Reserve Bank Email Service
NEWS RELEASE
Date 27 June 2008
Time 11:30am
June 2008 Reserve Bank Bulletin released
The Reserve Bank today released the June 2008 issue of the Reserve Bank of New Zealand Bulletin.
This latest edition of the Bulletin focuses on monetary policy and its interaction with the business cycle in New
Zealand.
The first article looks at six New Zealand recessions since the 1930s Depression, identifying a range of factors
relevant for each. The article collects together for the first time economic data stretching back seven decades.
The second article discusses the changing manner by which the OCR affects the New Zealand economy and inflation. A range
of research suggests that, despite the changing 'transmission mechanism', the overall impact of the OCR on inflation
remains broadly unchanged.
The third article sets out and discusses the relationships and inter-dependencies between the Reserve Bank's monetary
policy and financial stability functions, arguing that monetary and financial stability policy actions need to be
coordinated.
The edition also presents two articles on New Zealand's coinage. The first shows how the imagery chosen for New
Zealand's decimal currency of 1967 came to be adopted, with illustrations and discussion of the large range of rejected
designs. The second documents the technical work done to establish the physical specification of New Zealand's new
nickel- and copper-plated 10, 20 and 50 cent coins.
You can read the Bulletin at the following link
http://www.rbnz.govt.nz/research/bulletin/
ENDS