Reserve Bank of New Zealand Bulletin, Mar 2004

The Reserve Bank of New Zealand has published its quarterly Bulletin for March 2004. The March issue contains three articles and a speech given by Reserve Bank Governor Alan Bollard earlier this year on asset prices and monetary policy.

The first article reviews the Reserve Bank's understanding of how export volumes are influenced by the exchange rate. It concludes that export volumes are responsive to shifts in the real exchange rate, but that the influence of the exchange rate is relatively

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