Reserve Bank of New Zealand (RBNZ)
Forecasting would improve with more regular data, says RBNZ’s McDermott
New Zealand is one of two advanced economies that uses quarterly data instead of monthly; current schedule has limited forecast improvements, RBNZ assistant governor says
IMF urges new macro-pru tools for RBNZ to tackle housing market
Debt-to-income tools would complement existing macro-prudential toolkit and help rein in household credit, fund says; RBNZ in pursuit of such powers but decision must come from government
New Zealand takes step towards new FMI framework
Reserve Bank of New Zealand and Financial Markets Authority in line for new regulatory powers under framework approved by cabinet; will be put to public before being introduced to parliament
RBNZ’s Krippner: term structure models can make for better policy
Central bank economist talks about his work on modelling monetary policy at the zero lower bound, and what comes next
People: RBNZ’s Bascand takes new role; Lithuanian deputy reappointed
Geoff Bascand becomes head of financial stability; Raimondas Kuodis gets a second term; Bank of Israel promotes two officials
Central Bank of Iceland picks SIA for payments overhaul
RTGS revamp will see a single system handle both high- and low-value payments; Italy-headquartered SIA wins contract
New Zealand government reviews monetary policy process
Opposition pledges it will make major changes to central bank mandate if elected
RBNZ paper develops ‘intuitive and reliable’ output gap measure
Authors turn to a “Beveridge-Nelson filter” to produce an output gap estimate that performs better than those produced by other filtering techniques
RBNZ paper sets out new house price indexes
Improved dataset allows design of three new indexes, all of which produce “credible-looking” outcomes
RBNZ to rethink capital requirements
Review will reassess country’s approach to Basel III implementation, after Australia decides to bolster its banks’ capital to be “unquestionably strong”
The winners of the 2017 Central Banking Awards
Bank of England wins Central Bank of the Year, while Carlos Fernández Valdovinos picks up Governor of the Year; Donald Kohn receives Lifetime Achievement Award; 15 more awards unveiled
RBNZ’s Wheeler: policy now has ‘neutral bias’
Risks to future rate movements “equally weighted”, governor says, though plenty of domestic and global risks could knock the outlook off course
RBNZ presses ahead with dashboard plan, despite bank concerns
Banks raise fears over the dashboard plan to publish disclosures on RBNZ website, but the central bank says it believes it can address all the concerns
Valdovinos is victorious in the first set of Central Banking’s 2017 awards
Paraguay’s governor Carlos Fernández Valdovinos scoops Governor of the Year; RBNZ’s Leo Krippner wins Economics; three more market practitioner awards announced
Economics in central banking: Leo Krippner
His work on term structure modelling has helped central bank policy-makers to track the effects of unconventional policies and it raises many interesting possibilities for future research
Graeme Wheeler to stand down this year
RBNZ governor will not seek a second term; deputy to take interim role as succession process complicated by elections
RBNZ paper sheds light on core macro model
'NZSIM' is a semi-structural model, with a DSGE core augmented with a handful of additional equations
People: RBNZ appoints new CIO; former BoE deputy to chair BBC
Reserve Bank of New Zealand appoints new CIO and head of risk assessment; David Clementi, former Bank of England deputy for financial stability, to head new BBC board; and more
New Zealand central bank asks for more macro-prudential powers
Capital’s housing prices "among the highest in the world", report says; heightened debt levels among farmers leave sector "vulnerable to future shocks"
Australasia has avoided stagnation trend – RBNZ’s Bascand
Different household behaviour in Australia and New Zealand appears to have contributed to higher growth and investment
RBNZ delivers rate cut as exchange rate strength persists
Board reaffirmed move in light of Trump victory, but cut has been in the offing for some time as NZ dollar strength holds down inflation
RBNZ’s Spencer sees need for better approach to FMI oversight
The framework, if put into legislation, would give the central bank and markets authority new powers of information-gathering and oversight
RBNZ moves to publish policy rate forecasts
Central bank scraps forecasts of 90-day bank bill rate as relationship with policy rate has been affected by global regulatory changes
Further policy easing will be required – RBNZ assistant governor
Another rate cut on the cards despite improved inflation outlook, says McDermott, emphasising need for accommodative monetary policy to push inflation to middle of target range