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Since 2019, central banks have presided over perhaps the largest monetary stimulus the world has ever seen. Despite this, the surge in inflation surprised them. Read more
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
A long queue of people form a circle. Each has a coin purse slung over a shoulder. Read more
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
New Zealand’s economic and social decline is slowly receiving greater recognition amongst journalists and commentators. The litany of woes is daunting. Read more
Dr Oliver Hartwich appears on The Bolt Report, Sky News, to discuss the bleak economic outlook for New Zealand. Read more
On Sunday, the government announced an extension of the petrol excise and Road User Charge holiday, as well as half-price public transport, until the end of the year. The Beehive’s press release said that the move would reduce headline inflation by 0.5 percentage points. Read more
Read our submission, written by Dr Bryce Wilkinson to the Reserve Bank of New Zealand. This submission responds to the Bank’s 1 June 2022 consultation paper, Supporting New Zealand’s economic stability. Read more
We can reasonably expect New Zealand’s economy to enter recession after the Reserve Bank raised its Official Cash Rate again by 50 basis points. No one likes being in recession, but current circumstances make it almost desirable. Read more
When expectations are low it is easy to be pleasantly surprised. Back in the 1980s, a school teacher once told me of a spontaneous surge of gratitude he had experienced towards a wayward pupil that morning. Read more