The main objective of this paper is to offer a critique of the existing literature on the link between wealth and consumption, as captured by the long-run marginal propensity to consume from financial wealth (mpcw). The international evidence suggests that the mpcw varies considerably across...

We examine effects of urban passenger rail upgrades to Auckland’s Western Line, including double tracking, station development, and related urban renewal projects. The results are used to assess anticipated net benefits of the developments. The rail-related upgrades are expected to be...

We use New Zealand school board of trustees data to examine whether schools where parents have high rates of homeownership experience high parental voting turnout in elections. We also investigate whether homeownership influences the probability that a school board proceeds to election,...

When small towns experience a major infrastructure shock, such as a ‘mill’ closure, the effects can be devastating. We analyse the effects of two major freezing works closures in New Zealand, in Patea (1982) and Whakatu (1986). These two examples provide an interesting comparison: Whakatu is...

We investigate the effects of homeownership on parents? involvement in local school elections. We use 2007 New Zealand school board of trustees data to examine whether schools where parents have high rates of homeownership experience high parental voting turnout in elections. We also investigate...

We examine effects of urban passenger rail upgrades to Auckland’s Western Line. The upgrades, and associated urban renewal projects, were announced in mid-2005. International experience indicates that the anticipated benefits of the upgrades should be factored into people’s location and...

We propose a new method to estimate a repeat-sales house price index. Our unbalanced panel method employs an OLS panel regression to estimate the (log) house price as a function of time fixed effects and house-specific fixed effects. Comparisons are made across three repeat-sales methods using...

During the recent financial crisis the Bank of England, like many other central banks, loosened monetary policy using both conventional and unconventional measures. The main unconventional measure used by the Bank was the policy of asset purchases—mainly of government bonds—financed by the...

Over 80% of countries using explicit inflation targets in 2000 were doing so either as part of a disinflation strategy, or when inflation was neither low nor stable. Our illustrative theoretical model suggests annual revisions to short-run targets are endogenous to inflation outcomes during...