Stylised facts for New Zealand business cycles: A post-1987 perspective
AbstractKey features of NZ business cycles were established for the period 1966q4 to 1990q1 by Kim, Buckle and Hall (1994) (KBH), but the conduct of fiscal, monetary and labour market policy and the behaviour of New Zealand's economy have changed considerably since then. Our results for the period 1987q2 to 2010q4 show a reduction in volatility and a rise in persistence for both the real economy and for price and monetary variables. Government sector, open economy, monetary and labour market results differ from those advanced in KBH. Overall, we establish a more credible set of benchmark regularities, to help underpin the construction and use of contemporary NZ macroeconomic models.
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Bibliographic InfoPaper provided by Victoria University of Wellington, School of Economics and Finance in its series Working Paper Series with number 2364.
Date of creation: 2012
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Business cycle stylised facts; New Zealand; Growth cycle analysis;
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