New Zealand

How central banking lost its way

Stability is the task for which central banks were established. But by becoming involved in social, indigenous or environmental policy areas, central banks lost sight of it. [...]

Bridges to Ukraine

International junkets for public servants are not my cup of tea. But I will make an exception for the New Zealand Transport Agency, Waka Kotahi. Let’s send their infrastructure team to Ukraine. [...]

Too much of a good thing

Successful economies have low unemployment. However, these are no ordinary times, and New Zealand’s ultra-low unemployment rate of 3.2% should worry everyone. [...]

Welcome to the 1970s

Perhaps the most urgent task is to realise that demand-side stimulus cannot fix supply shocks. Ultimately, it took policymakers most of the 1970s to finally realise that. [...]
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