Template-Type: ReDIF-Article 1.0
Author-Name: Grant Fleming 
Author-X-Name-First: Grant 
Author-X-Name-Last: Fleming 
Title: Keynes, purchasing power parity and exchange rate policy in New Zealand during the 1930s depression 
Abstract:
  This paper examines the intellectual pedigree of New Zealand economists'
 ideas on exchange rate policy up to and during the 1930s Depression. In
 1930, most economists argued that devaluation should not be an integral
 part of a depression policy package. By the time of the 1932 Economic
 Committee, however, devaluation was seen by almost every economist as
 necessary to bring about relative cost readjustment. It is argued that the
 consensus amongst economists was due to several factors: the transmission
 (through Copland) of Keynes's open economy precepts and the demonstration
 that the exchange rate has deviated permanently from its earlier
 purchasing power parity rate. 
Journal: New Zealand Economic Papers 
Pages: 1-14 
Issue: 1 
Volume: 31 
Year: 1997 
X-DOI: 10.1080/00779959709544262 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779959709544262 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:31:y:1997:i:1:p:1-14




Template-Type: ReDIF-Article 1.0
Author-Name: Malcolm Brown 
Author-X-Name-First: Malcolm 
Author-X-Name-Last: Brown 
Title: Developing an implicit price deflator for New Zealand's health sector 
Abstract:
  The paper develops a sectoral approach to the analysis of New Zealand's
 historical health expenditure statistics, establishing the feasibility of
 developing an implicit health-sector price deflator. Constructing the
 index requires reliance on own-price indices that do not adjust for
 productivity changes, and on some imputed health expenditure figures.
 Despite these limitations, the sectoral approach generates better insights
 concerning resource allocation trends in health than does the Ministry of
 Health's approach of generating constant-dollar health expenditure
 estimates through deflation of current dollars by the consumer price
 index. The sectoral estimates indicate that health prices relative to
 prices in other parts of the economy increased during 1961-1974, and
 declined during 1974-1993, although price movements were volatile by
 sub-period in the later years. The sectoral data also indicate that the
 growth rate in constant-dollar health expenditure per capita was
 relatively constant during the 32 years succeeding 1961, negating the
 widely held view that the growth rate in per capita utilisation increased
 during that period. Finally, the sectoral data indicate that, while the
 financial burden of providing health care has been generally increasing
 since 1961, the real burden reflecting the allocation of resources to
 health started increasing only in the mid-1970s, in the context of a
 decline in New Zealand's secular growth rate in gross domestic product. 
Journal: New Zealand Economic Papers 
Pages: 15-34 
Issue: 1 
Volume: 31 
Year: 1997 
X-DOI: 10.1080/00779959709544263 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779959709544263 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:31:y:1997:i:1:p:15-34




Template-Type: ReDIF-Article 1.0
Author-Name: Tim Hazledine 
Author-X-Name-First: Tim 
Author-X-Name-Last: Hazledine 
Author-Name: John Siegfried 
Author-X-Name-First: John 
Author-X-Name-Last: Siegfried 
Title: How did the wealthiest New Zealanders get so rich? 
Abstract:
  It has been found that, in Australia, the United States and Great
 Britain, about two-thirds of large personal fortunes originated in
 industries which economists would judge to be “competitive
 “, in the sense that entry and exit is easy so that marginal firms
 are not expected to earn above-normal profits. The possible explanations
 for this striking phenomenon are (a) returns to risk, (b) disequilibrium,
 and (c) inframarginal rents. This paper replicates the earlier analyses
 for New Zealand, using fortunes identified on the National Business
 Review's annual “Rich List” as the basis for the database.
 Seventy-nine per cent of New Zealand fortunes originated in industries
 judged to be competitive. The rate of new fortune accumulation has been
 steady since the Second World War. The most likely sectors for fortunes to
 appear in are manufacturing, and the “deal-making”
 industries (merchant banking, brokerage, insurance, real estate and
 property development). Nearly three-quarters of the fortunes were
 self-made. The proportion earned by first-generation immigrants just about
 exactly matches the proportion of such people in the general population
 (unlike the case in Australia). 
Journal: New Zealand Economic Papers 
Pages: 35-47 
Issue: 1 
Volume: 31 
Year: 1997 
X-DOI: 10.1080/00779959709544264 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779959709544264 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:31:y:1997:i:1:p:35-47




Template-Type: ReDIF-Article 1.0
Author-Name: Robert Leeson 
Author-X-Name-First: Robert 
Author-X-Name-Last: Leeson 
Title: Phillips, inflationary expectations, and the unemployment-reducing inflationary trade-off: Reply to chappie 
Abstract:
  Simon Chappie, after apparently reading no more than eight of the
 thousand or more pages that I have written on the Phillips curve,
 questions my interpretation of the theoretical and empirical components of
 Phillips' dynamic stabilisation exercise. Despite the existence of
 overwhelming evidence, Chappie also attempts to belittle Phillips '
 seminal contribution to the adaptive inflationary expectations literature.
 In this essay, I shall demonstrate that Chappie's assertions are not
 supported by the evidence. 
Journal: New Zealand Economic Papers 
Pages: 49-63 
Issue: 1 
Volume: 31 
Year: 1997 
X-DOI: 10.1080/00779959709544265 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779959709544265 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:31:y:1997:i:1:p:49-63




Template-Type: ReDIF-Article 1.0
Author-Name: Roger Bowden 
Author-X-Name-First: Roger 
Author-X-Name-Last: Bowden 
Title: The employment contracts act: Common law and uncommon economics 
Abstract:
  The New Zealand Employment Contracts Act 1991 is regarded internationally
 as a pathbreaking exercise in labour contracting, but internally is often
 perceived as contrary to prevailing community ideas about job security and
 tenure. Common law, as provisionally established by recent Employment
 Court rulings on fixed-term contracts, has rekindled debate about the
 relationship between case law and statutory law, and, through this window,
 the economic role of regulatory and judicial bodies in the labour market.
 This paper is a contribution to the analytical framework of this debate.
 It is cast in terms of the definition and assignment of property rights,
 the role of equity and bargaining power, and the relationship of these to
 economic efficiency. After considering more or less bilateral aspects of
 contract compliance, construction and completion, a possible assignment of
 rights in the case of fixed-term appointments is established, and issues
 of stakeholder identification, asymmetric bargaining power, and equity are
 considered. The paper concludes with some suggestions for an industrial
 relations framework under a revised Act. 
Journal: New Zealand Economic Papers 
Pages: 65-83 
Issue: 1 
Volume: 31 
Year: 1997 
X-DOI: 10.1080/00779959709544266 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779959709544266 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:31:y:1997:i:1:p:65-83




Template-Type: ReDIF-Article 1.0
Author-Name: John Parker 
Author-X-Name-First: John 
Author-X-Name-Last: Parker 
Title: Pharmaceutical patent reform in New Zealand 
Abstract:
  Australia has recently announced that it is to reform its patent laws to
 include a supplementary protection certificate extension procedure for
 pharmaceuticals. This paper describes why this reform is also necessary
 for New Zealand, by presenting evidence of effective patent life erosion
 in spite of the new 20 year patent term implemented in 1995. 
Journal: New Zealand Economic Papers 
Pages: 85-91 
Issue: 1 
Volume: 31 
Year: 1997 
X-DOI: 10.1080/00779959709544267 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779959709544267 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:31:y:1997:i:1:p:85-91




Template-Type: ReDIF-Article 1.0
Author-Name: John McMillan 
Author-X-Name-First: John 
Author-X-Name-Last: McMillan 
Title: Rugby meets economics 
Abstract:
  In professional rugby, the right mix of centralization and
 decentralization must be found, with both coordination from the rugby
 union and autonomy for the provincial teams. Too much central control
 could undermine the credibility of the playing-field competition; too
 little could allow competitive imbalances to arise. For competitive
 balance, there must be some rules on the movement of players among teams;
 however, these rules should not put an undue burden on the players. 
Journal: New Zealand Economic Papers 
Pages: 93-114 
Issue: 1 
Volume: 31 
Year: 1997 
X-DOI: 10.1080/00779959709544268 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779959709544268 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:31:y:1997:i:1:p:93-114




Template-Type: ReDIF-Article 1.0
Author-Name: Peter Lloyd 
Author-X-Name-First: Peter 
Author-X-Name-Last: Lloyd 
Author-Name: James Alvey 
Author-X-Name-First: James 
Author-X-Name-Last: Alvey 
Title: Book reviews 
Abstract:
  A Study of Economic Reform: The Case of New Zealand, edited by Brian
 Silverstone, Alan Bollard and Ralph Lattimore (Amsterdam: North-Holland,
 1996), i + 518 pp., ISBN 0 444 81985 1. Free to Work: The Liberalisation
 of New Zealand's Labour Markets, by Wolfgang Kasper (St Leonards: Centre
 for Independent Studies, 1996), xiii + 63 pp., ISBN 1 86432 0125. 
Journal: New Zealand Economic Papers 
Pages: 115-131 
Issue: 1 
Volume: 31 
Year: 1997 
X-DOI: 10.1080/00779959709544269 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779959709544269 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:31:y:1997:i:1:p:115-131




Template-Type: ReDIF-Article 1.0
Author-Name: Erkin Bairam 
Author-X-Name-First: Erkin 
Author-X-Name-Last: Bairam 
Title: Corrigendum: Research productivity in New Zealand university economics departments, 1988-1995 [New Zealand economic papers, 30(2), 1996, 229-241] 
Abstract:
Journal: New Zealand Economic Papers 
Pages: 133-134 
Issue: 1 
Volume: 31 
Year: 1997 
X-DOI: 10.1080/00779959709544270 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779959709544270 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:31:y:1997:i:1:p:133-134




Template-Type: ReDIF-Article 1.0
Author-Name: Kerryn Fowlie 
Author-X-Name-First: Kerryn 
Author-X-Name-Last: Fowlie 
Author-Name: Julian Wright 
Author-X-Name-First: Julian 
Author-X-Name-Last: Wright 
Title: Optimal currency denomination of public debt in new zealand 
Abstract:
  This paper addresses the issue of whether New Zealand's public debt
 obligations should be denominated in domestic or foreign currency. Using
 the tax-smoothing approach of Bohn (1990), we estimate optimal debt
 portfolios. We find that, contrary to recent Government policy and the
 results from a simple mean-variance analysis, the welfare-maximising
 policy requires that all public debt be denominated in foreign currency. 
Journal: New Zealand Economic Papers 
Pages: 137-151 
Issue: 2 
Volume: 31 
Year: 1997 
X-DOI: 10.1080/00779959709544271 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779959709544271 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:31:y:1997:i:2:p:137-151




Template-Type: ReDIF-Article 1.0
Author-Name: Claudio Michelini 
Author-X-Name-First: Claudio 
Author-X-Name-Last: Michelini 
Author-Name: Srikanta Chatterjee 
Author-X-Name-First: Srikanta 
Author-X-Name-Last: Chatterjee 
Title: Demographic variables in demand systems: An analysis of New Zealand household expenditure 1984-1992 
Abstract:
  Econometric analysis of household expenditure is an important area of
 economic inquiry because the estimated demand parameters are particularly
 useful in many behavioural aspects of demand forecasting and in welfare
 issues. This paper analyses expenditure patterns in Mew Zealand by
 estimating, on household budget data, complete demand systems with the
 following underlying cost function: [image omitted] which has been
 demographically extended to isolate household composition effects on
 consumption. This allows comparisons of the consumption behaviour of
 households and the welfare implications of the demographic parameters. In
 this paper, several demographically extended demand functions have been
 estimated and their behavioural and welfare implications compared Price,
 total expenditure and household size elasticities, computed from the
 “best” demand functions, are within expectations, and they
 offer some insights into consumer behaviour 
Journal: New Zealand Economic Papers 
Pages: 153-173 
Issue: 2 
Volume: 31 
Year: 1997 
X-DOI: 10.1080/00779959709544272 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779959709544272 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:31:y:1997:i:2:p:153-173




Template-Type: ReDIF-Article 1.0
Author-Name: Brendan O'Donovan 
Author-X-Name-First: Brendan 
Author-X-Name-Last: O'Donovan 
Author-Name: David Rae 
Author-X-Name-First: David 
Author-X-Name-Last: Rae 
Title: The determinants of house prices in New Zealand: An aggregate and regional analysis 
Abstract:
  This paper models the determinants of house prices in New Zealand at an
 aggregate and regional level. We model the demand for housing as part of
 households ' overall consumption decision and combine it with a supply
 curve and an aggregate consumption function. Dynamics are captured through
 an asymmetric error-correction mechanism: house price booms are different
 to house price slumps. House prices in 14 regions are also modelled. We
 find that relative house prices are affected by a region's economic
 performance, population, and by agricultural commodity prices. In contrast
 to UK evidence, we do not find that house prices in regions that are
 geographically close are more likely to be cointegrated. 
Journal: New Zealand Economic Papers 
Pages: 175-198 
Issue: 2 
Volume: 31 
Year: 1997 
X-DOI: 10.1080/00779959709544273 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779959709544273 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:31:y:1997:i:2:p:175-198




Template-Type: ReDIF-Article 1.0
Author-Name: David Rae 
Author-X-Name-First: David 
Author-X-Name-Last: Rae 
Title: A forward-looking model of aggregate consumption in New Zealand 
Abstract:
  An aggregate consumption function is estimated for New Zealand from 1974
 to 1995. The instability of previous New Zealand models is addressed by
 using a broad measure of net wealth and a theoretically more sound measure
 of income. Households are assumed to be forward-looking, but only partly
 so. They form rational expectations of next year's real income, but
 thereafler use a simple rule of thumb: real income will grow at a constant
 rate. An econometrically stable cointegrating equation is estimated and it
 performs well out of sample. The main conclusions are that consumption
 closely follows net wealth over both short and long time horizons; it
 responds more to expectations of future household income than to current
 income; there is a strong negative relationship between savings and house
 prices, but no corresponding link to equity prices; and the impact of real
 interest rates on savings is positive but weak and possibly insignificant. 
Journal: New Zealand Economic Papers 
Pages: 199-220 
Issue: 2 
Volume: 31 
Year: 1997 
X-DOI: 10.1080/00779959709544274 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779959709544274 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:31:y:1997:i:2:p:199-220




Template-Type: ReDIF-Article 1.0
Author-Name: Paul Hansen 
Author-X-Name-First: Paul 
Author-X-Name-Last: Hansen 
Title: Inference on “earnings dynamics over the life cycle: New evidence for New Zealand” 
Abstract:
  This note re-examines the main finding of Creedy's (1997a) study of
 income dynamics in New Zealand: regression towards the mean of taxable
 income and negative serial correlation. The Wald tests he used to conduct
 statistical inference, as well as being asymptotic tests, are not
 invariant to reparam-eterisations of the non-linear restrictions that are
 tested to arrive at this result. An alternative small-sample testing
 strategy, based on linear restrictions, is used here, and Creedy's finding
 is confirmed. 
Journal: New Zealand Economic Papers 
Pages: 221-227 
Issue: 2 
Volume: 31 
Year: 1997 
X-DOI: 10.1080/00779959709544275 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779959709544275 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:31:y:1997:i:2:p:221-227




Template-Type: ReDIF-Article 1.0
Author-Name: Martin Richardson 
Author-X-Name-First: Martin 
Author-X-Name-Last: Richardson 
Author-Name: Joe Wallis 
Author-X-Name-First: Joe 
Author-X-Name-Last: Wallis 
Author-Name: Tim Hazledine 
Author-X-Name-First: Tim 
Author-X-Name-Last: Hazledine 
Author-Name: Fred Gruen 
Author-X-Name-First: Fred 
Author-X-Name-Last: Gruen 
Author-Name: Paul Scuffham 
Author-X-Name-First: Paul 
Author-X-Name-Last: Scuffham 
Author-Name: Martin Lally 
Author-X-Name-First: Martin 
Author-X-Name-Last: Lally 
Title: Book reviews 
Abstract:
  International Trade and Competition Policy: CER, APEC and the WTO, by
 Kerrin M. Vautier and Peter J. Lloyd (Wellington: Institute of Policy
 Studies, 1997), xii + 178 pp., ISBN 0 908935 18 8. The Commercialisation
 of New Zealand, by Brian Easton (Auckland: Auckland University Press,
 1997), vii + 288 pp., ISBN 1 86940 173 5. The Business of Economics, by
 John Kay (Melbourne: Oxford University Press, 1996), xii + 216 pp., ISBN 0
 19 829222 8. Ungoverning the Economy: The Political Economy of Australian
 Economic Policy, by Stephen Bell (Melbourne: Oxford University Press,
 1997), xi + 324 pp., ISBN 0 19 553634 7. Hospital Cost Analysis, by James
 R. G. Butler (Dordrecht: Kluwer Academic Publishers, 1995), xxii + 393
 pp., ISBN 0 7923 3247 4. An Introduction to New Zealand Capital Markets,
 by Roger Bowden (Palmerston North: Dunmore Press, 1996), 186 pp., ISBN 0
 86469 276 5. 
Journal: New Zealand Economic Papers 
Pages: 229-248 
Issue: 2 
Volume: 31 
Year: 1997 
X-DOI: 10.1080/00779959709544276 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779959709544276 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:31:y:1997:i:2:p:229-248




Template-Type: ReDIF-Article 1.0
Author-Name: Dorian Owen 
Author-X-Name-First: Dorian 
Author-X-Name-Last: Owen 
Title: Journal report 
Abstract:
Journal: New Zealand Economic Papers 
Pages: 259-261 
Issue: 2 
Volume: 31 
Year: 1997 
X-DOI: 10.1080/00779959709544278 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779959709544278 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:31:y:1997:i:2:p:259-261




Template-Type: ReDIF-Article 1.0
Author-Name: John Gibson 
Author-X-Name-First: John 
Author-X-Name-Last: Gibson 
Title: Identifying the poor for efficient targeting: Results for papua new guinea 
Abstract:
  Many countries try to protect their poor during structural adjustment.
 Targeting is needed to prevent benefits leaking to the non-poor but
 screening for direct transfers may be too costly for developing countries.
 One solution is indirect targeting, based on the characteristics of the
 poor. Household survey data for urban areas of Papua New Guinea are used
 to show how a poverty index and probit estimation can identify multiple
 characteristics of poor households. The results suggest that interventions
 should be targeted towards larger households, where the head is unemployed
 and has lower levels of schooling. Female headship and age are not useful
 characteristics for targeting. 
Journal: New Zealand Economic Papers 
Pages: 1-18 
Issue: 1 
Volume: 32 
Year: 1998 
X-DOI: 10.1080/00779959809544279 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779959809544279 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:32:y:1998:i:1:p:1-18




