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Opening the toolbox: how does the Reserve Bank analyse the world?

Michael Callaghan, Enzo Cassino, Tugrul Vehbi and Benjamin Wong

Reserve Bank of New Zealand Bulletin, 2019, vol. 82, No 4, 14 pages

Abstract: This article describes how the Reserve Bank analyses international shocks and their implications for monetary policy. As a small open economy, New Zealand is particularly vulnerable to international shocks. The Bank has a long tradition of using a wide range of models to assess the impact of different types of international shocks and their spillovers to New Zealand through various channels. This modelling has explored the transmission of these shocks through trade, financial, and confidence or uncertainty linkages. As the international economy and financial markets continue to evolve, the Bank will continue to refine its modelling strategy to better understand how these shocks evolve and transmit through to the domestic economy.

Date: 2019
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