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We would like to thank Bob Buckle, Kevin Fox, John Janssen, Denis Lawrence, Peter Mawson and Grant Scobie for helpful discussion and suggestions in the initial stages of this research project. We would also like to thank Ken Fletcher, John Morris and Nick Treadgold from Statistics New Zealand for invaluable discussions and the provision of data. We are grateful to Nargis Bharucha, Mark Blackmore, Bob Buckle, Ken Carlaw, Iris Claus, John Creedy, Paul Dalziel, John Janssen, Struan Little, Peter Mawson, Grant Scobie, Kam Szeto and Bruce White for helpful comments on an earlier draft of this paper. Comments from participants at seminars held at Statistics New Zealand, the New Zealand Treasury and the Reserve Bank of New Zealand are greatly acknowledged.
The views expressed in this Working Paper are those of the author(s) and do not necessarily reflect the views of the New Zealand Treasury. The paper is presented not as policy, but with a view to inform and stimulate wider debate.