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Conference paper

New Zealand's Macroeconomic Imbalances – Causes and Remedies Policy Forum, 23 and 24 June 2011

Issue date: 
Monday, 25 July 2011

The New Zealand Treasury, in conjunction with the Reserve Bank of New Zealand and Victoria University of Wellington, held a high-level macroeconomic policy forum in June 2011.

We commissioned a limited number of eminent policy researchers to review aspects of New Zealand’s economic performance and policy regime. Their papers formed the centrepiece of the forum, which also involved key public and private sector researchers, decision-makers and policy advisers. The forum built on the policy forum hosted by the RBNZ and the Treasury in 2006 (RBNZ website).

Theme

The focus of the forum was on New Zealand’s key external and internal imbalances. The papers explore the following issues:

  • understanding the reasons for New Zealand’s macroeconomic and financial imbalances, and the associated economic vulnerabilities; and
  • exploring whether different fiscal, monetary, structural or exchange rate policies and frameworks might help unwind, or manage, the imbalances and/or improve cyclical performance.

Programme

Doc. Date Title View/Download
15 Jun 2011 Programme - Macroeconomic Policy Forum nzmi-programme-v5.pdf (62 KB)

Speakers

The following distinguished economists participated in the forum.

  • Craig Burnside - Keynote speaker - Professor of Economics, Duke University, Durham, North Carolina
    Profile (Duke University website)
  • Sebastian Edwards - Keynote speaker - Professor of International Business Economics, University of California, Los Angeles
    Profile (University of California website)
  • Philip Lane - Keynote speaker - Professor of International Macroeconomics, Trinity College, Dublin
    Philip Lane's website
  • Anne-Marie Brook - Principal Advisor, New Zealand Treasury
  • Prasanna Gai - Professor of Economics, University of Auckland
    Profile (University of Auckland website)
  • Peter Jarrett - Head of Division, Country Studies Division 1, OECD, Paris
    Profile (PDF on Organisation for Economic Co-operation & Development website)

The papers presented by these speakers were supported by:

  • a discussant assigned to review and comment on each paper; and
  • a general discussion panel of local and international speakers including:
    • Brian Easton - Independent scholar and consultant, and Adjunct Professor at the Institute of Public Policy, Auckland University of Technology
    • Arthur Grimes - Senior Fellow, Motu Economic and Public Policy Research and Adjunct Professor at the University of Waikato
    • David Gruen - Executive Director (Domestic), Macroeconomic Group, Australian Treasury
    • Hoe Ee Khor - Assistant Director, Asia and Pacific Department, International Monetary Fund.

Documents

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Using PDF Files
Author Type/Title View/Download

Speakers' Papers, Slides and Comments

Craig Burnside Paper: New Zealand's Risk Premium and Its Role in Macroeconomic Imbalances mi-burnside-paper.pdf (1.4 MB)

pdf
446.7 KB

Craig Burnside Slides: New Zealand's Risk Premium and Its Role in Macroeconomic Imbalances mi-burnside-sides.pdf (157 KB)

pdf
156.73 KB

Christoph Thoenissen Comment: Comment on Paper by Craig Burnside mi-burnside-comm.pdf (162 KB)

pdf
161.89 KB

Sebastian Edwards Paper: New Zealand and the Woody Allen Syndrome mi-edwards-paper.pdf (1 MB)

pdf
1001.36 KB

Sebastian Edwards Slides: New Zealand and the Woody Allen Syndrome mi-edwards-slides.pdf (337 KB)

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336.46 KB

John McDermott Comment: Comment on Paper by Sebastian Edwards mi-edwards-comm.pdf (171 KB)

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170.73 KB

Philip Lane Paper: External Imbalances and Macroeconomic Policy in New Zealand mi-lane-paper.pdf (227 KB)

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226.92 KB

Philip Lane Slides: New Zealand's External Imbalances and Macroeconomic Policy mi-lane-slides.pdf (84 KB)

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83.02 KB

Norman Gemmell Comment: Comment on Paper by Philip Lane mi-lane-comm.pdf (113 KB)

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112.62 KB

Anne-Marie Brook Paper: Making Fiscal Policy More Stabilising in the Next Upturn: Challenges and Policy Options mi-brook-paper.pdf (444 KB)

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443.7 KB

Anne-Marie Brook Slides: Making Fiscal Policy More Stabilising in the Next Upturn: Challenges and Policy Options mi-brook-slides.pdf (1.1 MB)

pdf
1.13 MB

David Plank Comment: Comment on Paper by Anne-Marie Brook mi-brook-comm.pdf (28 KB)

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27.49 KB

Prasanna Gai Slides: Macro-Prudential Policy: the debate and some implications for New Zealand mi-gai-slides.pdf (473 KB)

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361.15 KB

Toni Gravelle Comment: Comment on Presentation by Prasanna Gai mi-gai-comm.pdf (871 KB)

pdf
870.06 KB

Peter Jarrett Slides: Housing, the New Zealand Business Cycle and Macro Imbalances mi-jarrett-slides.pdf (652 KB)

pdf
651.99 KB

Michael Reddell Comment: Comment on Presentation by Peter Jarrett mi-jarrett-comm.pdf (632 KB)

pdf
631.36 KB

Discussion Panel Comments

John McDermott Discussion Panel Comment mi-mcdermott.pdf (23 KB)

pdf
22.92 KB

Hoe Ee Khor Discussion Panel Comment mi-panel-khor.pdf (550 KB)

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549.71 KB

Brian Easton Discussion Panel Comment mi-panel.easton.pdf (22 KB)

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21.72 KB

Arthur Grimes Discussion Panel Comment mi-panel-grimes.pdf (66 KB)

pdf
65.29 KB

Opening and Closing Comments

Gabriel Makhlouf Opening Comments mi-open-mahklouf.pdf (18 KB)

pdf
17.75 KB

Geoff Bascand Closing Comments mi-closing-bascand.pdf (35 KB)

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34.05 KB

Co Hosts

The policy forum was organised by the Treasury in conjunction with the Reserve Bank of New Zealand and Victoria University of Wellington.

 

 

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Victoria University of Wellington Logo

Contacts for Enquiries

Last updated: 
Monday, 21 March 2011