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Note – this was going to be a video, but the day after writing it up I already saw better posts on it here and here and also here. However, the text I wrote is kept below as it adds an occasional additional point – so feel free to read those posts and this one […]
It has been a long time since I’ve closely followed New Zealand macroeconomic statistics – but I was a bit surprised seeing the headline “GDP jump of 14 per cent completes NZ’s ‘V’-shaped recovery“. Cliffs notes to this post – it was a strong result, but September likely wasn’t the strongest quarter on record, and […]
The RBNZ released a report estimating the economic impact of COVID-19 containment measures back in May. They estimate that one week of alert level four (L4) costs the economy about $2.2 billion in GDP. Stats NZ recently registered a 12.2% fall in GDP for the June quarter. Sobering stuff. These are big, scary numbers. Scarier […]
I have been preparing my lecture content for macroeconomics later in the year, and have thought it would be a bit of fun to finish with the following: discuss why the initial marginal propensity to consumer and the final multiplier on any “initial expenditure impulse” need not be related to each other. This is an […]
With COVID-19 causing concerns, the RBNZ announced to cut the official cash rate to 0.25% on 16 March. Given this the OCR is at a low level now- leading to open consideration of other potential “unconventional tools” such as Large Scale Asset Purchases (LSAP) or more commonly termed as Quantitative Easing. With this now taking […]
Former Governor of the Bank of England, Mervyn King is suggesting that “Economics Needs a Post-Crash Revolution” in a seeming admission that current frameworks don’t work in a world of radical uncertainty and necessary reallocation. Is the former BOE governor and academic icon correct, or is this an unfair critique of the mainstream? As a […]