Template-Type: ReDIF-Article 1.0
Author-Name: Alexander Bakker 
Author-X-Name-First: Alexander 
Author-X-Name-Last: Bakker 
Author-Name: John Creedy 
Author-X-Name-First: John 
Author-X-Name-Last: Creedy 
Title: Estimating the exponential family using grouped data: An application to the New Zealand income distribution 
Abstract:
  The exponential family of distributions offers considerable scope for the
 analysis of income distributions because of its ability to 'nest' many
 densities and the possibility of deriving special cases explicitly from
 labour demand and supply models. This paper presents several estimation
 methods based on the use of grouped data. These methods are motivated by
 the fact that many income distribution data are available in grouped form.
 The methods are applied to New Zealand income distribution data for males
 and females in a number of age groups. The generalised gamma distribution
 is found to provide the best fit to the distributions of most age groups.
 Three of the four parameters of the generalized gamma distribution are
 expressed as functions of age and conditional generalised gamma
 distributions are estimated using maximum likelihood, modified for grouped
 data. The estimated model captured the major empirical features of the
 changing distribution of income with age. 
Journal: New Zealand Economic Papers 
Pages: 19-39 
Issue: 1 
Volume: 32 
Year: 1998 
X-DOI: 10.1080/00779959809544280 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779959809544280 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:32:y:1998:i:1:p:19-39




Template-Type: ReDIF-Article 1.0
Author-Name: Lindsay Tedds 
Author-X-Name-First: Lindsay 
Author-X-Name-Last: Tedds 
Title: What goes up must come down (but not necessarily at the same rate): Testing for asymmetry in New Zealand time series 
Abstract:
  The notion that many macroeconomic variables fluctuate asymmetrically
 over time is not new to economic theory but it is relatively new to
 empirical economics. The most common empirical representations of
 aggregate time series are usually smooth and sluggish. This study employs
 the test for steepness and deepness to the cyclical component (extracted
 via the HP filter) of eight New Zealand economic time series. We find that
 there is no evidence of asymmetry in the cycles of any of the series. 
Journal: New Zealand Economic Papers 
Pages: 41-55 
Issue: 1 
Volume: 32 
Year: 1998 
X-DOI: 10.1080/00779959809544281 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779959809544281 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:32:y:1998:i:1:p:41-55




Template-Type: ReDIF-Article 1.0
Author-Name: Azmat Gani 
Author-X-Name-First: Azmat 
Author-X-Name-Last: Gani 
Title: Some empirical evidence on the determinants of immigration from Fiji to New Zealand: 1970-94 
Abstract:
  This paper formulates and tests a model for migration from Fiji to New
 Zealand within the human capital framework using time-series data from
 1970-94. The error-correction model, which appears to adequately
 characterise the data generation process, reveals that wage and
 unemployment differentials are statistically significant variables
 explaining permanent and long-term migration from Fiji to New Zealand.
 Equally important are the findings for the living standard differential
 between Fiji and New Zealand and Fiji's political instability, while
 exhibiting the correct signs on their coefficients, these are not
 statistically significant variables in explaining permanent and long-term
 migration. The cost variable did not prove to be important in explaining
 migration from Fiji to New Zealand. 
Journal: New Zealand Economic Papers 
Pages: 57-69 
Issue: 1 
Volume: 32 
Year: 1998 
X-DOI: 10.1080/00779959809544282 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779959809544282 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:32:y:1998:i:1:p:57-69




Template-Type: ReDIF-Article 1.0
Author-Name: Steven Bourassa 
Author-X-Name-First: Steven 
Author-X-Name-Last: Bourassa 
Title: Owner-occupied housing costs and the consumer price index 
Abstract:
  The cost of owner-occupied housing is a difficult and controversial
 component of the consumer price index. The methods used to measure these
 costs in New Zealand violate basic principles: the items sampled are not
 constant-quality and the costs are not per period. Moreover, the weight
 given to mortgage interest rates is inappropriate given the low average
 loan-to-value ratio in New Zealand, which implies that the after tax
 return on alternative investments is the most important rate. The
 theoretically correct user cost is examined as an alternative to the
 current method, but rejected due to measurement problems. In contrast, the
 rental equivalence method is both theoretically sound and administratively
 feasible. 
Journal: New Zealand Economic Papers 
Pages: 71-82 
Issue: 1 
Volume: 32 
Year: 1998 
X-DOI: 10.1080/00779959809544283 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779959809544283 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:32:y:1998:i:1:p:71-82




Template-Type: ReDIF-Article 1.0
Author-Name: Lewis Evans 
Author-X-Name-First: Lewis 
Author-X-Name-Last: Evans 
Author-Name: Neil Quigley 
Author-X-Name-First: Neil 
Author-X-Name-Last: Quigley 
Author-Name: Sayeeda Bano 
Author-X-Name-First: Sayeeda 
Author-X-Name-Last: Bano 
Author-Name: Nancy Devlin 
Author-X-Name-First: Nancy 
Author-X-Name-Last: Devlin 
Author-Name: Alireza Tourani Rad 
Author-X-Name-First: Alireza Tourani 
Author-X-Name-Last: Rad 
Title: Book reviews 
Abstract:
  Money and Medicines: An Economic Analysis of Reference Pricing and
 Related Public-sector Cost-containment Systems for Pharmaceuticals with
 Special Reference to New Zealand, by Alan Woodfield, John Fountain and Pim
 Borren (Merck Sharp and Dohme (New Zealand) Ltd.), October 1997 Tigers in
 New Zealand: The Role of Asian Investment in the Economy, by Cremer, R.D.
 and B. Ramasamy (Wellington: Institute of Policy Studies), 1996. 115
 Pages. ISBN 0-08935-5-3 Investing in Minds: The Economics of Higher
 Education in New Zealand, by S. Maani (Wellington: Institute of Policy
 Studies), 1997, ISBN 0-908935-11-0 Corporate Governance: Economic,
 Management, and Financial Issues, edited by Kevin Keasey, Steve Thompson
 and Mike Wright (Oxford University Press), 1997, XII + 308 pp. ISBN
 0-19-828991-x 
Journal: New Zealand Economic Papers 
Pages: 83-103 
Issue: 1 
Volume: 32 
Year: 1998 
X-DOI: 10.1080/00779959809544284 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779959809544284 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:32:y:1998:i:1:p:83-103




Template-Type: ReDIF-Article 1.0
Author-Name: Brian Bourdot 
Author-X-Name-First: Brian 
Author-X-Name-Last: Bourdot 
Author-Name: Mike Frith 
Author-X-Name-First: Mike 
Author-X-Name-Last: Frith 
Author-Name: Graeme Wells 
Author-X-Name-First: Graeme 
Author-X-Name-Last: Wells 
Title: Convergence in an open-economy growth model 
Abstract:
  What does recent work on neoclassical growth models have to say about the
 time taken to reap the benefits of economic reform? Recent empirical
 research has seen the emergence of the stylised fact that economies
 converge to their steady-state growth path at a rate of 2 per cent per
 annum - a result which is often taken to imply that the payoff period is
 quite long. Consistency with this stylised fact has been one criterion for
 inclusion of human capital and for imposing credit constraints on
 international borrowing in theoretical growth models. By contrast,
 data-consistent models of the kind routinely used for forecasting and
 policy analysis do not include human capital, often assume perfect capital
 mobility, and converge at a much faster rate than 2 per cent per annum.
 This paper reviews the origins of the 2 per cent rule, arguing that
 existing evidence for the rule is weak and that in any case it can be a
 misleading guide to the payoff period in policy applications. We then
 analyse the convergence properties of the NZM model of the New Zealand
 Treasury, which has an open-economy Solow-Swan model as its steady state. 
Journal: New Zealand Economic Papers 
Pages: 107-127 
Issue: 2 
Volume: 32 
Year: 1998 
X-DOI: 10.1080/00779959809544285 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779959809544285 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:32:y:1998:i:2:p:107-127




Template-Type: ReDIF-Article 1.0
Author-Name: Viv Hall 
Author-X-Name-First: Viv 
Author-X-Name-Last: Hall 
Author-Name: Kunhong Kim 
Author-X-Name-First: Kunhong 
Author-X-Name-Last: Kim 
Author-Name: Robert Buckle 
Author-X-Name-First: Robert 
Author-X-Name-Last: Buckle 
Title: Pacific rim business cycle analysis: Synchronisation and volatility 
Abstract:
  This paper examines sychronisation and volatility of the business cycles
 of Pacific Rim countries which are closely linked by trade. Close
 synchronisation is evident amongst groups of countries, but it is
 difficult to establish meaningful cycle synchronisation between countries
 outside these groups. For instance, the cycles of New Zealand and
 Australia are closely synchronised with the USA cycle rather than with
 Hong Kong, Korea, Singapore and Taiwan, or with Japan. Average cycle
 volatility varies markedly across countries, from the lower volatility
 countries of Japan, USA and Australia, through to the high volatility
 economies of Hong Kong, Korea, and Singapore. But cycle volatility has
 also changed markedly over time, and the pattern of change is typically
 similar between countries that can be grouped in terms of cycle
 synchronisation. For example, the pattern for New Zealand has resembled
 the paths evident for USA and Australia. Similarly, Korea, Hong Kong,
 Singapore and Taiwan have experienced a relatively common pattern of
 change in volatility, which differs from that for USA, Australia and New
 Zealand. 
Journal: New Zealand Economic Papers 
Pages: 129-159 
Issue: 2 
Volume: 32 
Year: 1998 
X-DOI: 10.1080/00779959809544286 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779959809544286 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:32:y:1998:i:2:p:129-159




Template-Type: ReDIF-Article 1.0
Author-Name: Paul Conway 
Author-X-Name-First: Paul 
Author-X-Name-Last: Conway 
Title: Macroeconomic variability in New Zealand: An SVAR study 
Abstract:
  Structural vector autoregressive (SVAR) methodology is used to assess
 possible sources of macroeconomic variability in the New Zealand economy.
 As a test of robustness, two alternative business cycle filters are used
 to remove stochastic trends from integrated time series data. Regardless
 of the way in which cyclical fluctuations are empirically measured, the
 investigation attributes a considerable share of variability in the New
 Zealand macroeconomy to foreign sector shocks, particularly over the
 longer term. Furthermore, the relative importance of the various sources
 of variability are found to change following the removal of nominal
 interest rate and other controls and the floating of the New Zealand
 dollar in the mid-1980s. 
Journal: New Zealand Economic Papers 
Pages: 161-186 
Issue: 2 
Volume: 32 
Year: 1998 
X-DOI: 10.1080/00779959809544287 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779959809544287 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:32:y:1998:i:2:p:161-186




Template-Type: ReDIF-Article 1.0
Author-Name: Rainer Winkelmann 
Author-X-Name-First: Rainer 
Author-X-Name-Last: Winkelmann 
Title: The economic benefits of schooling in New Zealand: Comment and update 
Abstract:
  In this paper, I discuss the interpretation of qualification related
 income differentials from income functions that control for age rather
 than the theoretically more appropriate variable years of labour market
 experience. I re-estimate income functions for New Zealand that were
 originally reported by Maani (1997) with changed specification, and I
 update her results by also estimating an income function with data from
 the 1996 Census. 
Journal: New Zealand Economic Papers 
Pages: 187-195 
Issue: 2 
Volume: 32 
Year: 1998 
X-DOI: 10.1080/00779959809544288 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779959809544288 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:32:y:1998:i:2:p:187-195




Template-Type: ReDIF-Article 1.0
Author-Name: Martin Lally 
Author-X-Name-First: Martin 
Author-X-Name-Last: Lally 
Title: Public sector cost of capital: A comparison of two models 
Abstract:
  This paper describes and compares two processes for assessing and
 assigning cost of capital in the public sector: that for Departments under
 the Capital Charge process and that recommended for SOEs. The processes
 are similar in the sense of using private sector type technology, and in
 particular the Capital Asset Pricing Model. However they differ in six
 respects, and these are examined. Three of these points of difference are
 attributable to different assumptions about the tax environment, and
 modification of the Capital Charge process is recommended in these
 respects. 
Journal: New Zealand Economic Papers 
Pages: 197-214 
Issue: 2 
Volume: 32 
Year: 1998 
X-DOI: 10.1080/00779959809544289 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779959809544289 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:32:y:1998:i:2:p:197-214




Template-Type: ReDIF-Article 1.0
Author-Name: Arthur Grimes 
Author-X-Name-First: Arthur 
Author-X-Name-Last: Grimes 
Title: The Asian financial crisis: How long will the downturn last? 
Abstract:
  This paper analyses the likely length of the economic downturn currently
 being experienced in many Asian countries following their financial
 crises. Past international experience following financial crises is
 examined, and data is marshalled to demonstrate the severity of the
 “credit crunch” being experienced in a number of
 “tiger” economies. This evidence, coupled with the high
 profile banking problems in a number of these countries, leads to the
 conclusion that most of the affected countries will not experience a
 significant rebound in growth for some considerable time. 
Journal: New Zealand Economic Papers 
Pages: 215-224 
Issue: 2 
Volume: 32 
Year: 1998 
X-DOI: 10.1080/00779959809544290 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779959809544290 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:32:y:1998:i:2:p:215-224




Template-Type: ReDIF-Article 1.0
Author-Name: Grant Cobie 
Author-X-Name-First: Grant 
Author-X-Name-Last: Cobie 
Author-Name: Steven Lim 
Author-X-Name-First: Steven 
Author-X-Name-Last: Lim 
Author-Name: Tim Hazledine 
Author-X-Name-First: Tim 
Author-X-Name-Last: Hazledine 
Title: Book reviews 
Abstract:
  Taking New Zealand Seriously: the Economics of Decency, by Tim Hazledine,
 Harper-Collins (Auckland) 1998, 237pp. ISBN 1 86950 283 3 The Role Of
 Government In East Asian Economic Development, Masahiko Aoki, Hyung-Ki Kim
 and Masahiro Okuno-Fujiwara (eds) (Clarendon Press, Oxford, 1997), 448pp.
 ISBN 0 19 8294913. The Structure and Dynamics of New Zealand Industries,
 edited by Michael Pickford and Alan Bollard (The Dunmore Press), 1998,
 384pp. ISBN 0 86469 320 6. 
Journal: New Zealand Economic Papers 
Pages: 225-235 
Issue: 2 
Volume: 32 
Year: 1998 
X-DOI: 10.1080/00779959809544291 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779959809544291 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:32:y:1998:i:2:p:225-235




Template-Type: ReDIF-Article 1.0
Author-Name: Frank Scrimgeour 
Author-X-Name-First: Frank 
Author-X-Name-Last: Scrimgeour 
Title: Journal report 
Abstract:
Journal: New Zealand Economic Papers 
Pages: 245-246 
Issue: 2 
Volume: 32 
Year: 1998 
X-DOI: 10.1080/00779959809544293 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779959809544293 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:32:y:1998:i:2:p:245-246




Template-Type: ReDIF-Article 1.0
Author-Name: David Haugh 
Author-X-Name-First: David 
Author-X-Name-Last: Haugh 
Author-Name: Tim Hazledine 
Author-X-Name-First: Tim 
Author-X-Name-Last: Hazledine 
Title: Oligopoly behaviour in the Trans-Tasman air travel market: The case of kiwi international 
Abstract:
  The duopoly of Air New Zealand and Qantas serving the Trans-Tasman air
 travel market was disturbed in August 1995 by the entry of a small former
 charter airline, Kiwi International, based in Hamilton, NZ. Kiwi exited
 into liquidation in September 1996. The intervening thirteen months saw
 the entry of a 'fighting brand' no-frills airline, Freedom Air, set up by
 Air New Zealand to compete directly with Kiwi, and then a general price
 war initiated by Qantas, which directly preceded Kiwi's demise. Was the
 behaviour of the incumbent duopolists 'predatory', in the sense of being
 designed to drive the new entrant from the market? Standard tests based on
 comparisons of price and costs are inconclusive. The innovation of this
 paper is to model the oligopolistic behaviour of the firms before and
 after entry. It is found that the duopolists became substantially more
 'competitive' during the price war period, consistent with an
 interpretation of intent to predate. 
Journal: New Zealand Economic Papers 
Pages: 1-25 
Issue: 1 
Volume: 33 
Year: 1999 
X-DOI: 10.1080/00779959909544295 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779959909544295 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:33:y:1999:i:1:p:1-25




Template-Type: ReDIF-Article 1.0
Author-Name: Leo Bonato 
Author-X-Name-First: Leo 
Author-X-Name-Last: Bonato 
Title: Price stability: Some costs and benefits in New Zealand 
Abstract:
  Tax systems based on nominal income are non-neutral to inflation. This
 paper evaluates the welfare effects of these non-neutralities in New
 Zealand. By using a stylised model of the New Zealand tax system, the
 paper calculates marginal effective tax rates for different values of the
 inflation rate. Following Feldstein (1997a, 1997b), the paper then
 estimates the welfare effects of going from 2 percent 'true' inflation to
 price stability. The results are supportive of price stability, but they
 are not robust to all plausible values of some key parameters. 
Journal: New Zealand Economic Papers 
Pages: 27-49 
Issue: 1 
Volume: 33 
Year: 1999 
X-DOI: 10.1080/00779959909544296 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779959909544296 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:33:y:1999:i:1:p:27-49




Template-Type: ReDIF-Article 1.0
Author-Name: John Gibson 
Author-X-Name-First: John 
Author-X-Name-Last: Gibson 
Title: Correlation versus causation and the apparent external benefits of education 
Abstract:
  There is a widely reported positive correlation between education and the
 amount of volunteer time given. Many researchers assume this is a causal
 relationship, so increased volunteer work has been added to the list of
 'external benefits' of education. These 'external benefits' make public
 subsidies to higher education seem more justifiable. This study uses data
 from a specially collected sample of New Zealand identical twins to test
 the relationship between education and volunteer labour supply, holding
 unobservable family effects constant. Multiple measurements of education
 levels were also collected so that any bias in the results due to
 measurement errors could be corrected. The results show that once family
 unobservables are controlled for, extra education significantly reduces
 the amount of volunteer time donated. This reversal in the results is a
 reminder of the lesson that correlation does not imply causation. 
Journal: New Zealand Economic Papers 
Pages: 51-69 
Issue: 1 
Volume: 33 
Year: 1999 
X-DOI: 10.1080/00779959909544297 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779959909544297 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:33:y:1999:i:1:p:51-69




