This article reviews how monetary policy evolved during the recession of the early 1990s and that in 1998, and discusses some of the lessons the Bank has learned.

In the absence of a generally accepted indicator of monetary conditions the current and expected stance of monetary policy remains undefined. However, the Reserve Bank of New Zealand, by directly surveying perceived and expected monetary conditions, have enabled both a mean index of current and...

In this paper a model is presented and estimated that explains real long-term interest rates in terms of developments in low-frequency and high-frequency economic factors in a multi-country framework, using a data set covering 17 OECD countries since the early-1980s. A simultaneous estimation...

This article talks about the role of the exchange rate in inflation targeting and how the Reserve Bank goes about shaping a forward view of inflation pressures.

This article addresses the question: `how should movements in the exchange rate be taken into account in day-to -day policy implementation?

Central banks, like the Reserve Bank of New Zealand, make judgements and take actions to promote the stability of the financial system. This involves making decisions in inherently uncertain situations. For example, how is financial stability defined? How can we recognise an imminent financial...

Alternatively, link to the html version of this speech by Adrian Orr. http://www.rbnz.govt.nz/speeches/0148372.html

In this article, we outline a framework for thinking about economic growth and discuss New Zealand's recent growth experience within that context. We also discuss the role of price stability, which is seen largely as an important, although not sufficient, condition for enabling sustained...