Reserve Bank of New Zealand Discussion Paper Series

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DP 2004/06: Improving implementation of inflation targeting in New Zealand: an investigation of the Reserve Bank's inflation errors

Philip Liu

DP 2004/05: What can the Taylor rule tell us about a currency union between New Zealand and Australia?

Nils Björksten, Arthur Grimes, Ozer Karagedikli and L. Christopher Plantier

DP 2004/04: Estimates of the output gap in real time: how well have we been doing?

Michael Graff

DP 2004/03: The equilibrium exchange rate according to PPP and UIP

Dominick Stephens

DP 2004/02: Do inflation targeting central banks behave asymmetrically? Evidence from Australia and New Zealand

Ozer Karagedikli and Kirdan Lees

DP 2004/01: Estimating a time varying neutral real interest rate for New Zealand

Olivier Basdevant, Nils Björksten and Ozer Karagedikli

DP2003/10: Speculative behaviour, debt default and contagion: A stylised framework of the Latin American Crisis 2001-2002

Louise Allsopp

DP2003/09: Monetary policy and the volatility of real exchange rates in New Zealand

Kenneth West

DP2003/08: The stabilisation problem: the case of New Zealand

Kirdan Lees

DP2003/07: Has the rate of economic growth changed? Evidence and lessons for public policy

Matthew Shapiro

DP2003/06: Estimates of time-varying term premia for New Zealand and Australia

Michael Gordon

DP2003/05: Learning process and rational expectations: an analysis using a small macroeconomic model for New Zealand

Olivier Basdevant

DP2003/04: Monetary policy transmission mechanisms and currency unions: A vector error correction approach to a Trans-Tasman currency union

Alfred Haug, Ozer Karagedikli and Satish Ranchhoud

DP2003/03: Modelling structural change: the case of New Zealand

Olivier Basdevant and David Hargreaves

DP2003/02: On applications of state-space modelling in macroeconomics

Olivier Basdevant

DP2003/01: Financial deregulation and household indebtedness

Leslie Hull

DP2002/08: Currency Unions and Trade: Variations on Themes by Rose and Persson

Peter Kenen

DP2002/07: Currency unions and gravity models revisited

Christie Smith

DP2002/06: Estimating a Taylor Rule for New Zealand with a time-varying neutral real rate

L. Christopher Plantier and Dean Scrimgeour

DP2002/05: Foreign-owned banks: Implications for New Zealand's financial stability

Leslie Hull

DP2002/04: Extracting market expectations from option prices: an application to over-the-counter New Zealand dollar options

Áron Gereben

DP2002/03: Monetary policy and forecasting inflation with and without the output gap

Weshah Razzak

DP2002/02: Modelling the long-run real effective exchange rate of the New Zealand Dollar

Ronald MacDonald

DP2002/01: Extracting expectations of New Zealand's Official Cash Rate from the bank-risk yield curve

Leo Krippner

DP2001/07: Is the Taylor rule really different from the McCallum rule?

Weshah Razzak

DP2001/06: How much do import price shocks matter for consumer prices?

Tim Hampton

DP2001/05: Central banking: back to the future

Bruce White

DP2001/04: Exchange rate volatility and Currency Union: Some theory and New Zealand evidence

Dean Scrimgeour

DP2001/03: Would adopting the Australian dollar provide superior monetary policy in New Zealand?

Aaron Drew, Viv Hall, Christopher McDermott and Robert St. Clair

DP2001/02: Money in the era of inflation targeting

Weshah Razzak

DP2001/01: PPP-based analysis of New Zealand's equilibrium exchange rate

Anne-Marie Brook and David Hargreaves

DP2000/10: Interest rate smoothing in New Zealand and other dollar bloc countries

Aaron Drew and L. Christopher Plantier

DP2000/09: A macroeconomic balance measure of New Zealand's equilibrium exchange rate

Anne-Marie Brook and David Hargreaves

DP2000/08: Inflation targeting under potential output uncertainty

Victor Gaiduch and Benjamin Hunt

DP2000/07: Stylised facts from output gap measures

Alasdair Scott

DP2000/06: A spectral analysis of New Zealand output gaps using Fourier and wavelet techniques

Paul Conway and David Frame

DP2000/05: Is the output gap a useful indicator of inflation?

Iris Claus

DP2000/04: A multivariate unobserved components model of cyclical activity

Alasdair Scott

DP2000/03: Estimating potential output for New Zealand: a structural VAR approach

Iris Claus

DP2000/02: A comparison of the properties of NZM and FPS

Aaron Drew and Benjamin Hunt

DP2000/01: Uncertainty about the length of the monetary policy transmission lag: implications for monetary policy

Yuong Ha

G99/10: SDS-FPS: a small demand-side version of the Forecasting and Policy System core model

David Hargreaves

G99/9: The myth of co-moving commodity prices

Paul Cashin, Christopher McDermott and Alasdair Scott

G99/8: Booms and slumps in world commodity prices

Paul Cashin, Christopher McDermott and Alasdair Scott

G99/7: Concordance in business cycles

Christopher McDermott and Alasdair Scott

G99/6: Survey expectations of monetary conditions in New Zealand: determinants and implications for the transmission of policy

Leo Bonato, Robert St. Clair and Rainer Winkelmann

G99/5: Efficient simple policy rules and the implications of potential output uncertainty

Aaron Drew and Benjamin Hunt

G99/4: Exchange rate effects and inflation targeting in a small open economy: a stochastic analysis using FPS

Paul Conway, Aaron Drew, Ben Hunt and Alasdair Scott

G99/3: The forward rate unbiasedness hypothesis in inflation-targeting regimes

Weshah Razzak

G99/2: Noise trading and exchange rate regimes

Olivier Jeanne and Andrew Rose

G99/1: Inter-forecast monetary policy implementation: fixed-instrument versus MCI-based strategies

Ben Hunt

G98/10: Price stability: some costs and benefits in New Zealand

Leo Bonato

G98/9: Core inflation: concepts, uses and measurement

Scott Roger

G98/8: Testing the predictive power of New Zealand bank bill futures rates

Leo Krippner

G98/7: The Forecasting and Policy System: preparing economic projections

Aaron Drew and Ben Hunt

G98/6: The Forecasting and Policy System: stochastic simulations of the core model

Aaron Drew and Ben Hunt

G98/5: The long-run nominal exchange rate: specification and estimation issues

Weshah Razzak and Thomas Grennes

G98/4: Business cycle asymmetries and the nominal exchange rate regimes

Weshah Razzak

G98/3: The Forecasting and Policy System: demand-side satellite models

James Breece and Vincenzo Cassino

G98/2: Productivity growth in New Zealand: economic reform and the convergence hypothesis

Paul Conway and Ben Hunt

G98/1: Determinants of New Zealand bond yields

Kelly R Eckhold

G97/9: Estimating potential output: a semi-structural approach

Paul Conway and Ben Hunt

G97/8: Inflation targeting in an open economy: strict or flexible inflation targeting?

Lars Svensson

G97/7: A robust measure of core inflation in New Zealand, 1949-96

Scott Roger

G97/6: The alleged instability of nominal income targeting

Bennett McCallum

G97/5: Testing the rationality of the National Bank of New Zealand's survey data

Weshah Razzak

G97/4: Current account and exchange rate behaviour under inflation targeting in a small open economy

Francisco Nadal De Simone

G97/3: Efficient rules for monetary policy

Laurence Ball

G97/2: The inflation-output trade-off: Is the Phillips Curve symmetric? A policy lesson from New Zealand

Weshah Razzak

G97/1: A measure of monetary conditions

Richard Dennis