Template-Type: ReDIF-Article 1.0
Author-Name: Alan Deardorff 
Author-X-Name-First: Alan 
Author-X-Name-Last: Deardorff 
Author-Name: Ralph Lattimore 
Author-X-Name-First: Ralph 
Author-X-Name-Last: Lattimore 
Title: Trade and factor-market effects of New Zealand's reforms 
Abstract:
  International trade protectionism is frequently supported on the
 assumption that importables provide more jobs for unskilled labour than
 does the exportable sector. This contention is questioned here by
 reference to the factor intensity of New Zealand trade. Exportables are
 found to be more intensive in the use of unqualified labour services,
 especially females. The paper examines these issues before and after the
 recent reforms with their associated trade changes and analyses these
 effects on the sectoral employment of labour, capital and land. 
Journal: New Zealand Economic Papers 
Pages: 71-91 
Issue: 1 
Volume: 33 
Year: 1999 
X-DOI: 10.1080/00779959909544298 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779959909544298 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:33:y:1999:i:1:p:71-91




Template-Type: ReDIF-Article 1.0
Author-Name: Graeme Guthrie 
Author-X-Name-First: Graeme 
Author-X-Name-Last: Guthrie 
Author-Name: Julian Wright 
Author-X-Name-First: Julian 
Author-X-Name-Last: Wright 
Author-Name: Jun Yu 
Author-X-Name-First: Jun 
Author-X-Name-Last: Yu 
Title: Testing the expectations theory of the term structure for New Zealand 
Abstract:
  This paper tests the rational expectations theory of the term structure
 using recent daily, weekly, and monthly observations on New Zealand
 interest rates. We find that for many maturities we cannot reject the
 expectations hypothesis using both short and long versions of the theory.
 These results are interpreted as further evidence that the failure of the
 expectations hypothesis in the United States is due to the specific
 interest rate smoothing behaviour of the Federal Reserve. 
Journal: New Zealand Economic Papers 
Pages: 93-114 
Issue: 1 
Volume: 33 
Year: 1999 
X-DOI: 10.1080/00779959909544299 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779959909544299 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:33:y:1999:i:1:p:93-114




Template-Type: ReDIF-Article 1.0
Author-Name: Richard Ball 
Author-X-Name-First: Richard 
Author-X-Name-Last: Ball 
Author-Name: Ross Cullen 
Author-X-Name-First: Ross 
Author-X-Name-Last: Cullen 
Author-Name: Christopher Gan 
Author-X-Name-First: Christopher 
Author-X-Name-Last: Gan 
Title: The diffusion of energy efficiency innovations among residential energy consumers 
Abstract:
  The escalating economic and environmental costs associated with energy
 use, in conjunction with the energy sector reforms, have lead to increased
 interest in residential energy efficiency. The current paper uses a
 diffusion of innovations approach to develop qualitative choice models for
 the consideration and adoption of energy efficiency devices. The models
 were estimated using data collected from 705 Christchurch households.
 Perceived attributes such as financial savings, purchase price and the
 life of the product were found to be important components of problem
 recognition and distinguished those who had considered adoption from those
 who had not. Among those who had already considered adoption it was the
 communication channels, not the perceived attributes, that were the
 distinguishing features. Proponents of energy efficiency focus their
 attention on establishing inter-personal communication strategies and
 increasing the visibility of benefits, rather than relying on price
 subsidies or mass-media campaigns. 
Journal: New Zealand Economic Papers 
Pages: 115-135 
Issue: 1 
Volume: 33 
Year: 1999 
X-DOI: 10.1080/00779959909544300 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779959909544300 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:33:y:1999:i:1:p:115-135




Template-Type: ReDIF-Article 1.0
Author-Name: Peter Read 
Author-X-Name-First: Peter 
Author-X-Name-Last: Read 
Title: Comparative static analysis of proportionate abatement obligations (PAO'Ss - a market-based instrument for responding to global warming 
Abstract:
Journal: New Zealand Economic Papers 
Pages: 137-147 
Issue: 1 
Volume: 33 
Year: 1999 
X-DOI: 10.1080/00779959909544301 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779959909544301 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:33:y:1999:i:1:p:137-147




Template-Type: ReDIF-Article 1.0
Author-Name: Ellen Annin 
Author-X-Name-First: Ellen 
Author-X-Name-Last: Annin 
Author-Name: Stuart Locke 
Author-X-Name-First: Stuart 
Author-X-Name-Last: Locke 
Author-Name: Caroline Saunders 
Author-X-Name-First: Caroline 
Author-X-Name-Last: Saunders 
Author-Name: Emmett Sullivan 
Author-X-Name-First: Emmett 
Author-X-Name-Last: Sullivan 
Title: Book reviews 
Abstract:
  Tom or Jerry? The Employment Contracts Act: The Judicial Influence
 1991-1997 by Jack Hodder and Jane Forster (Wellington: Institute of Policy
 Studies), 1998. 89 pp text; 2 appendices listing cases. ISBN 0 90893523
 Today's Schools — Governance and Quality, by Simon Smelt
 (Wellington: Institute of Policy Studies), 1998. ISBN 0 908935277 Trade
 Policy and Economic Welfare, by W.M. Corden, (Oxford University Press),
 1997. ISBN 0 198292236 A Concise Economic History of the World From
 Palaeolithic Times to the Present, by R Cameron, (New York: Oxford
 University Press), 1997, i-xxi + 454pp., ISBN 0 195107810 
Journal: New Zealand Economic Papers 
Pages: 149-163 
Issue: 1 
Volume: 33 
Year: 1999 
X-DOI: 10.1080/00779959909544302 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779959909544302 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:33:y:1999:i:1:p:149-163




Template-Type: ReDIF-Article 1.0
Author-Name: David Greasley 
Author-X-Name-First: David 
Author-X-Name-Last: Greasley 
Author-Name: Les Oxley 
Author-X-Name-First: Les 
Author-X-Name-Last: Oxley 
Title: Growing Apart? Australia and New Zealand growth experiences, 1870-1993 
Abstract:
  The paper uses a recently created annual per capita income series for New
 Zealand, 1870-1993 to consider the existence of convergence between New
 Zealand and Australia. The results show that the New Zealand GDP per
 capita series is integrated of order 1, I(1), and neither a single or
 joint break overturns the null of a unit root. Based on the time series
 properties of Australian data described in Oxley and Greasley (1995) this
 result for the New Zealand data is incompatible with her belonging to a
 trans-Tasman Convergence Club. A conjunction of smaller size, more insular
 economic policies, and a less favourable resource endowment distinguishes
 New Zealand's economic development from Australia's. 
Journal: New Zealand Economic Papers 
Pages: 1-13 
Issue: 2 
Volume: 33 
Year: 1999 
X-DOI: 10.1080/00779959909544304 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779959909544304 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:33:y:1999:i:2:p:1-13




Template-Type: ReDIF-Article 1.0
Author-Name: Claudio Michelini 
Author-X-Name-First: Claudio 
Author-X-Name-Last: Michelini 
Title: New Zealand household consumption patterns 1983-1992: An application of the almost-ideal-demand-system 
Abstract:
  Econometric analysis of household expenditure is a most important area of
 economic inquiry because the estimated demand parameters are particularly
 useful in many of the behavioural aspects of forecasting consumer demand
 as well as in welfare issues. This paper analyses expenditure patterns in
 New Zealand by estimating, on a time series of budget consumption data, a
 demand system based on a demographically extended version of the Almost
 Ideal Demand System. From the estimated system we have computed the price,
 total expenditure and household size elasticities which are within
 expectations and offer some insights of consumer behaviour. 
Journal: New Zealand Economic Papers 
Pages: 15-26 
Issue: 2 
Volume: 33 
Year: 1999 
X-DOI: 10.1080/00779959909544305 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779959909544305 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:33:y:1999:i:2:p:15-26




Template-Type: ReDIF-Article 1.0
Author-Name: Ravi Ratnayake 
Author-X-Name-First: Ravi 
Author-X-Name-Last: Ratnayake 
Author-Name: Blair Townsend 
Author-X-Name-First: Blair 
Author-X-Name-Last: Townsend 
Title: The geographical pattern of New Zealand's international trade: An application of the gravity model 
Abstract:
  This study uses the gravity model to analyse the geographical pattern of
 New Zealand's foreign trade, and the extent to which closer economic
 relations have influenced this pattern using cross-section data separately
 for each of the years 1987 through to 1992. This is then repeated using
 pooled cross-section time-series data for the period 1987 to 1992. The
 model includes exporters' and importers' incomes and populations, the
 distance between them, and dummy variables for preference under APEC, the
 British Commonwealth and CER, and resistance to trade with Socialist
 countries, as explanatory variables. All the coefficients are found to be
 statistically significant and of the expected signs except for the CER
 coefficient. These coefficients also remain stable over the different
 years sampled and are not significantly different from those for the
 pooled data set. The results show APEC, British Commonwealth membership,
 and Socialism have a significant influence on New Zealand's trade pattern,
 whereas CER has not affected New Zealand's pattern of trade over the
 period studied. 
Journal: New Zealand Economic Papers 
Pages: 27-38 
Issue: 2 
Volume: 33 
Year: 1999 
X-DOI: 10.1080/00779959909544306 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779959909544306 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:33:y:1999:i:2:p:27-38




Template-Type: ReDIF-Article 1.0
Author-Name: Michael Pickford 
Author-X-Name-First: Michael 
Author-X-Name-Last: Pickford 
Author-Name: Stephen Haslett 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Haslett 
Title: A statistical test of single firm market power 
Abstract:
  A market structure-performance model is used to search for a structural
 break in the leading firm market share-profitability relationship. The
 model, incorporating both market power and efficiency variables to account
 for variations in price-cost margins, is tested using cross-section
 1978/79 Census data for New Zealand manufacturing industries. A novel
 computational approach using backward and forward cusum and cusum of
 squared tests based on recursive residuals is used. A statistically
 significant breakpoint at a top firm market share of 16-17 per cent is
 found, with the model being much stronger for the sub-set of data above
 that point. 
Journal: New Zealand Economic Papers 
Pages: 39-58 
Issue: 2 
Volume: 33 
Year: 1999 
X-DOI: 10.1080/00779959909544307 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779959909544307 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:33:y:1999:i:2:p:39-58




Template-Type: ReDIF-Article 1.0
Author-Name: Alex Bakker 
Author-X-Name-First: Alex 
Author-X-Name-Last: Bakker 
Author-Name: John Creedy 
Author-X-Name-First: John 
Author-X-Name-Last: Creedy 
Title: Macroeconomic variables and income inequality in New Zealand: An exploration using conditional mixture distributions 
Abstract:
  This paper explores a method of examining the effects of macroeconomic
 variables on the personal distribution of income over time. The approach
 involves modelling the complete distribution of income in each year using
 a conditional mixture distribution. The parameters of the distribution are
 specified as functions of the macroeconomic variables. The paper shows how
 comparative static analysis, involving the Atkinson inequality measure,
 can be performed. The method is applied to male New Zealand income
 distribution data for wage and salary earners over the period 1985 to
 1994. It appears that cyclical variations in unemployment and GDP
 contributed substantially to the observed increase in inequality over the
 period 1987 to 1991 and the reduction in inequality during the years 1993
 and 1994. 
Journal: New Zealand Economic Papers 
Pages: 59-79 
Issue: 2 
Volume: 33 
Year: 1999 
X-DOI: 10.1080/00779959909544308 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779959909544308 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:33:y:1999:i:2:p:59-79




Template-Type: ReDIF-Article 1.0
Author-Name: Alan Deardorff 
Author-X-Name-First: Alan 
Author-X-Name-Last: Deardorff 
Author-Name: Ralph Lattimore 
Author-X-Name-First: Ralph 
Author-X-Name-Last: Lattimore 
Title: Trade and factor market effects of New Zealand's reforms - revisited. 
Abstract:
Journal: New Zealand Economic Papers 
Pages: 81-85 
Issue: 2 
Volume: 33 
Year: 1999 
X-DOI: 10.1080/00779959909544309 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779959909544309 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:33:y:1999:i:2:p:81-85




Template-Type: ReDIF-Article 1.0
Author-Name: Stuart Locke 
Author-X-Name-First: Stuart 
Author-X-Name-Last: Locke 
Author-Name: Tim Hazledine 
Author-X-Name-First: Tim 
Author-X-Name-Last: Hazledine 
Author-Name: Michegrave Akoorie 
Author-X-Name-First: Michegrave 
Author-X-Name-Last: Akoorie 
Author-Name: Amal Sanyal 
Author-X-Name-First: Amal 
Author-X-Name-Last: Sanyal 
Title: Book reviews 
Abstract:
  Public Ownership and the Community, by Peter McKinlay, (Wellington:
 Institute of Policy Studies), 1999. ISBN 0-908935-36-6. Five Years After:
 The New Zealand Labour Market and the Employment Contracts Act, by Tim
 Maloney, (Wellington: Institute of Policy Studies), 1998, i-xiii
 +128pp.,ISBN 0-908935-29-3 Succeeding in the World Economy: New Zealand
 Outward Direct Investment, Causes, Patterns and Effects, by A.E. Bollard
 and R.D. Cremer (Palmerston North: The Dunmore Press) for the Ministry of
 Foreign Affairs and Trade and Deloitte Touche Tohmatsu. 171 Pages. ISBN
 (Ministry of Foreign Affairs and Trade) 0-477-03756-9 (Deloitte Touche
 Tomatsu) 0-9089411-21-8. The Migration of Knowledge Workers: Second
 Generation Effects of India's Brain Drain, by Binod Khadria, (Sage
 Publications, 1999), 240 pp. ISBN 0-7619-9320-7 
Journal: New Zealand Economic Papers 
Pages: 87-105 
Issue: 2 
Volume: 33 
Year: 1999 
X-DOI: 10.1080/00779959909544310 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779959909544310 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:33:y:1999:i:2:p:87-105




Template-Type: ReDIF-Article 1.0
Author-Name: Frank Scrimgeour 
Author-X-Name-First: Frank 
Author-X-Name-Last: Scrimgeour 
Title: Journal report 
Abstract:
Journal: New Zealand Economic Papers 
Pages: 113-114 
Issue: 2 
Volume: 33 
Year: 1999 
X-DOI: 10.1080/00779959909544312 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779959909544312 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:33:y:1999:i:2:p:113-114




Template-Type: ReDIF-Article 1.0
Author-Name: Malcolm Abbott 
Author-X-Name-First: Malcolm 
Author-X-Name-Last: Abbott 
Author-Name: Chris Doucouliagos 
Author-X-Name-First: Chris 
Author-X-Name-Last: Doucouliagos 
Title: Technical and scale efficiency of vocational education and training institutions: The case of the New Zealand polytechnics 
Abstract:
  In recent years vocational education and training has been recognised as
 having a crucial impact on worker productivity, enterprise performance and
 the overall performance of the New Zealand economy. The importance of
 vocational education and training gives rise to the issue of the efficient
 operation of educational institutions. In this paper Data Envelopment
 Analysis is used to derive estimates of technical and scale efficiency.
 Comparisons are also made with Victorian TAFE institutes. The results
 indicate that there is scope to improve efficiency and to take advantage
 of economies of size in the sector. 
Journal: New Zealand Economic Papers 
Pages: 1-23 
Issue: 1 
Volume: 34 
Year: 2000 
X-DOI: 10.1080/00779950009544313 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950009544313 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:34:y:2000:i:1:p:1-23




Template-Type: ReDIF-Article 1.0
Author-Name: Pundarik Mukhopadhaya 
Author-X-Name-First: Pundarik 
Author-X-Name-Last: Mukhopadhaya 
Author-Name: Srikanta Chatterjee 
Author-X-Name-First: Srikanta 
Author-X-Name-Last: Chatterjee 
Title: Unfashionable economics selected contributions of Amartya K. Sen: 1998 economics nobel laureate 
Abstract:
  Professor Amartya Kumar Sen was awarded the Nobel Prize for economics in
 1998 in recognition of his “several key contributions to the
 research on fundamental problems in welfare economics”, as noted in
 the Nobel citation. This paper examines three major areas of economics,
 which it calls “unfashionable economics”, and in which Sen's
 contributions have been particularly notable. These areas are inequality,
 poverty, and hunger and famine. The paper argues that Sen's pioneering
 research in these areas has not only helped to resolve some theoretical
 and/or policy issues, it has also made a significant contribution to
 generating public interest in the problems that face some of “the
 most impoverished members of society “, in the words of the Nobel
 citation. In addition to putting Sen's work in the context of established
 thinking in the relevant areas, the paper demonstrates how his
 contributions have helped to improve our understanding of the issues
 involved, and how such advances have influenced policy-making. To make the
 paper accessible to the interested non-specialist, the paper uses a style
 of exposition that is less technical even where the issues involved are of
 a highly technical nature. 
Journal: New Zealand Economic Papers 
Pages: 25-51 
Issue: 1 
Volume: 34 
Year: 2000 
X-DOI: 10.1080/00779950009544314 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950009544314 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:34:y:2000:i:1:p:25-51




Template-Type: ReDIF-Article 1.0
Author-Name: Kerry Papps 
Author-X-Name-First: Kerry 
Author-X-Name-Last: Papps 
Author-Name: Rainer Winkelmann 
Author-X-Name-First: Rainer 
Author-X-Name-Last: Winkelmann 
Title: Unemployment and crime: New evidence for an old question 
Abstract:
  This paper uses panel data techniques to examine the relationship between
 unemployment and a range of categories of crime in New Zealand. The data
 set covers sixteen regions over the period 1984 to 1996. Random and fixed
 effects models are estimated to investigate the possibility of a causal
 relationship between unemployment and crime. Hypothesis tests show that
 two-way fixed effects models should be used. The regression results
 provide some evidence for significant effects of unemployment on crime,
 both for total crime and for some subcategories of crime. 
Journal: New Zealand Economic Papers 
Pages: 53-71 
Issue: 1 
Volume: 34 
Year: 2000 
X-DOI: 10.1080/00779950009544315 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950009544315 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:34:y:2000:i:1:p:53-71




