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Reserve Bank of New Zealand Bulletin Out

20 December 2005

The Reserve Bank today released the December 2005 issue of the Reserve Bank of New Zealand Bulletin.

The December issue includes an article which looks at the importance of oil to the New Zealand economy and the various ways in which oil prices may affect inflation. The article finds that New Zealand's oil consumption is relatively high in relation to the size of the economy, increasing the country's potential sensitivity to an oil price shock. However, any inflationary effects will depend on a range of factors, including the degree of competition across industry and the state of the economic cycle.

>From time to time, the Reserve Bank publishes articles relating to the potential viability of a common currency with Australia in order to inform economic debate. The second article provides a further instalment, discussing the first few years of experience with the euro and some recent New Zealand research on the topic.

Also included in this issue is an abridged version of a paper prepared for a conference in mid-November commemorating the 80th anniversary of the Banco de México. The article discusses the linkages between monetary policy and New Zealand's economic performance and asks the question -- to what extent can the lift in the country's growth performance since the 1990s be attributed to monetary policy? It concludes that New Zealand's inflation targeting framework has assisted in boosting growth performance, but that many other factors are relevant.

ENDS

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