How New Zealand adjusts to macroeconomic shocks: implications for joining a currency area
In this article we consider how the New Zealand economy might adjust to shocks if it were a member of a currency union. In a currency union the exchange rate can no longer act as a mechanism of adjustment. Consequently, we consider the role of alternative adjustment mechanisms, such as migration, price and wage flexibility, and fiscal adjustment.
Volume (Year): 63 (2000)
Issue (Month): (March)
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