Template-Type: ReDIF-Article 1.0
Author-Name: John Gibson 
Author-X-Name-First: John 
Author-X-Name-Last: Gibson 
Title: Research productivity in New Zealand university economics departments: Comment and update 
Abstract:
  Bairam (1996, 1997) reports rankings of seven New Zealand university
 economics departments in terms of their publications in certain refereed
 journals for the 1988-95 period. These rankings may not be reliable
 because a correction for the different page sizes of various journals was
 applied to only one quarter of the output of the New Zealand economists
 under study and little account was made of differences in the professional
 impacts of journals. These shortcomings in the methodology used by Bairam
 are shown to affect the ranking of departments, using evidence from
 publications in the 1996-98 period. This paper also discusses other
 potential refinements in the methodology used to rank the research
 productivity of New Zealand economics departments. 
Journal: New Zealand Economic Papers 
Pages: 73-87 
Issue: 1 
Volume: 34 
Year: 2000 
X-DOI: 10.1080/00779950009544316 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950009544316 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:34:y:2000:i:1:p:73-87




Template-Type: ReDIF-Article 1.0
Author-Name: John Fountain 
Author-X-Name-First: John 
Author-X-Name-Last: Fountain 
Title: A simple graphical proof of arrow's impossibility theorem 
Abstract:
  This paper uses a two-dimensional graphical technique to provide a
 constructive proof of Arrow's impossibility theorem. Students (and
 instructors) of intermediate microeconomics should have no problem in
 following the graphical proof developed here. The meaning of the condition
 of independence of irrelevant alternatives and its function in Arrow's
 theorem become transparent in this proof. 
Journal: New Zealand Economic Papers 
Pages: 89-110 
Issue: 1 
Volume: 34 
Year: 2000 
X-DOI: 10.1080/00779950009544317 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950009544317 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:34:y:2000:i:1:p:89-110




Template-Type: ReDIF-Article 1.0
Author-Name: Russell William Houldin 
Author-X-Name-First: Russell William 
Author-X-Name-Last: Houldin 
Title: Nature's wages: A factor-based alternative approach to environment-economy integration 
Abstract:
  Following the popularization of the term “sustainable
 development”, a large literature on environment-economy integration
 has emerged, almost all of which addresses the output side of the economy,
 emphasizing Pigovian taxes or Coasian reassignment of property rights. The
 idea is advanced of treating environment as a factor of production under
 an explicit analogy with Labor. Implementation of the concept would be
 through a negotiated “Environmental Service Charge” (ESC). A
 simple mathematical model is developed to show that under certain
 circumstances the welfare properties of the factor approach are equivalent
 to Pigovian taxes. These circumstances do arise in an important set of
 practical situations and it is further argued that often the ESC approach
 has significant administrative advantages. 
Journal: New Zealand Economic Papers 
Pages: 111-128 
Issue: 1 
Volume: 34 
Year: 2000 
X-DOI: 10.1080/00779950009544318 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950009544318 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:34:y:2000:i:1:p:111-128




Template-Type: ReDIF-Article 1.0
Author-Name: Robin Johnson 
Author-X-Name-First: Robin 
Author-X-Name-Last: Johnson 
Title: Crowding out and resulting trends in research fund allocation in New Zealand, 1991-2000 
Abstract:
  From 1991 - 1999, the New Zealand Government allocated public R&D funds
 via a pool system - called the public good research fund - through which
 research providers (universities, research institutes etc) bid for funding
 on a project by project basis. This system was in part to counteract a
 previous tendency for public funding to crowd outprivate investment. The
 funding administrators were enjoined to take account of the private
 appropriability of the projects submitted and direct public funds to
 complementary projects or projects which would otherwise be under-funded.
 This paper finds evidence of increased private sector participation in
 research funding, and a declining share going to research provision over
 the last 9 years. The Crown Research Institutes appear to be the main
 beneficiaries. 
Journal: New Zealand Economic Papers 
Pages: 129-147 
Issue: 1 
Volume: 34 
Year: 2000 
X-DOI: 10.1080/00779950009544319 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950009544319 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:34:y:2000:i:1:p:129-147




Template-Type: ReDIF-Article 1.0
Author-Name: Dimitri Margaritis 
Author-X-Name-First: Dimitri 
Author-X-Name-Last: Margaritis 
Author-Name: Tim Hazledine 
Author-X-Name-First: Tim 
Author-X-Name-Last: Hazledine 
Title: Book reviews 
Abstract:
  An ANZAC Dollar? Currency Union and Business Development, by Arthur
 Grimes and Frank Holmes with Roger Bowden, (Wellington: Institute of
 Policy Studies), 2000. 133pp. ISBN 0-908935-47-1. Understanding Ireland's
 Economic Growth by Frank Barry (editor). MacMillan Press, London and St
 Martin's Press, New York, (1999), i-xii + 242pp, ISBN 0-333-73362-2 
Journal: New Zealand Economic Papers 
Pages: 149-155 
Issue: 1 
Volume: 34 
Year: 2000 
X-DOI: 10.1080/00779950009544320 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950009544320 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:34:y:2000:i:1:p:149-155




Template-Type: ReDIF-Article 1.0
Author-Name: Aaron Schiff 
Author-X-Name-First: Aaron 
Author-X-Name-Last: Schiff 
Author-Name: Peter Phillips 
Author-X-Name-First: Peter 
Author-X-Name-Last: Phillips 
Title: Forecasting New Zealand's real GDP 
Abstract:
  Recent time series methods are applied to the problem of forecasting New
 Zealand's real GDP. Model selection is conducted within autoregressive
 (AR) and vector autoregressive (VAR) classes, allowing for evolution in
 the form of the models over time. The selections are performed using the
 Schwarz (1978) BIC and the Phillips-Ploberger (1996) PIC criteria. The
 forecasts generated by the data-determined AR models and an international
 VAR model are found to be competitive with forecasts from fixed format
 models and forecasts produced by the NZIER. Two illustrations of the
 methodology in conditional forecasting settings are performed with the VAR
 models. The first provides conditional predictions of New Zealand's real
 GDP when there is a future recession in the United States. The second
 gives conditional predictions of New Zealand's real GDP under a variety of
 profiles that allow for tightening in monetary conditions by the Reserve
 Bank. 
Journal: New Zealand Economic Papers 
Pages: 159-181 
Issue: 2 
Volume: 34 
Year: 2000 
X-DOI: 10.1080/00779950009544321 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950009544321 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:34:y:2000:i:2:p:159-181




Template-Type: ReDIF-Article 1.0
Author-Name: Martin Lally 
Author-X-Name-First: Martin 
Author-X-Name-Last: Lally 
Title: The valuation of GSF's defined benefit pension entitlements 
Abstract:
  This paper applies conventional principles of financial economics to the
 valuation of one of the largest assets held by New Zealand investors: the
 defined benefit pension entitlements under the Government Superannuation
 Fund. This methodology is compared with that employed by the Government
 Actuary in their annual valuation of the Crown's obligations. Significant
 points of difference emerge. 
Journal: New Zealand Economic Papers 
Pages: 183-199 
Issue: 2 
Volume: 34 
Year: 2000 
X-DOI: 10.1080/00779950009544322 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950009544322 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:34:y:2000:i:2:p:183-199




Template-Type: ReDIF-Article 1.0
Author-Name: John Gibson 
Author-X-Name-First: John 
Author-X-Name-Last: Gibson 
Title: Sheepskin effects and the returns to education in New Zealand: Do they differ by ethnic groups? 
Abstract:
  Sheepskin effects are the wage returns specific to educational
 credentials rather than to accumulated years of education. They can occur
 because credentials may signal workers' productivity. Signalling high
 productivity may be more valuable for members of ethnic minority groups if
 employers practice statistical discrimination. Many studies estimate
 sheepskin effects indirectly, from non-linear wage returns to schooling
 years that correspond to the “usual” time taken to complete
 a qualification, but such methods are likely to be biased. This study
 directly estimates sheepskin effects in New Zealand using a special survey
 with information on both years of education and qualifications received.
 The results show large sheepskin effects, with the returns to credentials
 exceeding the returns to years of education, especially for ethnic
 minorities. 
Journal: New Zealand Economic Papers 
Pages: 201-220 
Issue: 2 
Volume: 34 
Year: 2000 
X-DOI: 10.1080/00779950009544323 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950009544323 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:34:y:2000:i:2:p:201-220




Template-Type: ReDIF-Article 1.0
Author-Name: David Rae 
Author-X-Name-First: David 
Author-X-Name-Last: Rae 
Title: New Zealand's foreign exchange market and the nature of expectations 
Abstract:
  This paper confirms the forward premium puzzle, or the failure of
 uncovered interest parity, in New Zealand's foreign exchange market. The
 rejection of the risk-neutral rational expectations hypothesis is traced
 to two sources. First, there is evidence of a time-varying and possibly
 non-stationary risk premium in the forward market, and this premium
 appears related to volatility in the spot NZD market. Second, survey data
 is used to show that exchange rate expectations are not rational. The
 paper speculates that exchange rate expectation errors may be related to
 systematic errors in forecasting inflation or the stance of monetary
 policy. Exchange rate expectations are revised following inflation
 'surprises' but these inflation surprises themselves show systematic
 patterns and therefore rationality of inflation expectations can also be
 rejected. There is also evidence that a lack of full credibility of the
 central bank's inflation targeting regime may have affected inflation
 expectations, and therefore be a factor in the apparently non-rational
 behaviour of the forward market. 
Journal: New Zealand Economic Papers 
Pages: 221-241 
Issue: 2 
Volume: 34 
Year: 2000 
X-DOI: 10.1080/00779950009544324 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950009544324 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:34:y:2000:i:2:p:221-241




Template-Type: ReDIF-Article 1.0
Author-Name: Alan Woodfield 
Author-X-Name-First: Alan 
Author-X-Name-Last: Woodfield 
Title: Preventing insurance markets from separating into gender-dominated price-coverage combinations 
Abstract:
  This article first examines the extant literature on regulatory attempts-
 to prohibit gender-based risk categorization in insurance markets as
 adopted in a number of countries and proposed in New Zealand's Human
 Rights Bill 1992 (but not subsequently enacted). The literature suggests
 that regulators' aspirations and expected outcomes may not materialize.
 Stronger regulations that effectively impose unisex pricing requirements
 at either the level of the individual firm or the market level, and which
 attempt to prevent markets separating into price-coverage combinations
 dominated by one or other gender, are then evaluated. While these raise
 the likelihood that targeted gender groups or the majority of their
 members are made better off via access to pooling contracts, the desired
 results are still not guaranteed. A variety of outcomes are possible,
 including pooling contracts that make no insured person better off and
 separating contracts that make targeted groups better off. Outcomes are
 sensitive to various parameters and also to the concepts of equilibrium
 deemed appropriate to the problem. 
Journal: New Zealand Economic Papers 
Pages: 243-268 
Issue: 2 
Volume: 34 
Year: 2000 
X-DOI: 10.1080/00779950009544325 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950009544325 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:34:y:2000:i:2:p:243-268




Template-Type: ReDIF-Article 1.0
Author-Name: John Creedy 
Author-X-Name-First: John 
Author-X-Name-Last: Creedy 
Author-Name: Robert Dixon 
Author-X-Name-First: Robert 
Author-X-Name-Last: Dixon 
Title: Relative welfare losses and imperfect competition in New Zealand 
Abstract:
Journal: New Zealand Economic Papers 
Pages: 269-286 
Issue: 2 
Volume: 34 
Year: 2000 
X-DOI: 10.1080/00779950009544326 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950009544326 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:34:y:2000:i:2:p:269-286




Template-Type: ReDIF-Article 1.0
Author-Name: Mia Mikic 
Author-X-Name-First: Mia 
Author-X-Name-Last: Mikic 
Author-Name: Brendan Moyle 
Author-X-Name-First: Brendan 
Author-X-Name-Last: Moyle 
Title: Book reviews 
Abstract:
  Globalisation and International Trade Liberalisation, Continuity and
 Change edited by Martin Richardson, (Edward Elgar, Cheltenham, UK, 2000),
 v-xvi + 204pp, ISBN 1-84064-350-1 Equity as a Social Goal, by Cathy
 Buchanan and Peter Hartley, (NZ Business Roundtable), March 2000. 246pp.
 ISBN 1-877148-61-X. 
Journal: New Zealand Economic Papers 
Pages: 287-291 
Issue: 2 
Volume: 34 
Year: 2000 
X-DOI: 10.1080/00779950009544327 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950009544327 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:34:y:2000:i:2:p:287-291




Template-Type: ReDIF-Article 1.0
Author-Name: Frank Scrimgeour 
Author-X-Name-First: Frank 
Author-X-Name-Last: Scrimgeour 
Title: Journal report 
Abstract:
Journal: New Zealand Economic Papers 
Pages: 297-298 
Issue: 2 
Volume: 34 
Year: 2000 
X-DOI: 10.1080/00779950009544329 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950009544329 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:34:y:2000:i:2:p:297-298




Template-Type: ReDIF-Article 1.0
Author-Name: John Gibson 
Author-X-Name-First: John 
Author-X-Name-Last: Gibson 
Author-Name: Carolyn Watane 
Author-X-Name-First: Carolyn 
Author-X-Name-Last: Watane 
Title: Why is job security lower for Maori and pacific island workers? The role of employer-provided training 
Abstract:
  Maori and Pacific Island workers are more likely than other workers to
 transit from employment to unemployment whereas exit rates from
 unemployment are relatively less dispersed across ethnic groups. Hence,
 lack of job security appears to raise the unemployment rate for Maori and
 Pacific Islanders. This paper uses unit record data to examine one source
 of lower job security, which is that Maori and Pacific Island workers may
 receive less employer-provided training. The results suggest that training
 reduces employer-induced separations, but even controlling for training,
 and for age, years of schooling, gender, marital status and industry,
 there is an identifiable effect of Maori and especially Pacific Islanders
 experiencing higher involuntary job losses. Moreover, once the available
 characteristics of workers and their jobs are controlled for, Maori have
 the same incidence of training and may receive even more intensive
 training than do Pakeha workers. In contrast, Pacific Island and Other
 ethnic group workers have a significantly lower level of employer-provided
 training. Thus, job training does not explain all of the ethnic
 differences in involuntary unemployment rates and some ethnic minorities
 appear to receive a lower level of job training which cannot be explained
 by their known social characteristics and their occupation and industry.
 Of course there may be social characteristics for which we have not been
 able to control, which further explain part of the differences in
 experiences between the ethnic groups. 
Journal: New Zealand Economic Papers 
Pages: 1-24 
Issue: 1 
Volume: 35 
Year: 2001 
X-DOI: 10.1080/00779950109544330 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950109544330 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:35:y:2001:i:1:p:1-24




Template-Type: ReDIF-Article 1.0
Author-Name: Alan Woodfield 
Author-X-Name-First: Alan 
Author-X-Name-Last: Woodfield 
Title: The underlining game 
Abstract:
  Academic institutions which reject equal-sharing rules may go beyond
 observing lexicographic ordering of authors in attempting to determine
 relative contributions to joint research. The present article examines
 incentive issues arising when applicants for promotion are requested to
 underline the name of any principal author(s). This mechanism is not
 generally incentive compatible. Recognizing the generally sequential
 nature of contribution reporting, a scheme which induces global truthful
 revelation is developed. Punishment is imposed on prior movers making
 claims of authorship seniority which are contradicted by subsequent
 movers. Where applications are simultaneous, contradicted claims of
 seniority lead to group punishment in that no author is promoted. Further,
 efficiency is served by a rule which requires disclosure of applications
 among relevant coauthors. 
Journal: New Zealand Economic Papers 
Pages: 25-51 
Issue: 1 
Volume: 35 
Year: 2001 
X-DOI: 10.1080/00779950109544331 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950109544331 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:35:y:2001:i:1:p:25-51




Template-Type: ReDIF-Article 1.0
Author-Name: Debasis Bandyopadhyay 
Author-X-Name-First: Debasis 
Author-X-Name-Last: Bandyopadhyay 
Title: The industry premium: What we know and what the New Zealand data say 
Abstract:
  Earning regressions often reveal time-invariant industry premiums.
 Competitive theories explain them by referring to unobservable
 characteristics or compensating differentials. Non-competitive theories do
 the same by using efficiency wage, insider-outsider and rent sharing
 hypotheses. Those theories appear inadequate for explaining what one
 observes from the New Zealand data: employees receive industry premiums;
 but so do their self-employed counterparts; among those with no formal
 education industry premiums from employment are smaller than those from
 self-employment; but as the cohort's education level increases the premium
 differential increases and becomes positive. To explain those observations
 I propose a new hypothesis that measures an industry's total factor
 productivity and the corresponding industry premium. 
Journal: New Zealand Economic Papers 
Pages: 53-75 
Issue: 1 
Volume: 35 
Year: 2001 
X-DOI: 10.1080/00779950109544332 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950109544332 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:35:y:2001:i:1:p:53-75




Template-Type: ReDIF-Article 1.0
Author-Name: Tim Hazledine 
Author-X-Name-First: Tim 
Author-X-Name-Last: Hazledine 
Title: Measuring the New Zealand transaction sector, 1956-98, with an Australian comparison 
Abstract:
  This paper uses a modification of the Wallis and North (1986) method to
 generate estimates of the size of the transaction sector in New Zealand
 from 1956 to 1996, encompassing the pre-1984 period of unusually stringent
 (by OECD standards) restrictions and controls on the extent of market
 activity, followed by the liberalisation reforms of 1984-91. The ratio of
 transaction to 'transformation' (production) employees increased quite
 slowly for the first twenty five years, then increases sharply in the
 1980s, before stabilising in the 1990s at about 0.68, implying two workers
 in five occupied in transaction activities. The most striking increase is
 in the number of managers, which more than quadrupled. Because of this,
 the share of transaction employment is by now higher than in Australia. 
Journal: New Zealand Economic Papers 
Pages: 77-100 
Issue: 1 
Volume: 35 
Year: 2001 
X-DOI: 10.1080/00779950109544333 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950109544333 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:35:y:2001:i:1:p:77-100




