The Impact of Traded Goods Prices on the New Zealand Economy
Graeme Wells and
The Economic Record, 1985, vol. 61, issue 1, 421-435
Recent empirical work in Australia and New Zealand reveals a diversity of estimates of the dynamic response to changes in traded goods prices. Similarly, there is conflicting evidence as to whether relative purchasing power parity is a characteristic of models estimated from data. In this paper it is argued that a reduced form approach to empirical modelling is appropriate for New Zealand's particular circumstances. The resulting model is simulated in a novel way, with results that argue against the use of a simple traded/non‐traded goods distinction in the analysis of foreign price impacts on New Zealand. Purchasing power parity is, however, consistent with the results.
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