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Macroeconomic Policy in New Zealand: From the Great Inflation to the Global Financial Crisis

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  • Bruce White

    ()
    (The Treasury)

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    Abstract

    This paper surveys the evolution of macroeconomic policy, in the New Zealand context, from the beginning of the end of the Great Inflation of the 1970s/1980s, through to the current recovery from the Great Recession brought on by the Global Financial Crisis. The 30 or so years since the late 1970s is divided into four periods: the run-up to the mid-1984 currency crisis; the period of reform from that point until the early 1990s; the subsequent extended period of non-inflationary growth in the 1990s and into the 2000s (punctuated by the Asian Financial Crisis in 1997/98); and the GFC and the years since. The paper reviews macroeconomic policy and developments across each of these periods in relation to fiscal policy, monetary policy, exchange rate policy and prudential supervision, all of which at various times have been used with macroeconomic objectives in mind. The paper concludes with some observations on where macro policy appears to be headed, suggesting that is towards achieving some re-integration of its individual components.

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    File URL: http://www.treasury.govt.nz/publications/research-policy/wp/2013/13-30/twp13-30.pdf
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    Bibliographic Info

    Paper provided by New Zealand Treasury in its series Treasury Working Paper Series with number 13/30.

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    Length: 60
    Date of creation: Dec 2013
    Date of revision:
    Handle: RePEc:nzt:nztwps:13/30

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    Postal: New Zealand Treasury, PO Box 3724, Wellington, New Zealand
    Phone: +64-4-472 2733
    Fax: +64-4-473 0982
    Web page: http://www.treasury.govt.nz
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    Keywords: Macroeconomy; fiscal policy; monetary policy; exchange rate policy; macro-prudential policy; prudential supervision;

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    References

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    1. Ashley Dunstan & David Hargreaves & Ozer Karagedikli, 2007. "The impact of fiscal policy on the business cycle," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, Reserve Bank of New Zealand, vol. 70, March.
    2. David Drage & Anella Munro & Cath Sleeman, 2005. "An update on Eurokiwi and Uridashi bonds," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, Reserve Bank of New Zealand, vol. 68, September.
    3. Enzo Cassino & Michelle Lewis, 2012. "Currency intervention - the profitability of some recent international experiences," Reserve Bank of New Zealand Analytical Notes series, Reserve Bank of New Zealand AN2012/03, Reserve Bank of New Zealand.
    4. Seater, John J, 1993. "Ricardian Equivalence," Journal of Economic Literature, American Economic Association, American Economic Association, vol. 31(1), pages 142-90, March.
    5. Oscar Parkyn, 2010. "Estimating New Zealand's Structural Budget Balance," Treasury Working Paper Series, New Zealand Treasury 10/08, New Zealand Treasury.
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