Template-Type: ReDIF-Article 1.0
Author-Name: Francisco de A. Nadal-De Simone 
Author-X-Name-First: Francisco de A. Nadal-De 
Author-X-Name-Last: Simone 
Title: Inflation targeting in a small open economy: The behaviour of price variables 
Abstract:
Journal: New Zealand Economic Papers 
Pages: 101-142 
Issue: 1 
Volume: 35 
Year: 2001 
X-DOI: 10.1080/00779950109544334 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950109544334 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:35:y:2001:i:1:p:101-142




Template-Type: ReDIF-Article 1.0
Author-Name: Steven Lim 
Author-X-Name-First: Steven 
Author-X-Name-Last: Lim 
Title: Book reviews 
Abstract:
  Economics for Policy: Expanding the Boundaries. Essays by Peter Gorringe.
 Edited by Arthur Grimes, Alan Jones, Roger Procter and Grant Scobie,
 Wellington, Institute of Policy Studies, 2001 265pp, ISBN: 0-908935-53-6 
Journal: New Zealand Economic Papers 
Pages: 143-145 
Issue: 1 
Volume: 35 
Year: 2001 
X-DOI: 10.1080/00779950109544335 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950109544335 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:35:y:2001:i:1:p:143-145




Template-Type: ReDIF-Article 1.0
Author-Name: Sylvia Dixon 
Author-X-Name-First: Sylvia 
Author-X-Name-Last: Dixon 
Title: Work experience and the gender earnings gap 
Abstract:
  Although the gender wage gap has narrowed somewhat during the past two
 decades, concerns are often expressed about its size and persistence. This
 paper explores the components of the gap in 1997-98, giving particular
 attention to the contribution of male-female differences in past paid work
 experience. Two new methods are used to impute measures of women's work
 experience within HES and NZIS employee samples. Results from wage gap
 decompositions suggest that between one-quarter and two thirds of the
 gender gap in average hourly earnings is due to male-female differences in
 educational level and work experience. Between 40 and 80 percent of the
 gap can be accounted for when information on occupation and industry of
 employment is also included. 
Journal: New Zealand Economic Papers 
Pages: 152-174 
Issue: 2 
Volume: 35 
Year: 2001 
X-DOI: 10.1080/00779950109544337 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950109544337 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:35:y:2001:i:2:p:152-174




Template-Type: ReDIF-Article 1.0
Author-Name: Allan Rae 
Author-X-Name-First: Allan 
Author-X-Name-Last: Rae 
Author-Name: Anna Strutt 
Author-X-Name-First: Anna 
Author-X-Name-Last: Strutt 
Title: Livestock production and the environment: Some impacts of growth and trade liberalisation 
Abstract:
  Large increases in livestock production have led to increased pressures
 on the natural environment in many regions of the world. In the absence of
 new environmental policies, these environmental problems are projected to
 worsen as demand for livestock products continues to grow. In this paper
 we investigate the linkages between growth, trade and the environment for
 livestock to the year 2005, including Uruguay Round trade reform. We focus
 on nitrate pollution from livestock sources, given projected changes in
 the world economy. Our analysis suggests that the aggregate environmental
 implications of Uruguay Round-type trade policy reform appear to be small
 or even positive for world livestock production. On the other hand, in the
 absence of improved environmental policies, the aggregate environmental
 impact of growth and structural economic change to 2005 is likely to be of
 much greater consequence to those concerned about environmental damage. 
Journal: New Zealand Economic Papers 
Pages: 176-194 
Issue: 2 
Volume: 35 
Year: 2001 
X-DOI: 10.1080/00779950109544338 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950109544338 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:35:y:2001:i:2:p:176-194




Template-Type: ReDIF-Article 1.0
Author-Name: John Gibson 
Author-X-Name-First: John 
Author-X-Name-Last: Gibson 
Author-Name: Grant Scobie 
Author-X-Name-First: Grant 
Author-X-Name-Last: Scobie 
Title: A cohort analysis of household income, consumption and saving 
Abstract:
  This paper presents a cohort analysis of household income, consumption
 and saving in New Zealand. It is based on an analysis of unit record data
 from March years 1984 to 1998 taken from the Household Economic Survey
 (HES). These data are a series of cross-sectional surveys rather than a
 true panel, so we construct synthetic cohorts and use a range of
 regression models to separate out the effect of age, birth-year cohort and
 survey year on income, consumption and saving rates. There appears to be a
 “V” shaped cohort pattern in household income and saving,
 such that the age profile of saving shifted down for the cohorts born
 between 1920 and 1939 relative to the younger and older cohorts studied. 
Journal: New Zealand Economic Papers 
Pages: 196-216 
Issue: 2 
Volume: 35 
Year: 2001 
X-DOI: 10.1080/00779950109544339 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950109544339 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:35:y:2001:i:2:p:196-216




Template-Type: ReDIF-Article 1.0
Author-Name: Kerry Papps 
Author-X-Name-First: Kerry 
Author-X-Name-Last: Papps 
Title: Investigating a Wage Curve for New Zealand 
Abstract:
  This paper examines evidence for a stable inverse relationship between
 the wages paid to workers and the unemployment rate across local labour
 markets in New Zealand, a phenomenon known as the wage curve. A variety of
 specifications of the wage curve are examined. Overall, weighted least
 squares estimates reveal a value of the unemployment elasticity of pay
 that is close to the international consensus estimate of— 0.1. Some
 support is also found for the concept of a positive long-run relationship
 between wages and unemployment existing alongside the wage curve. However,
 there is evidence of potential endogeneity of the unemployment rate,
 although data limitations severely restrict the availability of suitable
 instruments. 
Journal: New Zealand Economic Papers 
Pages: 218-239 
Issue: 2 
Volume: 35 
Year: 2001 
X-DOI: 10.1080/00779950109544340 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950109544340 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:35:y:2001:i:2:p:218-239




Template-Type: ReDIF-Article 1.0
Author-Name: Ian King 
Author-X-Name-First: Ian 
Author-X-Name-Last: King 
Title: Quality versus quantity: Ranking research records of economics departments in New Zealand 
Abstract:
  A comparison of research records of the current members of the 7 major
 economics departments in New Zealand, from 1990 onwards, using journal
 quality weights from the Laband and Piette (1994) study. The information,
 taken from the Econlit database, covers more than 500 economics journals,
 as of November 2000. 32 different ranking measures are computed. According
 to 29 of these, the top three departments are Auckland, VUW and
 Canterbury. By 27 measures, Auckland takes the number one spot, while the
 relative rankings of VUW and Canterbury, and the remaining departments,
 depend on the measures used. 
Journal: New Zealand Economic Papers 
Pages: 240-252 
Issue: 2 
Volume: 35 
Year: 2001 
X-DOI: 10.1080/00779950109544341 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950109544341 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:35:y:2001:i:2:p:240-252




Template-Type: ReDIF-Article 1.0
Author-Name: Steven Lim 
Author-X-Name-First: Steven 
Author-X-Name-Last: Lim 
Title: Teaching AD-AS models: Institutions and the Asian crisis 
Abstract:
  Colander (2000) suggests that students often fail to recognise the
 passion and excitement of economics because of the way that we teach
 economic stories. In his view, using formal models at the principles level
 to analyse macro stories makes the stories boring. We suggest that some
 models, particularly aggregate demand and supply, are valuable tools, for
 students. In teaching the models the key is to demonstrate their
 usefulness for business and policy, and to present them in a way that goes
 beyond the standard textbook treatments. We suggest a teaching approach
 that emphasises the institutions, political constraints, uncertainties and
 path dependencies that impact on policy and business decisions. 
Journal: New Zealand Economic Papers 
Pages: 254-269 
Issue: 2 
Volume: 35 
Year: 2001 
X-DOI: 10.1080/00779950109544342 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950109544342 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:35:y:2001:i:2:p:254-269




Template-Type: ReDIF-Article 1.0
Author-Name: Hans-Jurgen Engelbrecht 
Author-X-Name-First: Hans-Jurgen 
Author-X-Name-Last: Engelbrecht 
Author-Name: Chris Hector 
Author-X-Name-First: Chris 
Author-X-Name-Last: Hector 
Author-Name: Stuart Locke 
Author-X-Name-First: Stuart 
Author-X-Name-Last: Locke 
Title: Book reviews 
Abstract:
  The Elusive Quest for Growth: Economists' Adventures and Misadventures in
 the Tropics by William Easterly, The MIT Press, Cambridge, Mass, and
 London, England, 2001, xiii+342pp., ISBN 0-262-05065-X, US$ 29.95/£
 20.50 Cycles of Disadvantage? by Scott Boggess and Mary Corcoran, with
 Stephen P. Jenkins (Wellington: Institute of Policy Studies, Victoria
 University of Wellington, 1999), x + 187 pp., ISBN 0 908935 38 2.
 Corporate Governance in Australia and New Zealand, by John Farrar, (Oxford
 University Press, Melbourne), 2001, ISBN 0195513142 
Journal: New Zealand Economic Papers 
Pages: 270-279 
Issue: 2 
Volume: 35 
Year: 2001 
X-DOI: 10.1080/00779950109544343 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950109544343 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:35:y:2001:i:2:p:270-279




Template-Type: ReDIF-Article 1.0
Author-Name: Frank Scrimgeour 
Author-X-Name-First: Frank 
Author-X-Name-Last: Scrimgeour 
Title: Journal report 
Abstract:
Journal: New Zealand Economic Papers 
Pages: 288-288 
Issue: 2 
Volume: 35 
Year: 2001 
X-DOI: 10.1080/00779950109544345 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950109544345 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:35:y:2001:i:2:p:288-288




Template-Type: ReDIF-Article 1.0
Author-Name: Tim Hazledine 
Author-X-Name-First: Tim 
Author-X-Name-Last: Hazledine 
Title: Editor's introduction 
Abstract:
Journal: New Zealand Economic Papers 
Pages: 1-2 
Issue: 1 
Volume: 36 
Year: 2002 
X-DOI: 10.1080/00779950209544346 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950209544346 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:36:y:2002:i:1:p:1-2




Template-Type: ReDIF-Article 1.0
Author-Name: Julia Lane 
Author-X-Name-First: Julia 
Author-X-Name-Last: Lane 
Author-Name: Tim Maloney 
Author-X-Name-First: Tim 
Author-X-Name-Last: Maloney 
Title: Overview: The New Zealand conference on database integration and linked employer-employee data 
Abstract:
Journal: New Zealand Economic Papers 
Pages: 3-7 
Issue: 1 
Volume: 36 
Year: 2002 
X-DOI: 10.1080/00779950209544347 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950209544347 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:36:y:2002:i:1:p:3-7




Template-Type: ReDIF-Article 1.0
Author-Name: John Abowd 
Author-X-Name-First: John 
Author-X-Name-Last: Abowd 
Title: Unlocking the information in integrated social data 
Abstract:
  This paper was prepared for the New Zealand Ministry of Labor Conference
 on Data Integration and Linked Employer-Employee Data held March 21-22,
 2002. I would like to thank my coauthors Patrick Corbel, Rob Creecy, Bruno
 Crepon, John Haltiwanger, Francis Kramarz, Julia Lane, Paul Lengermann,
 David Margolis, Kevin McKinney, Ron Prevost, Sebastien Roux, Kristin
 Sandusky, Martha Stinson, Lars Vilhuber, and Simon Woodcock from whom I
 borrowed shamelessly for this presentation. I would also like to thank my
 Cornell, Census, and CREST colleagues Fredrik Andersson, Gary Benedetto,
 Chet Bowie, Bahattin Buyuksahin, Karen Conneely, Pat Doyle, Ron Ehrenberg,
 Nancy Gordon, Cheryl Grim, George Jakubson, Frederick Knickerbocker, Guy
 LaRoque, Cyr Linonis, Charles McCulloch, Nicole Nestoriak, Sebastien
 Perez-Duarte, Jean-Marc Robin, Marc Roemer, Bryce Stephens, Marty Wells,
 Bill Winkler, and Laura Zayatz, each of whom contributed substantially to
 this work. Funding was provided by the US Census Bureau, INSEE/CREST, the
 National Science Foundation (SES-9978093 to Cornell University), the
 National Institute on Aging, the Sloan Foundation, and the Russell Sage
 Foundation. 
Journal: New Zealand Economic Papers 
Pages: 9-31 
Issue: 1 
Volume: 36 
Year: 2002 
X-DOI: 10.1080/00779950209544348 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950209544348 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:36:y:2002:i:1:p:9-31




Template-Type: ReDIF-Article 1.0
Author-Name: John Haltiwanger 
Author-X-Name-First: John 
Author-X-Name-Last: Haltiwanger 
Title: Understanding aggregate growth: The need for microeconomic evidence 
Abstract:
Journal: New Zealand Economic Papers 
Pages: 33-58 
Issue: 1 
Volume: 36 
Year: 2002 
X-DOI: 10.1080/00779950209544349 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950209544349 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:36:y:2002:i:1:p:33-58




Template-Type: ReDIF-Article 1.0
Author-Name: Nick Carroll 
Author-X-Name-First: Nick 
Author-X-Name-Last: Carroll 
Author-Name: Dean Hyslop 
Author-X-Name-First: Dean 
Author-X-Name-Last: Hyslop 
Author-Name: David Mare 
Author-X-Name-First: David 
Author-X-Name-Last: Mare 
Author-Name: Jason Timmins 
Author-X-Name-First: Jason 
Author-X-Name-Last: Timmins 
Author-Name: Julian Wood 
Author-X-Name-First: Julian 
Author-X-Name-Last: Wood 
Title: An analysis of New Zealand's business demography database 
Abstract:
Journal: New Zealand Economic Papers 
Pages: 59-61 
Issue: 1 
Volume: 36 
Year: 2002 
X-DOI: 10.1080/00779950209544350 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950209544350 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:36:y:2002:i:1:p:59-61




Template-Type: ReDIF-Article 1.0
Author-Name: Robert Goerge 
Author-X-Name-First: Robert 
Author-X-Name-Last: Goerge 
Author-Name: Bong Joo Lee 
Author-X-Name-First: Bong Joo 
Author-X-Name-Last: Lee 
Title: Matching and cleaning administrative data 
Abstract:
Journal: New Zealand Economic Papers 
Pages: 63-64 
Issue: 1 
Volume: 36 
Year: 2002 
X-DOI: 10.1080/00779950209544351 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950209544351 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:36:y:2002:i:1:p:63-64




Template-Type: ReDIF-Article 1.0
Author-Name: James Farber 
Author-X-Name-First: James 
Author-X-Name-Last: Farber 
Author-Name: Charlene Leggieri 
Author-X-Name-First: Charlene 
Author-X-Name-Last: Leggieri 
Title: Building and validating an administrative records database for the United States 
Abstract:
Journal: New Zealand Economic Papers 
Pages: 65-67 
Issue: 1 
Volume: 36 
Year: 2002 
X-DOI: 10.1080/00779950209544352 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950209544352 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:36:y:2002:i:1:p:65-67




Template-Type: ReDIF-Article 1.0
Author-Name: Torbj�rn H�geland 
Author-X-Name-First: Torbj�rn 
Author-X-Name-Last: H�geland 
Title: A Norwegian perspective on data integration 
Abstract:
Journal: New Zealand Economic Papers 
Pages: 69-71 
Issue: 1 
Volume: 36 
Year: 2002 
X-DOI: 10.1080/00779950209544353 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950209544353 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:36:y:2002:i:1:p:69-71




Template-Type: ReDIF-Article 1.0
Author-Name: Pekka Ilmakunnas 
Author-X-Name-First: Pekka 
Author-X-Name-Last: Ilmakunnas 
Author-Name: Mika Maliranta 
Author-X-Name-First: Mika 
Author-X-Name-Last: Maliranta 
Title: Labour characteristics and wage-productivity gaps 
Abstract:
Journal: New Zealand Economic Papers 
Pages: 73-74 
Issue: 1 
Volume: 36 
Year: 2002 
X-DOI: 10.1080/00779950209544354 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950209544354 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:36:y:2002:i:1:p:73-74




Template-Type: ReDIF-Article 1.0
Author-Name: Marie Drolet 
Author-X-Name-First: Marie 
Author-X-Name-Last: Drolet 
Title: Can the workplace explain Canadian gender pay differentials? 
Abstract:
Journal: New Zealand Economic Papers 
Pages: 75-77 
Issue: 1 
Volume: 36 
Year: 2002 
X-DOI: 10.1080/00779950209544355 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950209544355 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:36:y:2002:i:1:p:75-77




Template-Type: ReDIF-Article 1.0
Author-Name: Andre Sammartino 
Author-X-Name-First: Andre 
Author-X-Name-Last: Sammartino 
Title: Working with personnel records: Outcomes of research with a large historical database 
Abstract:
Journal: New Zealand Economic Papers 
Pages: 79-80 
Issue: 1 
Volume: 36 
Year: 2002 
X-DOI: 10.1080/00779950209544356 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950209544356 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:36:y:2002:i:1:p:79-80




Template-Type: ReDIF-Article 1.0
Author-Name: Vitor Escaria 
Author-X-Name-First: Vitor 
Author-X-Name-Last: Escaria 
Title: Job and worker flows: How establishments adjust their workforce 
Abstract:
Journal: New Zealand Economic Papers 
Pages: 81-82 
Issue: 1 
Volume: 36 
Year: 2002 
X-DOI: 10.1080/00779950209544357 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950209544357 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:36:y:2002:i:1:p:81-82




Template-Type: ReDIF-Article 1.0
Author-Name: Erling Barth 
Author-X-Name-First: Erling 
Author-X-Name-Last: Barth 
Author-Name: Harald Dale-Olsen 
Author-X-Name-First: Harald 
Author-X-Name-Last: Dale-Olsen 
Title: Skill-group size and wages 
Abstract:
Journal: New Zealand Economic Papers 
Pages: 83-84 
Issue: 1 
Volume: 36 
Year: 2002 
X-DOI: 10.1080/00779950209544358 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950209544358 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:36:y:2002:i:1:p:83-84




Template-Type: ReDIF-Article 1.0
Author-Name: Jeremy Fox 
Author-X-Name-First: Jeremy 
Author-X-Name-Last: Fox 
Title: Firm size-wage effect and careers of white collar workers 
Abstract:
Journal: New Zealand Economic Papers 
Pages: 85-86 
Issue: 1 
Volume: 36 
Year: 2002 
X-DOI: 10.1080/00779950209544359 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950209544359 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:36:y:2002:i:1:p:85-86




