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Media release: Foresight economics correctly predicted New Zealand’s loss of price stability

Wellington (Thursday, 28 July 2022): In response to criticism of the Reserve Bank’s performance over the past four years, the Prime Minister and the Minister of Finance have accused critics of applying ‘hindsight economics’. Nothing could be further from the truth. Read more

Dr Oliver Hartwich
Dr Bryce Wilkinson
Media Release
28 July, 2022
How Central Bank Mistakes after 2019 led to inflation Cover

How central bank mistakes after 2019 led to inflation

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

Dr Bryce Wilkinson
Graeme Wheeler
Research Note
26 July, 2022

Inflation in NZ

Inflation in New Zealand has been on the rise (7.3 percent last quarter) as have the attempts to explain it. The RBNZ points to strong global economic activity, supply disruptions, and the Ukraine war. Read more

Dr Dennis Wesselbaum
Insights Newsletter
22 July, 2022

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