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Some perspectives on past recessions

Author

Listed:
  • Michael Reddell
  • Cath, Sleeman

    (Reserve Bank of New Zealand)

Abstract

As the economy slows in 2008, this article sketches out some key features of past recessions in New Zealand – all the downturns since the mid-1960s, plus the Depression of the 1930s. Each recession was triggered, in significant part, by international events, but each was exacerbated, in part, by domestic pressures or imbalances. History doesn’t mechanically repeat itself, but these past experiences are a sobering backdrop against which to consider the outlook for the New Zealand economy over the next year or two.

Suggested Citation

  • Michael Reddell & Cath, Sleeman, 2008. "Some perspectives on past recessions," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 71, June.
  • Handle: RePEc:nzb:nzbbul:june2008:2
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    File URL: http://www.rbnz.govt.nz/-/media/ReserveBank/Files/Publications/Bulletins/2008/2008jun71-2reddellsleeman.pdf
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    Cited by:

    1. Ralph Lattimore & Trinh Le & Iris Claus & Adolf Stroombergen., 2009. "Economic progress and puzzles : Long-term structural change in the New Zealand economy, 1953-2006," Macroeconomics Working Papers 23006, East Asian Bureau of Economic Research.
    2. Bordo, Michael & Hargreaves, David & Kida, Mizuho, 2011. "Global shocks, economic growth and financial crises: 120 years of New Zealand experience," Financial History Review, Cambridge University Press, vol. 18(03), pages 331-355, December.
    3. Rebecca Williams, 2017. "Business cycle review: 2008 to present day," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 80, pages 1-22, March.
    4. repec:taf:nzecpp:v:50:y:2016:i:3:p:261-280 is not listed on IDEAS
    5. Viv B. Hall & C. John McDermott, 2016. "Recessions and recoveries in New Zealand's post-Second World War business cycles," New Zealand Economic Papers, Taylor & Francis Journals, vol. 50(3), pages 261-280, September.
    6. Rebecca Craigie & David Gillmore & Nicolas Groshenny, 2012. "Not a jobless recovery, just a slow one," Reserve Bank of New Zealand Analytical Notes series AN2012/06, Reserve Bank of New Zealand.
    7. James Graham, 2014. "'N Sync: how do countries' economies move together?," Reserve Bank of New Zealand Analytical Notes series AN2014/04, Reserve Bank of New Zealand.
    8. McKelvie, S. & Hall, Viv B., 2012. "Stylised facts for New Zealand business cycles: A post-1987 perspective," Working Paper Series 2364, Victoria University of Wellington, School of Economics and Finance.

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