The Unreserved Bank
The RBNZ needs urgent clarification that the Monetary Policy Committee will only pursue monetary goals, even under conditions of quantitative easing. [...]
Monetary policy
The Unreserved Bank of New Zealand
As the Reserve Bank takes on fiscal functions, its political neutrality and commitment to monetary stability, as well as maximum sustainable employment, need to be re-emphasised. [...]
The weird world of negative interest rates
Unless you have a mortgage or you are the Minister of Finance, it is a world you would not want to inhabit. But for millions of Europeans, that may soon be reality. We can only hope that even after the RBNZ’s next cut, New Zealanders will not contemplate going into the topsy-turvy world the Germans are about to enter. [...]
Trans-Tasman monitoring
Given the past and current closeness of Treasury and the Reserve Bank, should not a monitoring agent be more removed from the object it is supervising? [...]
Changing the monetary guards
Adrian Orr has his work cut out. He will migrate the Reserve Bank towards a changed operating model while having to maintain its credibility for keeping prices relatively stable. [...]
The Reserve Bank in Wonderland
With its new Policy Targets Agreement, the Reserve Bank has arrived in Wonderland. It looks as if it has a new employment target. But it is (thankfully) subject to interpretation. [...]
Monetary window-dressing
The best way for a central bank to achieve both low inflation and low unemployment is to make it pursue price stability alone. [...]
Monetary policy needs public scrutiny
Central banks have a crucial role to fulfil in our economies. This role thus deserves public scrutiny and debate. Given the RBNZ’s independence, external commentary on its actions is the most effective check on its operations. [...]
The next crisis, sooner or later
Have the responses to the Global Financial Crisis just shifted us towards another bubble economy? [...]
Monetary policy isn’t a panacea
In the wake of the financial crisis power shifted from politicians to the ECB, now it’s time for elected governments to address the underlying causes of Europe’s malaise. [...]