RBNZ’s latest Bulletin is released now.
The contents:
First article looks at the interaction between monetary and macro-prudential policies:
- It concludes that macro-prudential policies set in pursuit of financial stability can, at times, have implications for monetary policy. Monetary policy set in pursuit of price stability can also have significant effects on financial stability. The article says that the two policies will usually be complementary, but that some situations will require careful policy coordination.
The second examines the volatility of New Zealand’s terms of trade – a key influence on New Zealand’s economy.
The third article provides an update on the Kauri bond market. Kauri bonds are a New Zealand dollar denominated security, issued and registered in New Zealand by a foreign entity.
Full text is here (PDF): June 2014 edition of the Reserve Bank Bulletin
