Tradables and non-tradables inflation in Australia and New Zealand
AbstractThis article presents a detailed comparison of price changes for non-tradable and tradable items in the CPI across Australia and New Zealand. The main result is that relative price movements in Australia and New Zealand are highly correlated in the medium term, although not in the very short term. Sectors that have had large price increases in New Zealand have tended to have large price increases in Australia, and sectors that have had small price increases in New Zealand have tended to have small price increases in Australia. In both countries, price increases for non-tradable items have generally outpaced price increases for tradable items. However, the article finds that non-tradable price increases have not been noticeably higher in New Zealand than in Australia. Moreover, price changes have been high relative to Australia’s in several of New Zealand’s ‘tradable’ sectors since June 1998, particularly for non-food retail items.
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Bibliographic InfoArticle provided by Reserve Bank of New Zealand in its journal Reserve Bank of New Zealand Bulletin.
Volume (Year): 70 (2007)
Issue (Month): (March)
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- Karagedikli, Özer & Mumtaz, Haroon & Tanaka, Misa, 2010.
"All together now: do international factors explain relative price comovements?,"
Bank of England working papers
381, Bank of England.
- Özer Karagedikli & Haroon Mumtaz & Misa Tanaka, 2010. "All together now: Do international factors explain relative price co-movements?," Reserve Bank of New Zealand Discussion Paper Series DP2010/02, Reserve Bank of New Zealand.
- Sharon McCaw, 2007. "Stylised facts about New Zealand business cycles," Reserve Bank of New Zealand Discussion Paper Series DP2007/04, Reserve Bank of New Zealand.
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