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Testing stabilisation policy limits in a small open economy: editor's summary of a macroeconomic policy forum


  • Bob Buckle
  • Aaron Drew

    (Reserve Bank of New Zealand)


In early 2006, at the request of the Reserve Bank of New Zealand and New Zealand Treasury, four international academic experts and practitioners in the macro economic policy arena visited New Zealand. Their brief was to critically examine New Zealand’s macro economic policy framework and consider whether alternative, possibly non-conventional, policy tools might be used to provide a smoother ride for the externally exposed sectors of the economy over the business cycle. A conference was held held in Wellington on June 2006 to present the findings of the visiting experts and a volume of the conference proceedings was published in October. The following is the overview chapter from the volume written by the Editors. The full volume can be downloaded from

Suggested Citation

  • Bob Buckle & Aaron Drew, 2006. "Testing stabilisation policy limits in a small open economy: editor's summary of a macroeconomic policy forum," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 69, pages 1-9, December.
  • Handle: RePEc:nzb:nzbbul:december2006:6

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    Cited by:

    1. Anella Munro & Rishab Sethi, 2007. "Understanding the New Zealand current account: A structural approach," Reserve Bank of New Zealand Discussion Paper Series DP2007/10, Reserve Bank of New Zealand.
    2. Claus, Iris, 2013. "Is the value added tax a useful macroeconomic stabilization instrument?," Economic Modelling, Elsevier, vol. 30(C), pages 366-374.
    3. International Monetary Fund, 2007. "New Zealand; Selected Issues," IMF Staff Country Reports 07/151, International Monetary Fund.
    4. Robert A. Buckle & Aaron Drew, 2008. "The business cycle, housing and the role of policy: summary of a recent conference held by The Treasury and the Reserve Bank of New Zealand," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 71, March.
    5. Anthony Makin & Wei Zhang & Grant Scobie, 2009. "The contribution of foreign borrowing to the New Zealand economy," New Zealand Economic Papers, Taylor & Francis Journals, vol. 43(3), pages 263-278.
    6. Felicity C Barker & Robert A Buckle & Robert W St Clair, 2008. "Roles of Fiscal Policy in New Zealand," Treasury Working Paper Series 08/02, New Zealand Treasury.
    7. Özer Karagedikli & Rishab Sethi & Christie Smith & Aaron Drew, 2008. "Changes in the transmission mechanism of monetary policy in New Zealand," Reserve Bank of New Zealand Discussion Paper Series DP2008/03, Reserve Bank of New Zealand.
    8. Buiter, Willem, 2014. "Central Banks: Powerful, Political and Unaccountable?," MPRA Paper 59477, University Library of Munich, Germany.
    9. Jean-Pierre Andre, 2011. "Economic Imbalances: New Zealand's Structural Challenge," Treasury Working Paper Series 11/03, New Zealand Treasury.
    10. Iris Claus & Brandon Sloan, 2008. "VARIABLE GSTl A TOOL FOR MONETARY POLICY IN NEW ZEALAND?," CAMA Working Papers 2008-30, Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, The Australian National University.

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