Exchange rate challenges: how should policymakers respond?

Grant Spencer
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Grant Spencer: Reserve Bank of New Zealand

A chapter in The price, real and financial effects of exchange rates, 2018, vol. 96, pp 130-132 from Bank for International Settlements

Abstract: The topic for our panel discussion is potential policy responses to exchange rate challenges. The main challenge from my perspective, and I would say for both Australia and New Zealand since the global financial crisis (GFC), has arisen from periods of significant upward pressure on our exchange rates. A high exchange rate puts pressure on export industries, particularly manufacturers, encourages imports and puts downward pressure on price inflation.

Date: 2018
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