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
Doc. Date | Title | View/Download |
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15 Jun 2011 | Programme - Macroeconomic Policy Forum | nzmi-programme-v5.pdf (62 KB) |
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
Using PDF Files
Author | Type/Title | View/Download |
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Speakers' Papers, Slides and Comments |
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Craig Burnside | Paper: New Zealand's Risk Premium and Its Role in Macroeconomic Imbalances | mi-burnside-paper.pdf (1.4 MB)
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Craig Burnside | Slides: New Zealand's Risk Premium and Its Role in Macroeconomic Imbalances | mi-burnside-sides.pdf (157 KB)
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Christoph Thoenissen | Comment: Comment on Paper by Craig Burnside | mi-burnside-comm.pdf (162 KB)
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Sebastian Edwards | Paper: New Zealand and the Woody Allen Syndrome | mi-edwards-paper.pdf (1 MB)
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Sebastian Edwards | Slides: New Zealand and the Woody Allen Syndrome | mi-edwards-slides.pdf (337 KB)
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John McDermott | Comment: Comment on Paper by Sebastian Edwards | mi-edwards-comm.pdf (171 KB)
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Philip Lane | Paper: External Imbalances and Macroeconomic Policy in New Zealand | mi-lane-paper.pdf (227 KB)
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Philip Lane | Slides: New Zealand's External Imbalances and Macroeconomic Policy | mi-lane-slides.pdf (84 KB)
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Norman Gemmell | Comment: Comment on Paper by Philip Lane | mi-lane-comm.pdf (113 KB)
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Anne-Marie Brook | Paper: Making Fiscal Policy More Stabilising in the Next Upturn: Challenges and Policy Options | mi-brook-paper.pdf (444 KB)
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Anne-Marie Brook | Slides: Making Fiscal Policy More Stabilising in the Next Upturn: Challenges and Policy Options | mi-brook-slides.pdf (1.1 MB)
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David Plank | Comment: Comment on Paper by Anne-Marie Brook | mi-brook-comm.pdf (28 KB)
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Prasanna Gai | Slides: Macro-Prudential Policy: the debate and some implications for New Zealand | mi-gai-slides.pdf (473 KB)
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Toni Gravelle | Comment: Comment on Presentation by Prasanna Gai | mi-gai-comm.pdf (871 KB)
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Peter Jarrett | Slides: Housing, the New Zealand Business Cycle and Macro Imbalances | mi-jarrett-slides.pdf (652 KB)
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Michael Reddell | Comment: Comment on Presentation by Peter Jarrett | mi-jarrett-comm.pdf (632 KB)
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Discussion Panel Comments |
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John McDermott | Discussion Panel Comment | mi-mcdermott.pdf (23 KB)
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Hoe Ee Khor | Discussion Panel Comment | mi-panel-khor.pdf (550 KB)
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Brian Easton | Discussion Panel Comment | mi-panel.easton.pdf (22 KB)
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Arthur Grimes | Discussion Panel Comment | mi-panel-grimes.pdf (66 KB)
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Opening and Closing Comments |
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Gabriel Makhlouf | Opening Comments | mi-open-mahklouf.pdf (18 KB)
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Geoff Bascand | Closing Comments | mi-closing-bascand.pdf (35 KB)
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Co Hosts
The policy forum was organised by the Treasury in conjunction with the Reserve Bank of New Zealand and Victoria University of Wellington.

