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Testing Stabilisation Policy Limits in a Small Open Economy

Page updated 31 Jan 2008

The Treasury and Reserve Bank of New Zealand (RBNZ) have published the edited proceedings of a conference held in Wellington on 12 June 2006 on testing stabilisation policy limits in a small open economy.

Conference Details

The conference included keynote papers and policy reviews by overseas experts in monetary and fiscal policies, plus a panel discussion by experts from the International Monetary Fund, the Organisation for Economic Cooperation and Development and Victoria University of Wellington. The brief of these experts was to critically review New Zealand's macroeconomic policy frameworks and consider whether alternative, possibly non-conventional, policy tools might be needed to better manage inflation, the exchange rate and economic growth over the business cycle. Some of the issues discussed at the Forum were those reviewed in the Supplementary Stabilisation Instruments report released earlier in 2006.

Publication Details

Testing stabilisation policy limits in a small open economy: proceedings from a macroeconomic policy forum
Bob Buckle and Aaron Drew, Editors
October 2006
Copyright © 2006 Reserve Bank of New Zealand and The Treasury
ISBN 0-9582675-2-9

Download

The full publication is available for download in Adobe PDF format from the RBNZ website - see Testing stabilisation policy limits in a small open economy: proceedings from a macroeconomic policy forum.

Contents

  • Preface
  • Testing stabilisation policy limits in a small open economy: Editors’ summary of a macroeconomic policy forum
    Bob Buckle, The Treasury
    Aaron Drew, Reserve Bank of New Zealand
  • Macroeconomic policy challenges: monetary policy
    Stephen Grenville, Lowy Institute
    Discussion by Christopher Allsopp, University of Oxford
  • Stabilisation policy in New Zealand: Counting your blessings, one by one
    Willem Buiter, London School of Economics
    Discussion by Pierre Siklos, Wilfred Laurier University
  • New Zealand’s monetary and exchange-rate policy in international comparison
    Klaus Schmidt-Hebbel, Central Bank of Chile
    Discussion by John Edwards, HSBC
  • External imbalances in New Zealand
    Sebastian Edwards, University of California, Los Angeles
    Discussion by William Cline, Institute for International Economics
  • Panellist comments on the proceedings
    Val Koromzay, Organisation for Economic Co-operation and Development
    Stephen Dunaway, International Monetary Fund
    John McDermott, Victoria University of Wellington
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