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The transmission mechanism of New Zealand monetary policy

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Author Info

  • Aaron Drew
  • Rishab Sethi

    (Reserve Bank of New Zealand)

Abstract

In the first of two articles on the transmission mechanism of New Zealand monetary policy, we provide a detailed account of the process by which changes in the Reserve Bank’s primary monetary policy instrument, the Official Cash Rate (OCR), eventually come to influence the general level of prices. As such, the article is a guide to how the Bank perceives policy decisions to propagate through the New Zealand economy, and to the relative weight it assigns to the strengths of the various channels that together comprise the transmission mechanism. A second article, to be published in a forthcoming issue of the Bulletin, considers how this mechanism may have changed over time and how this has influenced the implementation of monetary policy in the most recent business cycle.

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File URL: http://www.rbnz.govt.nz/research_and_publications/reserve_bank_bulletin/2007/2007jun70_2drewsethi.pdf
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Bibliographic Info

Article provided by Reserve Bank of New Zealand in its journal Reserve Bank of New Zealand Bulletin.

Volume (Year): 70 (2007)
Issue (Month): (June)
Pages:

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Handle: RePEc:nzb:nzbbul:june2007:2

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Postal: P.O. Box 2498, Wellington
Phone: 64 4 471-3767
Fax: 64 4 471-2270
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Web page: http://www.rbnz.govt.nz
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Cited by:
  1. Hsing, Yu, 2009. "Analysis of the Behavior of the New Zealand Dollar Exchange Rate: Comparison of Four Major Models," Review of Applied Economics, Review of Applied Economics, vol. 5(1-2).

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