New Zealand's Macroeconomic Imbalances – Causes and Remedies Policy Forum, 23 and 24 June 2011

The New Zealand Treasury, in conjunction with the Reserve Bank of New Zealand and Victoria University of Wellington, held a high-level macroeconomic policy forum in June 2011.

We commissioned a limited number of eminent policy researchers to review aspects of New Zealand’s economic performance and policy regime. Their papers formed the centrepiece of the forum, which also involved key public and private sector researchers, decision-makers and policy advisers. The forum built on the policy forum hosted by the RBNZ and the Treasury in 2006 (RBNZ website).

Theme

The focus of the forum was on New Zealand’s key external and internal imbalances. The papers explore the following issues:

• understanding the reasons for New Zealand’s macroeconomic and financial imbalances, and the associated economic vulnerabilities; and
• exploring whether different fiscal, monetary, structural or exchange rate policies and frameworks might help unwind, or manage, the imbalances and/or improve cyclical performance.

Programme

Speakers

The following distinguished economists participated in the forum.

• Craig Burnside - Keynote speaker - Professor of Economics, Duke University, Durham, North Carolina
  Profile (Duke University website)
• Sebastian Edwards - Keynote speaker - Professor of International Business Economics, University of California, Los Angeles
  Profile (University of California website)
• Philip Lane - Keynote speaker - Professor of International Macroeconomics, Trinity College, Dublin
  Philip Lane's website
• Anne-Marie Brook - Principal Advisor, New Zealand Treasury
• Prasanna Gai - Professor of Economics, University of Auckland
  Profile (University of Auckland website)
• Peter Jarrett - Head of Division, Country Studies Division 1, OECD, Paris
  Profile (PDF on Organisation for Economic Co-operation & Development website)

The papers presented by these speakers were supported by:

• a discussant assigned to review and comment on each paper; and
• a general discussion panel of local and international speakers including:
  • Brian Easton - Independent scholar and consultant, and Adjunct Professor at the Institute of Public Policy, Auckland University of Technology
  • Arthur Grimes - Senior Fellow, Motu Economic and Public Policy Research and Adjunct Professor at the University of Waikato
  • David Gruen - Executive Director (Domestic), Macroeconomic Group, Australian Treasury
  • Hoe Ee Khor - Assistant Director, Asia and Pacific Department, International Monetary Fund.

Documents

Co Hosts

The policy forum was organised by the Treasury in conjunction with the Reserve Bank of New Zealand and Victoria University of Wellington.

Contacts for Enquiries