary has suggested an increasing trend in delistings from the NZX, driven by offshore takeovers. However, some of that commentary has been driven by anecdotal evidence. In order to shed light on this discussion, we examine the extent and nature of delisting activity over the past 15...

We assess a New Keynesian macro-economic model that is supplemented with a micro-founded role for money in determining aggregate demand and supply in order to better describe monetary policy transmission. In this model welfare is higher if the monetary authority takes money growth explicitly...

We find that regional inflation dispersion has not markedly increased since the start of EMU, although it is somewhat higher than in other monetary unions (US and Germany), and that the distribution of member states' rates of inflation around the euro area HICP inflation rate is characterised by...

This paper considers the position of national central banks within the ESCB. The fundamental framework underlying the ESCB is that of a system of central banks in which component institutions are individually and collectively responsible for carrying out various tasks. Within this framework, we...

This article examines recent trends in business borrowing costs.

This article presents the results from the September1990 quarter Reserve Bank of New Zealand Survey of Expectations

Using post-war data on 43 countries, this paper shows that the finding that the trade-off between inflation and output falls as inflation rises is quite robust. The implication is that the real effects of monetary policy might be greater as the economy moves towards price stability. The paper...

The practice of monetary policy has changed markedly in recent years. In addition to changes in the technical operating procedures, monetary policy strategies have been the focus of increased attention over the past 30 years. Monetary policy has been fortunate in that the interaction between...