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Mr. John Mendzela
This paper examines how major efficiency gains and improved effectiveness were simultaneously achieved at the Reserve Bank of New Zealand over a five-year period. It identifies the business management concepts that were used to transform the organization, outlines how they were applied, and evaluates the benefits obtained. The paper concludes that substantial real efficiency gains were achieved, while effectiveness was maintained or enhanced. Looking more widely, the business management concepts used to achieve these benefits could be applied to other central banks.
Mr. John Mendzela

similar to that in many industrial countries whose central banks have a mainly advisory and operational role. The new statute reflects the current trend toward more autonomous central banks focused on price stability. Did the work performed by the RBNZ change substantially? The RBNZ acquired more independence to act in accordance with its policy views, but the tasks themselves—whether policy development or operational—did not change in nature. The only changes to the RBNZ’s functions or operations likely to materially affect operating costs were the acquisition

International Monetary Fund

also can be made at other times. Only rarely will the RBNZ change the inflation outlook it uses to set policy in the periods between formal forecasts and releases. References Archer , D. , “ Relative Prices, Inflation, the Terms of Trade and the Policy Targets Agreement ,” Reserve Bank of New Zealand Bulletin , Vol. 56 ( Wellington : December 1993 ). Barro , Robert J. , “ Economic Growth in a Cross Section of Countries ,” Quarterly Journal of Economics , Vol. 106 ( 1991 ), pp. 407 – 43 . Beaumont , Craig , Vincenzo

International Monetary Fund
This paper reviews economic developments in New Zealand during 1992–95. According to the production measure, growth began to pick up in the middle of 1991, rising to about 3 percent in 1992/93, before jumping to nearly 6 percent in each of 1993/94 and 1994/95. Although export performance remained strong, the net contribution of the external balance turned negative in 1992/93–1994/95, as imports of capital goods surged in line with the expansion of investment. Gross fixed capital formation increased by 23 percent in real terms in 1994/95.