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At least that is my first impression from the statements. Although last statement was the effectively the same: “We consider it appropriate to continue to provide substantial monetary policy stimulus to the economy. The OCR could still move modestly lower over the coming quarters. We continue to expect to keep the OCR at or below […]
BERL’s (cheif) economist Ganesh Nana has been telling people that the Reserve Bank needs to act to get the exchange rate down. I disagree in the most part and agree in another arbitrary part. The fact is that the “high” NZ dollar is the result of a bunch of factors: peoples willingness to lend to […]
It appears that economists at Infometrics believe New Zealand is not hurting enough from the global recession – that we aren’t noticing the true underlying risk of our debt position. Well at least that is what the title says. Reading the article indicates to me that the commentary is not on the current crisis at […]
Over at the Standard they discuss one of Lord Keynes’s “real ideas” – namely an international organisation that tries to push savers to spend, by buying the things borrowers save. When I put it this way the idea sounds ridiculous – which it is. This unusual view comes from a belief that a trade deficit […]
Matt observes that some crimes are not worth reporting, and it is probably sub-optimal for the police to do anything about them if they are reported. The flipside of that is the cost to society of criminalising behaviour and then refusing to enforce the rules. Sudhir Venkatesh and Steven Levitt’s new paper on prostitution in […]
Well of course it is, a recession is a typical part of a business cycle and we need one to help our economy achieve some balance. Now that I have provided my conclusion, let me meat it out a little bit. By recession I am thinking that NZ is going to have a growth recession […]