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Monetary policy and regional unemployment

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This Analytical Note examines the effects of monetary policy on New Zealand’s regional labour markets. Unemployment rates differ between regions, which raises the question of monetary policy’s possible contribution to these differences. Our analysis suggests monetary policy has different impacts on unemployment depending on the region. Some regions, such as Waikato, Manawatu/Wanganui and the upper South Island, appear to be more sensitive to monetary policy than others. Future research will investigate the reasons driving these regional differences, which may include the mix of industry, demography or other factors.

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  • Shaun Markham, 2020. "Monetary policy and regional unemployment," Reserve Bank of New Zealand Analytical Notes series AN2020/08, Reserve Bank of New Zealand.
    • Handle: RePEc:nzb:nzbans:2020/08
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    File URL: https://www.rbnz.govt.nz/-/media/ReserveBank/Files/Publications/Analytical%20notes/2020/Technical-appendix-AN2020-08.pdf?revision=15b36328-358b-461e-b619-366fa8e364e6
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    1. Ernst Juerg Weber, 2006. "Monetary policy in a heterogeneous monetary union: the Australian experience," Applied Economics, Taylor & Francis Journals, vol. 38(21), pages 2487-2495.
    2. Christopher Ball & Nicolas Groshenny & Ozer Karagedikli & Murat Özbilgin & Finn Robinson, 2024. "How Wages Respond to the Job-Finding and Job-to-Job Transition Rates: Evidence from New Zealand Administrative Data," International Journal of Central Banking, International Journal of Central Banking, vol. 20(1), pages 159-180, February.
    3. Christopher Ball & Nicolas Groshenny & Oezer Karagedikli & Murat Oezbilgin & Finn Robinson, 2020. "Low wage growth and job-to-job transitions: Evidence from administrative data in New Zealand," MAGKS Papers on Economics 202021, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
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