New Zealand Economic Papers articles from December 2002

New Zealand Economic Papers archives from December 2002

Editor's introduction.(Editorial)
December 1, 2002... Macroeconomics is a funny old subject. Or, rather, a funny new subject, since, as a cohesively distinctive, separately taught field, it is hardly fifty years old. What is funny (in the sense of unusual) is that much of the research done at the...

A structural VAR approach to estimating budget balance targets.(structural vector autoregression)
December 1, 2002... 1. Motivation and Methodology Recognition of the dynamic effects of government budget deficits, the importance of policy credibility, timing difficulties associated with discretionary fiscal policy as a result of "inside" and "outside"...

Factor income shares, the banking sector, the exchange rate, and the New Zealand current account deficit.
December 1, 2002... 1. Introduction New Zealand has maintained a cleanly floating exchange rate since 1985, and since 1989 has switched its entire sovereign public debt from foreign to local currency. This policy stance is in line with standard proposals for...

Monetary policy and the exchange rate *.(monetary policy has a relatively small influence on the exchange rate )
December 1, 2002... 1. Introduction During the first decade of the reformed Reserve Bank of New Zealand Act 1989, there were often repeated concerns that monetary policy was responsible for large swings in the value of the New Zealand exchange rate; see, for...

Design flaws in the construction of monetary conditions indices? A cautionary note.
December 1, 2002... Introduction In an attempt to make the conduct of monetary policy more transparent, central banks in several countries designed a so-called Monetary Conditions Index (MCI) in the 1990s. This construct is typically a weighted average of the...

The unintended consequences of using an MCI as an operational monetary policy target in New Zealand: suggestive evidence from rolling regressions.(Monetary Conditions Index)
December 1, 2002... 1. Introduction The New Zealand (NZ) economy performed poorly in many respects after the mid 1970s. Since 1984, a series of economic and financial reforms have been introduced that deregulated the economy and made it more competitive...

Long- and short-run determinants of the demand for money in New Zealand: a cointegration analysis.
December 1, 2002... 1. Introduction The existence of a stable demand for money in the long run is very important in the implementation of monetary policy even in this new era of inflation targeting (Hayo, 1999). New Zealand (NZ) experienced high inflation...

Globalization and its Discontents.(Book Review)
December 1, 2002... by Joseph Stiglitz (London, Allen Lane; New York, W.W. Norton, 2002), xxii + 282 pp., ISBN 0 713 99664 1. A good place to start a review is with the title of the book. Those readers expecting a review of the pros and cons of globalisation...