The short-run nationwide Macroeconomic effects of the Canterbury earthquakes
AbstractWe examine the short-run impact of the Canterbury earthquakes (4/9/2010, and 22/2/2011) on the New Zealand economy using VAR macro-models. Maybe surprisingly, we find little evidence of a pronounced impact on the aggregate economy. Our results suggest that the earthquakes reduced CPI inflation moderately, and the first earthquake had a small but short-lived, adverse effect on real gross domestic product (GDP) growth. At the very worse, it appears that policies (by the government and the Reserve Bank) have been successful in mitigating any serious adverse impact. The more significant impact of the earthquakes is to be found at the regional level.
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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 2677.
Date of creation: 2013
Date of revision:
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Canterbury earthquakes; short-run; natural disasters; macroeconomic variables;
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