A research note released today by The New Zealand Initiative mainly attributes the outbreak of inflation in many economies to central bank mistakes. Co-authored by Graeme Wheeler, former Governor of the Reserve Bank of New Zealand, and Bryce Wilkinson, Senior Research Fellow at The New Zealand Initiative, the paper argues that central banks overall: were too confident about their monetary policy framework; were too confident about their models; were too confident they could control output and employment; lost their focus on price stability and took on too many mandates; faced conflicts in some cases with conflicting ‘dual mandate’ objectives; and were distracted by extraneous political objectives, such as climate change. Read more
New Zealand’s isolated geography should not fool us. In our interconnected world, no country is an island – at least metaphorically.
What happens in other places affects New Zealand: culturally, politically and economically.
A greater awareness of global affairs helps us make better choices for the future of our country. By looking overseas we can assess whether particular policies have proven beneficial or detrimental. That knowledge can be extremely helpful when determining whether policies should be introduced in New Zealand. It enables us to learn from the successes and failures of others. And it allows us to engage with our international peers on areas of mutual and strategic interest.
The New Zealand Initiative research follows international affairs, assesses their significance for New Zealand, and comments on them to help define the nation’s place in the global space.
Understanding how so-called Fair Pay Agreements and social unemployment insurance work overseas has provided us with hard evidence to oppose these schemes in New Zealand. We regularly comment on global affairs, and occasionally publish essays on New Zealand and the world, including The Outside of the Asylum (2017) and Why Europe Failed (2015)
Our regular International Outlook podcast series keeps our listeners up-to-date on international affairs and their significance for New Zealand.