Template-Type: ReDIF-Article 1.0
Author-Name: Paul Bingley 
Author-X-Name-First: Paul 
Author-X-Name-Last: Bingley 
Author-Name: Niels Westergaard-Nielsen 
Author-X-Name-First: Niels 
Author-X-Name-Last: Westergaard-Nielsen 
Title: The return to firm-specific human capital 
Abstract:
Journal: New Zealand Economic Papers 
Pages: 87-88 
Issue: 1 
Volume: 36 
Year: 2002 
X-DOI: 10.1080/00779950209544360 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950209544360 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:36:y:2002:i:1:p:87-88




Template-Type: ReDIF-Article 1.0
Author-Name: Moira Wilson 
Author-X-Name-First: Moira 
Author-X-Name-Last: Wilson 
Title: Understanding New Zealand children's experiences of low family income: What could data integration add? 
Abstract:
Journal: New Zealand Economic Papers 
Pages: 89-91 
Issue: 1 
Volume: 36 
Year: 2002 
X-DOI: 10.1080/00779950209544361 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950209544361 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:36:y:2002:i:1:p:89-91




Template-Type: ReDIF-Article 1.0
Author-Name: John Scott 
Author-X-Name-First: John 
Author-X-Name-Last: Scott 
Title: New Zealand's student loan data integration project 
Abstract:
Journal: New Zealand Economic Papers 
Pages: 93-95 
Issue: 1 
Volume: 36 
Year: 2002 
X-DOI: 10.1080/00779950209544362 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950209544362 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:36:y:2002:i:1:p:93-95




Template-Type: ReDIF-Article 1.0
Author-Name: Ian King 
Author-X-Name-First: Ian 
Author-X-Name-Last: King 
Title: Quality versus quantity: Ranking research records of economics departments in New Zealand 
Abstract:
  A comparison of research records of the current members of the 7 major
 economics departments in New Zealand, from 1990 onwards, using journal
 quality weights from the Laband and Piette (1994) study. The information,
 taken from the Econlit database, covers more than 500 economics journals,
 as of November 2000. 32 different ranking measures are computed. According
 to 29 of these, the top three departments are Auckland, VUW and
 Canterbury. By 27 measures, Auckland takes the number one spot, while the
 relative rankings of VUW and Canterbury, and the remaining departments,
 depend on the measures used. 
Journal: New Zealand Economic Papers 
Pages: 97-112 
Issue: 1 
Volume: 36 
Year: 2002 
X-DOI: 10.1080/00779950209544363 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950209544363 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:36:y:2002:i:1:p:97-112




Template-Type: ReDIF-Article 1.0
Author-Name: Paul Dalziel 
Author-X-Name-First: Paul 
Author-X-Name-Last: Dalziel 
Author-Name: Ross Cullen 
Author-X-Name-First: Ross 
Author-X-Name-Last: Cullen 
Author-Name: Caroline Saunders 
Author-X-Name-First: Caroline 
Author-X-Name-Last: Saunders 
Title: Ranking research records of economics departments in New Zealand: Comment 
Abstract:
  This comment argues that Ian King's (2002) ranking of research records in
 New Zealand economics departments is an example of A. N. Whitehead's
 (1953) 'misplaced concreteness'. Nearly 60 per cent of the total scores
 calculated by King are due to just five academic stars, all of whom
 published their high-scoring papers overseas before coming to New Zealand.
 The comment also argues that it would not be appropriate to use a method
 such as that adopted by King for guiding performance-based research
 funding. 
Journal: New Zealand Economic Papers 
Pages: 113-122 
Issue: 1 
Volume: 36 
Year: 2002 
X-DOI: 10.1080/00779950209544364 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950209544364 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:36:y:2002:i:1:p:113-122




Template-Type: ReDIF-Article 1.0
Author-Name: Ian King 
Author-X-Name-First: Ian 
Author-X-Name-Last: King 
Title: Ranking research records of economics departments in New Zealand: Reply 
Abstract:
Journal: New Zealand Economic Papers 
Pages: 123-126 
Issue: 1 
Volume: 36 
Year: 2002 
X-DOI: 10.1080/00779950209544365 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950209544365 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:36:y:2002:i:1:p:123-126




Template-Type: ReDIF-Article 1.0
Author-Name: John Quiggin 
Author-X-Name-First: John 
Author-X-Name-Last: Quiggin 
Author-Name: Mia Mikic 
Author-X-Name-First: Mia 
Author-X-Name-Last: Mikic 
Author-Name: Tim Hazledine 
Author-X-Name-First: Tim 
Author-X-Name-Last: Hazledine 
Author-Name: Allan Catt 
Author-X-Name-First: Allan 
Author-X-Name-Last: Catt 
Title: Book reviews 
Abstract:
  At the Crossroads by Jane Kelsey (Wellington, Bridget Williams Books,
 2002), xiv + 137 pp., ISBN 1 877242 91 8. Free Trade Under Fire by Douglas
 Irwin (Princeton and Oxford, Princeton University Press, 2002), xiii +257
 pp., ISBN 0 691 08843 8. Free Trade Today by Jagdish Bhagwati (Princeton
 and Oxford: Princeton University Press, 2002), ix + 128 pp., ISBN
 0-691-09156-0. Kicking Away the Ladder: Development Strategy in Historical
 Perspective by Ha-Joon Chang (London, Anthem Press, 2002), 187 pp. ISBN
 1-84-331027-9. Final Report, Tax Review 2001 by Robert McLeod (Chair),
 Srikanta Chatterjee, Shirley Jones, David Patterson and Edward Sieper,
 (Wellington, New Zealand Treasury, October 2001), xiii + 169pp., ISBN 0
 478 11819 8 
Journal: New Zealand Economic Papers 
Pages: 127-143 
Issue: 1 
Volume: 36 
Year: 2002 
X-DOI: 10.1080/00779950209544366 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950209544366 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:36:y:2002:i:1:p:127-143




Template-Type: ReDIF-Article 1.0
Author-Name: Tim Hazledine 
Author-X-Name-First: Tim 
Author-X-Name-Last: Hazledine 
Title: Editor's introduction 
Abstract:
Journal: New Zealand Economic Papers 
Pages: 145-147 
Issue: 2 
Volume: 36 
Year: 2002 
X-DOI: 10.1080/00779950209544367 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950209544367 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:36:y:2002:i:2:p:145-147




Template-Type: ReDIF-Article 1.0
Author-Name: Robert Buckle 
Author-X-Name-First: Robert 
Author-X-Name-Last: Buckle 
Author-Name: Kunhong Kim 
Author-X-Name-First: Kunhong 
Author-X-Name-Last: Kim 
Author-Name: Julie Tam 
Author-X-Name-First: Julie 
Author-X-Name-Last: Tam 
Title: A structural var approach to estimating budget balance targets 
Abstract:
  The Fiscal Responsibility Act 1994 states that, as a principle of
 responsible fiscal management, a New Zealand government should ensure
 total Crown debt is at a prudent level by ensuring total operating
 expenses do not exceed total operating revenues. In this paper a
 structural VAR model is estimated to evaluate the impact on the
 government's cash operating surplus (or budget balance) of four
 independent disturbances: supply, fiscal, real private demand, and nominal
 disturbances. Based on the distribution of these disturbances, stochastic
 simulations are undertaken to derive the level of the ex ante cash budget
 balance needed to achieve an actual cash budget balance, at a given level
 of probability, at some future time horizon. 
Journal: New Zealand Economic Papers 
Pages: 149-175 
Issue: 2 
Volume: 36 
Year: 2002 
X-DOI: 10.1080/00779950209544368 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950209544368 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:36:y:2002:i:2:p:149-175




Template-Type: ReDIF-Article 1.0
Author-Name: Geoff Bertram 
Author-X-Name-First: Geoff 
Author-X-Name-Last: Bertram 
Title: Factor income shares, the banking sector, the exchange rate, and the New Zealand current account deficit 
Abstract:
  The clean float of the New Zealand exchange rate exposes financial
 institutions to potentially undesired volatility of the nominal exchange
 rate. In the New Zealand exchange-rate adjustment process of 1998-2000 the
 data seem consistent with the idea that, intentionally or unintentionally,
 the behaviour of the overseas-owned trading banks amounted to management
 of the exchange rate (support for the Kiwi) during the adjustment period
 from 1998 to 2000. Whether this represented the exercise of market power
 in a coordinated fashion, or was simply a natural decentralised response
 to market incentives facing the banks, is not clear. The paper suggests
 that in the absence of large volumes of short-term credit advanced by
 overseas parents to their New Zealand bank affiliates, the nominal
 exchange rate would have been under far greater downward pressure during
 1998-99, and the economy might have faced a classic financial and
 exchange-rate crisis in the wake of the Asian meltdown. 
Journal: New Zealand Economic Papers 
Pages: 177-198 
Issue: 2 
Volume: 36 
Year: 2002 
X-DOI: 10.1080/00779950209544369 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950209544369 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:36:y:2002:i:2:p:177-198




Template-Type: ReDIF-Article 1.0
Author-Name: Paul Dalziel 
Author-X-Name-First: Paul 
Author-X-Name-Last: Dalziel 
Title: Monetary policy and the exchange rate 
Abstract:
  This paper analyses the implications of uncovered interest parity for
 departures of the exchange rate from purchasing power parity as a result
 of temporary policy-induced changes in the domestic interest rate. The
 analysis produces a precise formula for the relationship, which suggests
 that exchange rate movements caused by monetary policy are small relative
 to the size of swings in the value of the New Zealand dollar during the
 1990s. Thus it is both wrong to hold the Reserve Bank responsible for
 these swings in the past and unrealistic to expect monetary policy to
 eliminate such swings in the future. 
Journal: New Zealand Economic Papers 
Pages: 199-207 
Issue: 2 
Volume: 36 
Year: 2002 
X-DOI: 10.1080/00779950209544370 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950209544370 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:36:y:2002:i:2:p:199-207




Template-Type: ReDIF-Article 1.0
Author-Name: Alfred Guender 
Author-X-Name-First: Alfred 
Author-X-Name-Last: Guender 
Author-Name: Troy Matheson 
Author-X-Name-First: Troy 
Author-X-Name-Last: Matheson 
Title: Design flaws in the construction of monetary conditions indices? A cautionary note 
Abstract:
  Monetary conditions indices featured prominently as instrument variables
 or operating targets, particularly in the inflation-targeting countries
 during the 1990s. In this paper, we show that conventional monetary
 conditions indices are potentially mis-specified. Under a regime of strict
 inflation targeting, conventional MCIs are unreliable indicator variables
 or operating targets if there is a direct exchange rate effect on the rate
 of inflation in the Phillips Curve. We also point to the limitations of a
 standard MCI under strict inflation targeting. The policymaker can
 circumvent these limitations by redefining the inflation target.
 Nevertheless, from a general perspective the usefulness of MCIs in the
 conduct of monetary policy is doubtful in view of their model-specific
 nature. 
Journal: New Zealand Economic Papers 
Pages: 209-215 
Issue: 2 
Volume: 36 
Year: 2002 
Keywords: Monetary Conditions Index (MCI), Strict Inflation-Targeting, Direct Exchange Rate Channel, Misspecification, 
X-DOI: 10.1080/00779950209544371 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950209544371 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:36:y:2002:i:2:p:209-215




Template-Type: ReDIF-Article 1.0
Author-Name: Hans-Jurgen Engelbrecht 
Author-X-Name-First: Hans-Jurgen 
Author-X-Name-Last: Engelbrecht 
Author-Name: Robin Loomes 
Author-X-Name-First: Robin 
Author-X-Name-Last: Loomes 
Title: The unintended consequences of using an MCI as an operational monetary policy target in New Zealand: Suggestive evidence from rolling regressions 
Abstract:
  The Reserve Bank of New Zealand used a Monetary Conditions Index (MCI) as
 an operational target for monetary policy from June 1997 to March 1999. We
 report estimates for New Zealand and Australia obtained from a series of
 10-week rolling regressions that examine the relationship between
 short-term interest rates and the exchange rate. They suggest that,
 against its stated intentions, the MCI regime failed to improve the Bank's
 communication of its monetary policy stance to financial markets. Instead,
 it worsened economic performance by creating a systematic inverse
 relationship between short-term interest rates and the exchange rate. This
 contrasts with Australia's monetary policy at the time. 
Journal: New Zealand Economic Papers 
Pages: 217-233 
Issue: 2 
Volume: 36 
Year: 2002 
X-DOI: 10.1080/00779950209544372 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950209544372 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:36:y:2002:i:2:p:217-233




Template-Type: ReDIF-Article 1.0
Author-Name: Abbas Valadkhani 
Author-X-Name-First: Abbas 
Author-X-Name-Last: Valadkhani 
Title: Long- and short-run determinants of the demand for money in New Zealand: A cointegration analysis 
Abstract:
  The existence of a stable demand for money is very important for the
 conduct of monetary policy even in this new era of inflation targeting.
 This paper examines the long-run determinants of the demand for M3 in New
 Zealand employing the Johansen cointegration technique and quarterly data
 for the period 1988: 1-2002: 2- The paper finds, inter alia, that the
 demand for money is cointegrated with real income, the spread between
 interest on money and on non-money assets, the expected rate of inflation,
 and the real effective, (trade weighted index) exchange rate. 
Journal: New Zealand Economic Papers 
Pages: 235-250 
Issue: 2 
Volume: 36 
Year: 2002 
X-DOI: 10.1080/00779950209544373 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950209544373 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:36:y:2002:i:2:p:235-250




Template-Type: ReDIF-Article 1.0
Author-Name: Grant Scobie 
Author-X-Name-First: Grant 
Author-X-Name-Last: Scobie 
Author-Name: Tim Hazledine 
Author-X-Name-First: Tim 
Author-X-Name-Last: Hazledine 
Title: Book reviews 
Abstract:
  Globalization and its Discontents by Joseph Stiglitz (London, Allen Lane;
 New York, W.W. Norton, 2002), xxii + 282 pp., ISBN 0 713 99664 1. 
Journal: New Zealand Economic Papers 
Pages: 251-259 
Issue: 2 
Volume: 36 
Year: 2002 
X-DOI: 10.1080/00779950209544374 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950209544374 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:36:y:2002:i:2:p:251-259




Template-Type: ReDIF-Article 1.0
Author-Name: Tim Hazledine 
Author-X-Name-First: Tim 
Author-X-Name-Last: Hazledine 
Title: Editor's introduction 
Abstract:
Journal: New Zealand Economic Papers 
Pages: 1-3 
Issue: 1 
Volume: 37 
Year: 2003 
X-DOI: 10.1080/00779950309544376 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950309544376 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:37:y:2003:i:1:p:1-3




Template-Type: ReDIF-Article 1.0
Author-Name: Timothy Kehoe 
Author-X-Name-First: Timothy 
Author-X-Name-Last: Kehoe 
Author-Name: Kim Ruhl 
Author-X-Name-First: Kim 
Author-X-Name-Last: Ruhl 
Title: Recent great depressions: Aggregate growth in New Zealand and Switzerland, 1973-2000 
Abstract:
  Throughout the 1950s and 60s real GDP per working-age person in New
 Zealand and Switzerland grew at rates at or above the 2 percent trend
 growth rate of the United States. Between 1973 and 2000, however, real GDP
 per working-age person in both countries has fallen a cumulative 30
 percent below the trend growth path. Our growth accounting attributes
 almost all of the changes in output growth to changes in the growth of
 total factor productivity (TFP), and not to changes in labor or capital
 accumulation. A calibrated dynamic general equilibrium model that takes
 TFP as exogenous can explain almost the entire decline in relative output
 in both New Zealand and Switzerland. To understand the recent growth
 experiences in New Zealand and Switzerland, it is necessary to understand
 why TFP growth rates have fallen so much. 
Journal: New Zealand Economic Papers 
Pages: 5-40 
Issue: 1 
Volume: 37 
Year: 2003 
X-DOI: 10.1080/00779950309544377 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950309544377 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:37:y:2003:i:1:p:5-40




Template-Type: ReDIF-Article 1.0
Author-Name: Ulrich Kohli 
Author-X-Name-First: Ulrich 
Author-X-Name-Last: Kohli 
Title: Terms of trade, real GDP, and real value added: A new look at New Zealand's growth performance 
Abstract:
  The conventional measure of real GDP underestimates the growth in real
 value added when the terms of trade improve. Thus, in New Zealand, where
 the terms of trade have been improving over the past 15 years, real GDP
 has underestimated the country's real growth performance by nearly 0.4%
 per year on average. Our analysis has a solid theoretical foundation,
 being based on the GDP-function approach to modelling the production
 sector of an open economy. 
Journal: New Zealand Economic Papers 
Pages: 41-66 
Issue: 1 
Volume: 37 
Year: 2003 
X-DOI: 10.1080/00779950309544378 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950309544378 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:37:y:2003:i:1:p:41-66




Template-Type: ReDIF-Article 1.0
Author-Name: Kevin Fox 
Author-X-Name-First: Kevin 
Author-X-Name-Last: Fox 
Author-Name: Ulrich Kohli 
Author-X-Name-First: Ulrich 
Author-X-Name-Last: Kohli 
Author-Name: Ronald Warren 
Author-X-Name-First: Ronald 
Author-X-Name-Last: Warren 
Title: Sources of growth and output gaps in New Zealand: New methods and evidence 
Abstract:
  We extend Fox, Kohli, and Warren (2002) by using alternative techniques
 to re-examine the sources of New Zealand's macroeconomic performance
 during the period 1983-2001. Specifically, a modified Diewert-Morrison
 decomposition is used to quantify the separate contributions from
 productivity growth and changes in factor utilization, the terms of trade
 and the trade balance to GDP growth. We also use a new Fisher-index
 decomposition to analyze the determinants of GDP growth. These techniques
 are adapted to identify sources of deviations of GDP from its trend. The
 results of these decompositions reveal that changes in domestic prices
 accounted for three-fifths of the growth of nominal GDP over the entire
 sample period. Capital accumulation and employment growth were wholly
 responsible for the real-output growth in this time frame. However,
 changes in total-factor productivity or in the terms of trade contributed
 importantly to changes in real net output and in an index of aggregate
 welfare in specific years. Finally, no one factor was primarily
 responsible for explaining changes in the nominal (or real) output gap
 over the whole period. 
Journal: New Zealand Economic Papers 
Pages: 67-92 
Issue: 1 
Volume: 37 
Year: 2003 
X-DOI: 10.1080/00779950309544379 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950309544379 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:37:y:2003:i:1:p:67-92




