Gordon Campbell | Parliament TV | Parliament Today | News Video | Crime | Employers | Housing | Immigration | Legal | Local Govt. | Maori | Welfare | Unions | Youth | Search

 


Latest Reserve Bank Discussion Papers

The Latest Reserve Bank of New Zealand Discussion Papers

28 July, 2006

The following Discussion Papers have been released on the Reserve Bank's website. The discussion papers are available at http://www.rbnz.govt.nz/research/discusspapers/

--------------------------------------------------------

DP2006/06

Family trusts: ownership, size, and their impact on measures of wealth and home ownership Phil Briggs

http://www.rbnz.govt.nz/research/discusspapers/dp06_06.pdf


DP2006/07

How costly is exchange rate stabilisation for an inflation targeter? The case of Australia Mark Crosby, Tim Kam and Kirdan Lees

http://www.rbnz.govt.nz/research/discusspapers/dp06_07.pdf

-------------------------------------------------------

DP2006/06

Family trusts: ownership, size, and their impact on measures of wealth and home ownership Phil Briggs

http://www.rbnz.govt.nz/research/discusspapers/dp06_06.pdf

Abstract

The number of family trusts has increased markedly in New Zealand over the last 15 years. This increase has implications for the measurement of household wealth and home ownership, since a significant proportion of dwellings are now held in family trusts. The Household Savings Survey (HSS), which was undertaken by Statistics New Zealand in 2001, collected data on household wealth, including the assets and liabilities of family trusts. HSS data is re-examined, with an emphasis on looking at the types of households that have family trusts, and also at the assets held in these trusts. The 2001 census, which included for the first time a question on whether a dwelling was held in a private trust, is also re-examined. It seems that many census respondents were confused by the census question, and results from the HSS suggest that the census total for trust dwellings is an undercount. HSS data, together with data on the number of tax returns from private trusts, is used to adjust the 2001 census tenure table. It was found that after adjustment for trust ownership, the home ownership rate still fell between 1991 and 2001. Furthermore, ownership rates fell for all age groups. Some of the difficulties that trusts pose when analysing surveys like the HSS at the unit record level are outlined, as are some suggestions for dealing with these difficulties.


DP2006/07

How costly is exchange rate stabilisation for an inflation targeter? The case of Australia Mark Crosby, Tim Kam and Kirdan Lees

http://www.rbnz.govt.nz/research/discusspapers/dp06_07.pdf

Abstract

This paper quantifies the costs of mitigating exchange rate volatility within the context of a flexible inflation targeting central bank. Within a standard linear-quadratic formulation of inflation targeting, we append a term that penalises deviations in the exchange rate to the central bank's loss function. For a simple forward-looking New Keynesian model, we show that the central bank can reduce volatility in the exchange rate relatively costlessly by aggressively responding to the real exchange rate. However, when we append correlated shocks to better match summary statistics of the Australian data we find that the costs associated with reducing exchange rate volatility are larger: output volatility increases substantially. Finally, we apply our method to a variant of a small backward-looking New Keynesian model of the Australian economy. Under this model, large increases in inflation and output volatility accrue if the central bank attempts to mitigate exchange rate volatility.

ENDS

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

Ruataniwha: DOC, Hawke's Bay Council Developer Take Supreme Court Appeal

The Department of Conservation and Hawke's Bay Regional Investment Company (HBRIC) are appealing to the Supreme Court over a conservation land swap which the Court of Appeal halted. More>>

ALSO:

With NZ's Marama Davidson: Women’s Flotilla Leaves Sicily – Heading For Gaza

Women representing 13 countries spanning five continents began their journey yesterday on Zaytouna-Oliva to the shores of Gaza, which has been under blockade since 2007. On board are a Nobel Peace Laureate, three parliamentarians, a decorated US diplomat, journalists, an Olympic athlete, and a physician. A list of the women with their background can be found here. More>>

Gordon Campbell: On The Key Style Of Crisis Management

At Monday’s post Cabinet press conference Key was in his finest wide- eyed “Problem? What problem?” mode. No, there wasn’t really a problem that top MPI officials had been at odds with each other over the meaning of the fisheries policy and how that policy should be pursued... More>>

ALSO:

Mt Roskill: Greens Will Not Stand In Likely Post-Goff By-Election

“The Green Party’s priority is changing the Government in 2017, and as part of that we’ve decided that we won’t stand a candidate in the probable Mt Roskill by-election... This decision shows the Memorandum of Understanding between Labour and the Green Party is working." More>>

ALSO:

Wellington: Predator Free Capital Plan

Wellington City Council (WCC), the Greater Wellington Regional Council (GWRC) and NEXT Foundation, today announced a joint collaboration to make Wellington the first Predator Free capital city in the world. More>>

ALSO:

Gordon Campbell: On Judith Collins’ Efforts At Self Correction

Thousands of prisoners currently in prison may be entitled to an earlier release than expected – and compensation – because Corrections has incorrectly calculated their term of imprisonment. Unless of course, the government buries its mistakes by changing the law and retro-actively getting itself off the hook… More>>

ALSO:

More Justice & Corrections

Sector Opposes Bill: Local Government Bill Timeframe Extended

The Minister of Local Government Peseta Sam Lotu-Iiga has asked the Select Committee to extend the report back date for the Local Government Act 2002 Amendment Bill (No 2). More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Politics
Search Scoop  
 
 
Powered by Vodafone
NZ independent news