Automatic fiscal stabilisers, or the cyclical components of the budget balance, are larger in New Zealand than in the average OECD country, reflecting both higher sensitivity to the conomic cycle, and a more volatile cycle. Fiscal vigilance is especially important in New Zealand. Large projected...

The Fiscal Responsibility Act 1994 states that, as a principle of responsible fiscal management, a New Zealand government should ensure total Crown debt is at a prudent level by ensuring total operating expenses do not exceed total operating revenues. In this paper a structural VAR model is...

Zur Existenz eines Kreditkanals in der Geldpolitik in Deutschland Diese Untersuchung befaßt sich mit dem Kreditkanal in der Geldpolitik in Deutschland. Sie findet kaum Anhaltspunkte für die Existenz des Kreditkanals und bestätigt gleichzeitig den bekannten Transmissionsweg der Geldpolitik...

Alternative Regeln der Geldpolitik und die Formulierung der Phillips-Kurve: Ein Vergleich zwischen der nominellen BSP-Zielsteuerung und der Inflationszielsteuerung Auf der Basis eines simplen "backward-looking"-Makromodells erläutert dieser Beitrag, wie eine auf BSP-Steuerung bedachte instabile...

This paper proposes an open-economy Phillips Curve that features a real exchange rate channel. The resulting target rule under optimal policy from a timeless perspective (TP) involves additional history dependence in the form of lagged inflation. The target rule also depends on the discount...

In open economy, a choice can be made between two measures of inflation for use as a target variable: CPI inflation or domestic inflation.This paper considers flexible and strict inflation targeting strategies and explores the circumstances under which a domestic inflation target is preferred to...