Template-Type: ReDIF-Article 1.0
Author-Name: Rolf Fare 
Author-X-Name-First: Rolf 
Author-X-Name-Last: Fare 
Author-Name: Shawna Grosskopf 
Author-X-Name-First: Shawna 
Author-X-Name-Last: Grosskopf 
Author-Name: Dimitri Margaritis 
Author-X-Name-First: Dimitri 
Author-X-Name-Last: Margaritis 
Title: Productivity growth in New Zealand: 1978-1998 
Abstract:
  This paper addresses aspects of New Zealand's economic performance by
 first analysing the country's relative international position against a
 comparative group of five OECD countries. Cointegration test results fail
 to confirm prima facie evidence that New Zealand's per capita output is on
 a clear divergence path from the rest of the group. A detailed analysis of
 New Zealand productivity trends at the sectoral level is carried out next.
 The results indicate that removal of government protectionist measures has
 in general been associated with enhanced productivity performance. This
 may have contributed to keeping the output gap from other OECD countries
 from widening. 
Journal: New Zealand Economic Papers 
Pages: 93-118 
Issue: 1 
Volume: 37 
Year: 2003 
X-DOI: 10.1080/00779950309544380 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950309544380 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:37:y:2003:i:1:p:93-118




Template-Type: ReDIF-Article 1.0
Author-Name: Melleny Black 
Author-X-Name-First: Melleny 
Author-X-Name-Last: Black 
Author-Name: Melody Guy 
Author-X-Name-First: Melody 
Author-X-Name-Last: Guy 
Author-Name: Nathan McLellan 
Author-X-Name-First: Nathan 
Author-X-Name-Last: McLellan 
Title: Productivity in New Zealand 1988 to 2002 
Abstract:
  This paper reports new aggregate and industry productivity series for the
 New Zealand economy for the period 1988 to 2002. Comparison between
 Australia and New Zealand shows that market sector multifactor
 productivity growth has been similar in both countries over the full
 sample period. Since 1994 average labour productivity growth has been
 higher in Australia, which reflects the relatively lower rate of physical
 capital accumulation in New Zealand after 1993. On the other hand, New
 Zealand's capital productivity growth has been higher than Australia's
 capital productivity growth since 1994, reflecting the relatively higher
 growth in hours worked in New Zealand. 
Journal: New Zealand Economic Papers 
Pages: 119-150 
Issue: 1 
Volume: 37 
Year: 2003 
X-DOI: 10.1080/00779950309544381 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950309544381 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:37:y:2003:i:1:p:119-150




Template-Type: ReDIF-Article 1.0
Author-Name: Arthur Grimes 
Author-X-Name-First: Arthur 
Author-X-Name-Last: Grimes 
Title: Economic growth and the size & structure of government: Implications for New Zealand 
Abstract:
  The work of Gwartney, Holcombe and Lawson (GHL, 1998) has been cited in
 New Zealand to demonstrate that a larger government share of GDP is
 detrimental for economic growth. Their work is reassessed here. We find a
 number of omissions in their analysis that lead to a considerable
 over-statement of the effect of government size on growth. More important
 for growth, according to other recent work, are the structures of
 government revenues and expenditures. The size and structure of New
 Zealand government flows are examined using recent IMF data. This analysis
 indicates that New Zealand has a relatively small government sector.
 However, the structures of both government revenues and expenditures
 warrant attention. 
Journal: New Zealand Economic Papers 
Pages: 151-174 
Issue: 1 
Volume: 37 
Year: 2003 
X-DOI: 10.1080/00779950309544382 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950309544382 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:37:y:2003:i:1:p:151-174




Template-Type: ReDIF-Article 1.0
Author-Name: Kenneth West 
Author-X-Name-First: Kenneth 
Author-X-Name-Last: West 
Title: Monetary policy and the volatility of real exchange rates in New Zealand 
Abstract:
  The relationship between interest rates and exchange rates is puzzling
 and poorly understood. But under some standard assumptions, interest rates
 can be adjusted to smooth real exchange rate movements at the possible
 price of increased volatility in other variables. In New Zealand,
 estimates made under some generous suppositions about what monetary policy
 is able to accomplish suggest that decreasing real exchange rate
 volatility by about 25% would require increasing output volatility by
 about 10-15%, inflation volatility by about 0-15% and interest rate
 volatility by about 15-40%. 
Journal: New Zealand Economic Papers 
Pages: 175-196 
Issue: 2 
Volume: 37 
Year: 2003 
X-DOI: 10.1080/00779950309544383 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950309544383 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:37:y:2003:i:2:p:175-196




Template-Type: ReDIF-Article 1.0
Author-Name: David Colander 
Author-X-Name-First: David 
Author-X-Name-Last: Colander 
Title: Muddling through and policy analysis 
Abstract:
  In a variety of books and articles, both published and in process, I've
 been out pushing the idea of the “economics of muddling through
 “ as the description of the approach to policy that will become
 standard in economics over the next 20 or 30 years. The argument is both
 prescriptive - I argue muddling through is what should be done - and
 descriptive - I argue that muddling through is what is currently being
 done, although, like Monsieur Jourdain speaking prose in Moliere 's Le
 Bourgeois Gentilhomme, many economists don't recognize that that's what
 they are doing.1 If we've been muddlers for so long, why should we be
 willing to admit it now? I think there are three reasons. • First,
 there is a change occurring in formal theorizing in which the holy trinity
 -rationality, greed, and equilibrium - is being abandoned as required
 aspects of any model, and being replaced by a slightly broader
 trinity-purposeful behavior, enlightened self-interest, and
 sustainability.2 • Second, the work in the formal general
 equilibrium model built upon the foundation of the holy trinity has been
 thoroughly explored; all the low hanging fruit has been picked, and young
 theoretical researchers are naturally gravitating to less explored areas.
 • Third, today's muddling through is not your father's muddling
 through; it involves the use of a whole range of applied mathematics that
 is difficult to use unless we admit we are muddling. Today's muddling is
 technically impressive muddling and is afar cry from the armchair
 heuristics that characterized early muddling. The paper is organized as
 follows: First I consider the history of welfare economics, providing a
 narrative of how we got to where we are. Second, I briefly outline some
 important changes that are currently occurring in economics. Third, I
 expand on my reasons for believing that we are now ready to accept a
 “muddling through” characterization of applied policy,
 something we have not previously been willing to embrace. 
Journal: New Zealand Economic Papers 
Pages: 197-215 
Issue: 2 
Volume: 37 
Year: 2003 
X-DOI: 10.1080/00779950309544384 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950309544384 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:37:y:2003:i:2:p:197-215




Template-Type: ReDIF-Article 1.0
Author-Name: Robert Buckle 
Author-X-Name-First: Robert 
Author-X-Name-Last: Buckle 
Author-Name: David Haugh 
Author-X-Name-First: David 
Author-X-Name-Last: Haugh 
Author-Name: Peter Thomson 
Author-X-Name-First: Peter 
Author-X-Name-Last: Thomson 
Title: Calm after the storm? Supply-side contributions to New Zealand's GDP volatility decline 
Abstract:
  The variance of New Zealand's real GDP has fallen by a third since the
 mid 1980s. Decomposing the variance of chain-weighted estimates of
 production-based real GDP growth since 1977 into sector shares, sector
 growth rate variances and co-variances, this paper concludes that the
 principal reason for the decline in GDP volatility is a fall in the sum of
 sector variances. This is due to declining variances for Services and
 Manufacturing production growth. Sector co-variances have had a dominant
 influence on the profile of GDP volatility and this influence has not
 diminished. Despite marked changes in sector shares, notably increases in
 Services and Primary sector shares and a decrease in the share of
 Manufacturing, this has not been a factor influencing the decline in GDP
 volatility. We postulate that policy interventions such as “Think
 Big”, regulatory interventions during the early 1980s, and the
 introduction of GST are key explanations for the higher volatility until
 the mid 1980s. Cessation of these policy interventions and responses to
 deregulation of several Services and Manufacturing industries after the
 mid 1980s appear to be important factors contributing to the decline in
 New Zealand GDP volatility since the mid 1980s. 
Journal: New Zealand Economic Papers 
Pages: 217-243 
Issue: 2 
Volume: 37 
Year: 2003 
X-DOI: 10.1080/00779950309544385 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950309544385 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:37:y:2003:i:2:p:217-243




Template-Type: ReDIF-Article 1.0
Author-Name: Ian King 
Author-X-Name-First: Ian 
Author-X-Name-Last: King 
Title: A directed tour of search-theoretic explanations for unemployment 
Abstract:
  This paper presents a survey and evaluation of search-theoretic models of
 unemployment. Four distinct categories of search models are identified and
 discussed: sequential sampling, equilibrium search, the matching function
 approach, and directed search. Each of these approaches are compared and
 contrasted, and the influence of each on current research directions is
 highlighted. 
Journal: New Zealand Economic Papers 
Pages: 245-267 
Issue: 2 
Volume: 37 
Year: 2003 
X-DOI: 10.1080/00779950309544386 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950309544386 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:37:y:2003:i:2:p:245-267




Template-Type: ReDIF-Article 1.0
Author-Name: W. Robert 
Author-X-Name-First: W. 
Author-X-Name-Last: Robert 
Author-Name: J. Alexander 
Author-X-Name-First: J. 
Author-X-Name-Last: Alexander 
Author-Name: R. Stuart McDougall 
Author-X-Name-First: R. Stuart 
Author-X-Name-Last: McDougall 
Title: Changing the tutorial experience in introductory economics 
Abstract:
  It had been apparent to teaching staff of our department for some time
 that the tutorial system in place for large introductory-level classes was
 not functioning optimally. Tutorials were re-designed around problem
 solving and applications of theory, undertaken by students in small
 groups. Assessment was also re-designed in keeping with the changed course
 emphasis. In evaluating the success or otherwise of this change in
 approach, we used both qualitative and quantitative techniques. The
 qualitative responses of both students and tutors were very positive.
 Quantitative evidence of improved outcomes is harder to adduce, but we did
 find sufficient evidence to encourage colleagues to extend the changes to
 other large classes. 
Journal: New Zealand Economic Papers 
Pages: 269-283 
Issue: 2 
Volume: 37 
Year: 2003 
X-DOI: 10.1080/00779950309544387 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950309544387 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:37:y:2003:i:2:p:269-283




Template-Type: ReDIF-Article 1.0
Author-Name: Mary Hedges 
Author-X-Name-First: Mary 
Author-X-Name-Last: Hedges 
Author-Name: Geoff Perry 
Author-X-Name-First: Geoff 
Author-X-Name-Last: Perry 
Title: Teaching and assessing intermediate macroeconomics: An innovative approach 
Abstract:
  Research on pedagogica1 issues associated with the delivery and
 assessment of economics curriculum has increased noticeably since the
 early 1990s. This has been driven partly by necessity, as declining
 numbers in economics majors have caused departments to evaluate their
 performance, partly by the interests of some economists in pedagogy and
 partly by an increase in teaching of economics to students who have opted
 for majors other than economics. This paper arises from the latter two
 causes and reports on an innovation that has been used since 2000 with
 classes containing both business economics and international business
 students at Auckland University of Technology (AUT), Auckland, New
 Zealand. Given that students in international business at AUT are drawn
 from a range of faculties, including business, science and arts, there is
 no guarantee that they have any background in economics when they enrol in
 Business and the Macroeconomic Environment, an intermediate level open
 economy macroeconomics paper and a core paper in both the Business
 Economics and the International Business majors in the Bachelor of
 Business Degree. The business economics major students have completed the
 equivalent of a first year macroeconomics course before they enter this
 paper. In order to meet the needs of the course and those of the students,
 the lecturers on this course have developed an innovative assessment and
 teaching approach. The emphasis of this approach is in aiding the students
 to cross the threshold from theory to application using real world data
 and a business application. The rationale for, and details of the approach
 are outlined and the performance of this new approach is briefly
 evaluated. 
Journal: New Zealand Economic Papers 
Pages: 285-293 
Issue: 2 
Volume: 37 
Year: 2003 
X-DOI: 10.1080/00779950309544388 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950309544388 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:37:y:2003:i:2:p:285-293




Template-Type: ReDIF-Article 1.0
Author-Name: Brian Easton 
Author-X-Name-First: Brian 
Author-X-Name-Last: Easton 
Author-Name: Mary Hedges 
Author-X-Name-First: Mary 
Author-X-Name-Last: Hedges 
Title: Book review 
Abstract:
  Treasury: The New Zealand Treasury 1840-2000, by Malcolm McKinnon
 (Auckland, Auckland University Press), 2003, 526 pp, ISBN 1-86940-296-0
 The Lost Art of Economics by David Colander (Cheltenham, Edward Elgar), x
 + 203 pp., ISBN 1 84064 694 2. 
Journal: New Zealand Economic Papers 
Pages: 295-302 
Issue: 2 
Volume: 37 
Year: 2003 
X-DOI: 10.1080/00779950309544389 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950309544389 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:37:y:2003:i:2:p:295-302




Template-Type: ReDIF-Article 1.0
Author-Name: Ross Guest 
Author-X-Name-First: Ross 
Author-X-Name-Last: Guest 
Author-Name: John Bryant 
Author-X-Name-First: John 
Author-X-Name-Last: Bryant 
Author-Name: Grant Scobie 
Author-X-Name-First: Grant 
Author-X-Name-Last: Scobie 
Title: Population ageing in New Zealand: Implications for living standards and the optimal rate of national saving 
Abstract:
  Over the next 50 years, New Zealand's population will age substantially.
 There has been wide debate about whether New Zealand should prepare for
 population ageing by increasing national savings. This question is
 addressed by choosing time paths for consumption, savings and debt,
 through the use of a Ramsey-Solow model of optimal saving, adapted for
 investigating problems of population ageing. The simulation results
 suggest that population ageing alone would not justify increases in
 national savings rates beyond those envisaged by current policy. The cost
 of ageing in terms of reduced real consumption is not large enough to
 justify large additional savings, and the concomitant reduction in current
 consumption. 
Journal: New Zealand Economic Papers 
Pages: 1-20 
Issue: 1 
Volume: 38 
Year: 2004 
X-DOI: 10.1080/00779950409544391 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950409544391 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:38:y:2004:i:1:p:1-20




Template-Type: ReDIF-Article 1.0
Author-Name: Guyonne Kalb 
Author-X-Name-First: Guyonne 
Author-X-Name-Last: Kalb 
Author-Name: Rosanna Scutella 
Author-X-Name-First: Rosanna 
Author-X-Name-Last: Scutella 
Title: Wage and employment rates in New Zealand from 1991 to 2001 
Abstract:
  This paper examines the simultaneous determinants of employment and wage
 rates for people of working age in New Zealand. The determinants are as
 anticipated and similar to results in other countries. In addition to the
 effects of the usual variables (such as, education, age, family
 composition), it is found that unemployment affects the probability of
 employment negatively, but has no effect on wage rates, living with one's
 parents decreases the employment probability of singles but increases it
 for sole parents, and the change in the age of eligibility for the New
 Zealand Superannuation affects the employment decision, indicating that
 individuals reacted to incentives to participate at an older age. 
Journal: New Zealand Economic Papers 
Pages: 21-47 
Issue: 1 
Volume: 38 
Year: 2004 
X-DOI: 10.1080/00779950409544392 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950409544392 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:38:y:2004:i:1:p:21-47




Template-Type: ReDIF-Article 1.0
Author-Name: Viv Hall 
Author-X-Name-First: Viv 
Author-X-Name-Last: Hall 
Author-Name: Angela Huang 
Author-X-Name-First: Angela 
Author-X-Name-Last: Huang 
Title: Would adopting the us dollar have led to improved inflation, output and trade balances, for New Zealand in the 1990s? 
Abstract:
  Deterministic simulations with the Reserve Bank of New Zealand's core FPS
 model show how New Zealand's broad macroeconomic environment might have
 evolved over the 1990s, if a US nominal yield curve and US effective
 exchange rate movements under a common currency arrangement had been
 experienced. Relatively looser monetary conditions would have prevailed,
 and led to modest short-run output gains, greater excess demand pressures,
 noticeably higher CPI inflation rates over the whole of the 1990s, and
 less favourable trade balance outcomes, especially for the late 1990s.
 These macroeconomic outcomes are overall less favourable than those
 obtained from simulating the equivalent Australian monetary conditions. 
Journal: New Zealand Economic Papers 
Pages: 49-63 
Issue: 1 
Volume: 38 
Year: 2004 
X-DOI: 10.1080/00779950409544393 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950409544393 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:38:y:2004:i:1:p:49-63




Template-Type: ReDIF-Article 1.0
Author-Name: Glenn Boyle 
Author-X-Name-First: Glenn 
Author-X-Name-Last: Boyle 
Author-Name: Andrew Hagan 
Author-X-Name-First: Andrew 
Author-X-Name-Last: Hagan 
Author-Name: R. Seini O'Connor 
Author-X-Name-First: R. Seini 
Author-X-Name-Last: O'Connor 
Author-Name: Nick Whitwell 
Author-X-Name-First: Nick 
Author-X-Name-Last: Whitwell 
Title: Emotion, fear and superstition in the New Zealand stockmarket 
Abstract:
  We analyse the reaction of the New Zealand stock market to five
 economically-neutral events that psychology research indicates have
 varying degrees of influence on emotion and mood. Contrary to behavioural
 finance principles, only one of these events is associated with mean or
 median returns that are statistically different from those on non-event
 days, and even this disappears in the post-1984 period. However, several
 events offer returns that differ from those on non-event days in an
 economically significant manner. Moreover, the variance of returns for
 event days is typically much greater than the variance for non-event days.
 Contrary to what theory would suggest, the market's propensity to react to
 economically-neutral events is largely independent of the mid-1980's
 market reforms. 
Journal: New Zealand Economic Papers 
Pages: 65-85 
Issue: 1 
Volume: 38 
Year: 2004 
X-DOI: 10.1080/00779950409544394 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950409544394 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:38:y:2004:i:1:p:65-85




