The business cycle, housing and the role of policy: summary of a recent conference held by The Treasury and the Reserve Bank of New Zealand

The Treasury and the Reserve Bank of New Zealand hosted a conference during December 10-11, 2007 on the business cycle, housing and the role of policy. Research presented included investigations of recent shocks to the New Zealand business cycle, including the role of housing and the influence of fiscal policies. Research considering the monetary policy transmission mechanism and the roles that fiscal and prudential policies might play in macroeconomic stabilisation was also discussed. In this article, we summarise the themes and insights from this workshop and suggest areas for future work that will aid policy advice.