Template-Type: ReDIF-Article 1.0
Author-Name: Hans-Jurgen Engelbrecht 
Author-X-Name-First: Hans-Jurgen 
Author-X-Name-Last: Engelbrecht 
Title: The transaction sector, the information economy, and economic growth in New Zealand: Taking hazledine seriously 
Abstract:
  The aim of this paper is to broaden the discussion about the role of the
 'transaction sector' in New Zealand economic growth by relating it to the
 seemingly alternative, but actually complementary, concept of the
 information economy, and by indicating some new directions for research.
 First, a brief overview of approaches to measuring transaction costs is
 provided. Secondly, the complementary nature of the information economy
 and transaction sector concepts is discussed. Next, empirical estimates of
 the information and transaction workforces are presented. Fourthly, the
 major points that need to be considered in the development of an extended,
 more complex, hypothesis about the role of the transaction sector in New
 Zealand economic growth are discussed, and- a first version of such a
 hypothesis is put forward. 
Journal: New Zealand Economic Papers 
Pages: 87-99 
Issue: 1 
Volume: 38 
Year: 2004 
X-DOI: 10.1080/00779950409544395 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950409544395 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:38:y:2004:i:1:p:87-99




Template-Type: ReDIF-Article 1.0
Author-Name: Michelle Gosse 
Author-X-Name-First: Michelle 
Author-X-Name-Last: Gosse 
Author-Name: Siva Ganesh 
Author-X-Name-First: Siva 
Author-X-Name-Last: Ganesh 
Title: The gender pay gap and the importance of job size: Evidence from the New Zealand public service 
Abstract:
  This study examines the gender pay gap in the New Zealand Public Service
 in 2002, using the well-known Blinder-Oaxaca method to decompose pay
 differentials into explained and unexplained components. The major
 innovation of the paper is its introduction of a 'job size ' variable
 which proxies the seniority level of individual jobs, to supplement the
 standard variables such as occupation, age, tenure and ethnicity. The
 addition of job size to the model dramatically reduced the adjusted or
 unexplained gender pay gap to an almost negligible amount of 1.1 percent,
 and was the primary explanatory factor in pay differentials. The results
 suggest that, within the New Zealand Public Service, the gender pay gap is
 due to the horizontal and vertical segregation of female employees into
 lower paid occupations and jobs. Both sources of disparity will need to be
 addressed to remove the gap. 
Journal: New Zealand Economic Papers 
Pages: 101-118 
Issue: 1 
Volume: 38 
Year: 2004 
X-DOI: 10.1080/00779950409544396 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950409544396 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:38:y:2004:i:1:p:101-118




Template-Type: ReDIF-Article 1.0
Author-Name: Roger Bowden 
Author-X-Name-First: Roger 
Author-X-Name-Last: Bowden 
Title: McHouse prices, capital hoovering, and real exchange rate exposures 
Abstract:
  House prices are both cause and effect of the real exchange rate. In the
 form of implied rentals or service prices, they are a good proxy for non
 tradables prices, which in turn are signs of generalised expenditure
 inflation and hence underlying real exchange rate pressures. The causal
 impact is because rising house prices suck in offshore funding, markedly
 so in recent times, creating a capital account driven nominal exchange
 rate. The hoovering effect is responsive to interest rate differentials,
 leading to a more focused view of the role of uncovered interest parity,
 as an offshore response to internally generated demand for funds rather
 than externally generated hot money chasing spot rate margins. The overall
 result is likely to be chronic macroeconomic instability over the inter
 run, creating challenges for corporate risk management, monetary control
 and industrial policy. 
Journal: New Zealand Economic Papers 
Pages: 119-139 
Issue: 1 
Volume: 38 
Year: 2004 
X-DOI: 10.1080/00779950409544397 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950409544397 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:38:y:2004:i:1:p:119-139




Template-Type: ReDIF-Article 1.0
Author-Name: Kenneth Jackson 
Author-X-Name-First: Kenneth 
Author-X-Name-Last: Jackson 
Author-Name: Tim Hazledine 
Author-X-Name-First: Tim 
Author-X-Name-Last: Hazledine 
Title: Book reviews 
Abstract:
  Phil Briggs, Looking at the numbers: A view of New Zealand's economic
 history, New Zealand Institute of Economic Research, (Inc.), Research
 monograph 69, Wellington, (2003). pp. ix, 140. David Greasley, D. and
 Oxley, L., “Measuring New Zealand's GDP, 1856-1933: a
 cointegration-based approach”, in the Review of Income and Wealth,
 46, (2000), pp. 351-68. David Greasley and Les Oxley, “Regime shift
 and fast recovery on the periphery: New Zealand in the 1930s”,
 Economic History Review, LV, 4 (2002), pp. 697-720. David Greasley and Les
 Oxley, “Globalization and Real Wages in New Zealand,
 1873-1913”, Explorations in Economic History, 41 (2004), pp. 26-47.
 Reinventing the Bazaar: A Natural History of Markets by John McMillan,
 W.W. Norton & Co, New York and London, 2002, x+278pp., ISBN 0-393-05021-1. 
Journal: New Zealand Economic Papers 
Pages: 141-146 
Issue: 1 
Volume: 38 
Year: 2004 
X-DOI: 10.1080/00779950409544398 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950409544398 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:38:y:2004:i:1:p:141-146




Template-Type: ReDIF-Article 1.0
Author-Name: Robert Buckle 
Author-X-Name-First: Robert 
Author-X-Name-Last: Buckle 
Title: Conrad A. Blyth: - Citation for the award of distinguished fellow of the New Zealand association of economists 
Abstract:
Journal: New Zealand Economic Papers 
Pages: 147-149 
Issue: 2 
Volume: 38 
Year: 2004 
X-DOI: 10.1080/00779950409544399 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950409544399 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:38:y:2004:i:2:p:147-149




Template-Type: ReDIF-Article 1.0
Author-Name: Dennis Rose 
Author-X-Name-First: Dennis 
Author-X-Name-Last: Rose 
Title: Sir Frank Holmes - Citation for the award of distinguished fellow of the New Zealand association of economists 
Abstract:
Journal: New Zealand Economic Papers 
Pages: 151-152 
Issue: 2 
Volume: 38 
Year: 2004 
X-DOI: 10.1080/00779950409544400 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950409544400 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:38:y:2004:i:2:p:151-152




Template-Type: ReDIF-Article 1.0
Author-Name: John McMillan 
Author-X-Name-First: John 
Author-X-Name-Last: McMillan 
Title: Quantifying creative destruction: Entrepreneurship and productivity in New Zealand 
Abstract:
  This paper (a) provides a framework for quantifying any economy's
 flexibility, and (b) reviews the evidence on New Zealand firms' birth,
 growth and death. The data indicate that, by and large, the labour market
 and the financial market are doing their job. Creative destruction
 “revolutionizes the economic structure from within,” Joseph
 Schumpeter famously said, “incessantly destroying the old one,
 incessantly creating a new one” (Schumpeter, 1975, p. 83).
 Innovation in business - bringing new goods, new markets, new methods of
 production, new ways of organizing firms - is the “fundamental
 impulse that sets and keeps the capitalist engine in motion.” Does
 the economy have enough flexibility? Are there barriers in the way of
 entrepreneurship? This paper develops a framework for quantifying creative
 destruction. Applying the framework to New Zealand, I conclude that the
 sluggish productivity growth of the past fifteen years cannot be blamed on
 economic rigidities. The data depict an economy with ample creative
 destruction. Ascribing New Zealand's slow growth to a business-unfriendly
 culture is a misdiagnosis. 
Journal: New Zealand Economic Papers 
Pages: 153-173 
Issue: 2 
Volume: 38 
Year: 2004 
X-DOI: 10.1080/00779950409544401 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950409544401 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:38:y:2004:i:2:p:153-173




Template-Type: ReDIF-Article 1.0
Author-Name: Allan Rae 
Author-X-Name-First: Allan 
Author-X-Name-Last: Rae 
Author-Name: Anna Strutt 
Author-X-Name-First: Anna 
Author-X-Name-Last: Strutt 
Title: Multilateral agricultural trade reform: Potential impacts of current negotiations on New Zealand 
Abstract:
  Multilateral agricultural negotiations are a crucial part of the WTO's
 Doha Development Agenda, the outcome of which may significantly impact New
 Zealand. In this paper we review progress and key proposals put forward to
 date in the negotiations. We use a newly available and significantly
 improved version of a global trade database to model the potential
 economic effects of trade reforms that might be agreed in the Doha Round.
 Our results indicate that New Zealand is likely to experience relatively
 large aggregate gains from reform, with significant benefits arising from
 terms of trade improvements. In the event of a successful outcome from the
 Doha Round, New Zealand's farm sector and agricultural exports are likely
 to become further dominated by dairy products. We find that increased
 access to the markets of industrial countries and a rapid phase-out of
 agricultural export subsidies are likely to be of particular importance.
 Efforts to negotiate global reductions in domestic farm support appear to
 offer the least benefit to New Zealand. 
Journal: New Zealand Economic Papers 
Pages: 175-205 
Issue: 2 
Volume: 38 
Year: 2004 
X-DOI: 10.1080/00779950409544402 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950409544402 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:38:y:2004:i:2:p:175-205




Template-Type: ReDIF-Article 1.0
Author-Name: Basil Sharp 
Author-X-Name-First: Basil 
Author-X-Name-Last: Sharp 
Author-Name: David Castilla-Espino 
Author-X-Name-First: David 
Author-X-Name-Last: Castilla-Espino 
Author-Name: Juan Jose Garcia del Hoyo 
Author-X-Name-First: Juan Jose Garcia del 
Author-X-Name-Last: Hoyo 
Title: Efficiency in the New Zealand rock lobster fishery: A production frontier analysis 
Abstract:
  New Zealand's quota management system has been operating since 1986.
 Evidence based on quota prices supports the effectiveness of rights based
 management in addressing the twin ills of fisheries management,
 unsustainable harvest and economic inefficiency. Faced with output
 controls fishing firms have an incentive improve efficiency. Little is
 known about efficiency gains within rights-based systems of governance.
 This paper looks for evidence of efficiency gains in New Zealand's
 commercial rock lobster fishery between 1993 and 2002. Confidential
 firm-level data are used. The stochastic Cobb-Douglas production frontier
 model used to estimate efficiency performed well. Parameter estimates
 accorded with theory and were significant in each period with the
 exception of labour in 1993. The industry is not characterised by constant
 returns to scale. A comparison of the efficiency distribution in 1993 with
 that obtained in 2002 suggests that the mean level of efficiency has
 increased over the period and the increase is significant. The within-year
 dispersion of efficiency has reduced. These results support the efficiency
 enhancing incentives associated with rights-based fishing. 
Journal: New Zealand Economic Papers 
Pages: 207-218 
Issue: 2 
Volume: 38 
Year: 2004 
X-DOI: 10.1080/00779950409544403 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950409544403 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:38:y:2004:i:2:p:207-218




Template-Type: ReDIF-Article 1.0
Author-Name: Debasis Bandyopadhyay 
Author-X-Name-First: Debasis 
Author-X-Name-Last: Bandyopadhyay 
Title: Why haven't economic reforms increased productivity growth in New Zealand? 
Abstract:
  Productivity, measured by output per hour, grew by less than one percent
 per annum in post reform New Zealand. During the same period productivity
 grew at a rate two times faster in relatively protected Australia and one
 and half time faster in the “free market” economy of the US.
 This spectacular failure of economic reforms in boosting productivity
 growth to the international standard calls for an explanation.
 Unfortunately, nobody has yet offered a theoretical model of economic
 growth to respond to that call. This paper is an attempt to start that
 process within the academic discipline established by Solow, Lucas and
 Prescott, the only three growth economists who are Nobel Laureates. It
 offers an endogenous growth model with endogenous rent seeking, which
 adversely affects the economy's total factor productivity (TFP). The model
 determines TFP as a function of economic policy and not as unexplainable
 residuals, unlike most previous studies. In particular, it provides
 explicit formulas for measuring TFP and rent-seeking activity in an
 economy. The paper argues that well intended economic reforms could
 nonetheless lead to an endogenous skill shortage that may ironically turn
 innovators into rent-seekers and in turn, retard productivity growth.
 Future research may apply this model or a modified version of it to
 determine if the above argument sheds some light in explaining the
 productivity puzzle of the post reform era in New Zealand. 
Journal: New Zealand Economic Papers 
Pages: 219-240 
Issue: 2 
Volume: 38 
Year: 2004 
X-DOI: 10.1080/00779950409544404 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950409544404 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:38:y:2004:i:2:p:219-240




Template-Type: ReDIF-Article 1.0
Author-Name: Lewis Evans 
Author-X-Name-First: Lewis 
Author-X-Name-Last: Evans 
Title: The efficiency test under competition law and regulation in the small distant open economy that is New Zealand 
Abstract:
  This paper considers the application of competition law and price
 regulation in the very small and isolated economy that is New Zealand. It
 argues that the total surplus (efficiency) criterion should be applied in
 tests of practices and actions where the competition threshold is not met
 or doubtful. Further, it argues that this criterion is admitted, if not
 required, under New Zealand statutes. The differential treatment of
 affected parties, including foreign investors, in measuring the surplus is
 considered. 
Journal: New Zealand Economic Papers 
Pages: 241-264 
Issue: 2 
Volume: 38 
Year: 2004 
X-DOI: 10.1080/00779950409544405 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950409544405 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:38:y:2004:i:2:p:241-264




Template-Type: ReDIF-Article 1.0
Author-Name: Geoff Bertram 
Author-X-Name-First: Geoff 
Author-X-Name-Last: Bertram 
Title: What's wrong with New Zealand's public benefit test? 
Abstract:
  New Zealand courts and regulatory authorities have since 1994 adopted an
 extreme neoliberal version of the public benefit test, treating wealth
 transfers from consumers to monopolists as welfare-neutral. This
 abandonment of the long-established consumer-welfare or balancing-weights
 standards used in most other OECD jurisdictions rests upon a
 misconstruction of the alleged inability of economists to reach consensus
 on how to evaluate changes in income distribution. The intellectual
 cul-de-sac occupied by “new welfare economics” should leave
 policymakers free to attack monopoly profits without having to endure
 utilitarian criticisms from neoliberal economists. In doing so. New
 Zealand policymakers would be acting in accordance with strong economic
 arguments for restraining monopoly, drawn from the wider mainstream of the
 economic literature and requiring no utilitarian underpinning. 
Journal: New Zealand Economic Papers 
Pages: 265-277 
Issue: 2 
Volume: 38 
Year: 2004 
X-DOI: 10.1080/00779950409544406 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950409544406 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:38:y:2004:i:2:p:265-277




Template-Type: ReDIF-Article 1.0
Author-Name: Tim Hazledine 
Author-X-Name-First: Tim 
Author-X-Name-Last: Hazledine 
Title: Application of the public benefit test to the air New Zealand/Qantas case 
Abstract:
  The proposed cartel between Air New Zealand was rejected by the NZ
 Commerce Commission, supported on appeal by the High Court. The case was
 an important and interesting application of the Net Public Benefit test in
 competition policy, under which the assessed costs or detriments of a
 determined substantial lessening of competition (SLC) are weighed against
 any offsetting benefits, for the purposes of authorisation. In this paper
 quantification of the detriments is shown to depend on the identity of
 those affected - consumers/producers; New Zealand/Australian/foreign.
 Impacts on the long-run performance of markets and on related markets were
 claimed and are evaluated. The basic legitimacy of the public benefit test
 in this context is assessed, in terms both of the purpose of the NZ
 anti-trust legislation and of the economics of long-term market
 performance. The much simpler traditional SLC-focussed implementation of
 anti-trust might perform better overall. 
Journal: New Zealand Economic Papers 
Pages: 279-298 
Issue: 2 
Volume: 38 
Year: 2004 
X-DOI: 10.1080/00779950409544407 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950409544407 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:38:y:2004:i:2:p:279-298




Template-Type: ReDIF-Article 1.0
Author-Name: Brian Easton 
Author-X-Name-First: Brian 
Author-X-Name-Last: Easton 
Title: Book review 
Abstract:
  “Globalization in Historical Perspective”, a National
 Bureau of Economic Research Conference Report, edited by M.D. Bordo, A.M.
 Taylor and J.G. Williamson. (The University of Chicago Press, 2003) 
Journal: New Zealand Economic Papers 
Pages: 299-305 
Issue: 2 
Volume: 38 
Year: 2004 
X-DOI: 10.1080/00779950409544408 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950409544408 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:38:y:2004:i:2:p:299-305




Template-Type: ReDIF-Article 1.0
Author-Name: Ian King 
Author-X-Name-First: Ian 
Author-X-Name-Last: King 
Title: Editor's introduction 
Abstract:
Journal: New Zealand Economic Papers 
Pages: 1-2 
Issue: 1 
Volume: 39 
Year: 2005 
X-DOI: 10.1080/00779950509558477 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950509558477 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:39:y:2005:i:1:p:1-2




Template-Type: ReDIF-Article 1.0
Author-Name: John Creedy 
Author-X-Name-First: John 
Author-X-Name-Last: Creedy 
Author-Name: Cath Sleeman 
Author-X-Name-First: Cath 
Author-X-Name-Last: Sleeman 
Title: Excise taxation in New Zealand 
Abstract:
  In New Zealand, excise taxes are levied on alcohol, tobacco and petrol.
 The advised that they should be removed and the revenue replaced by
 raising the standard rate of GST. This paper provides an empirical
 examination of these issues. First, the effects of the current system of
 indirect taxes are examined. The welfare and redistributive effects
 resulting from the revenue-neutral removal of excise taxes are then
 analysed for a range of demographic groups and total weekly expenditure
 levels. The largest efficiency gains and reductions in inequality are
 observed for households with at least one smoker, but the overall
 distributional implications of the proposed reforms are small. 
Journal: New Zealand Economic Papers 
Pages: 1-35 
Issue: 1 
Volume: 39 
Year: 2005 
X-DOI: 10.1080/00779950509558478 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950509558478 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:39:y:2005:i:1:p:1-35




Template-Type: ReDIF-Article 1.0
Author-Name: W. Robert 
Author-X-Name-First: W. 
Author-X-Name-Last: Robert 
Author-Name: J. Alexander 
Author-X-Name-First: J. 
Author-X-Name-Last: Alexander 
Author-Name: John Bell 
Author-X-Name-First: John 
Author-X-Name-Last: Bell 
Author-Name: Stephen Knowles 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Knowles 
Title: Quantifying compliance costs of small businesses in New Zealand 
Abstract:
  This paper reports on a small-scale study of the compliance costs of
 small New Zealand businesses. Participating firms were asked to keep a
 record of both time spent and expenditure directly incurred over a
 thirteen-week period. This differs from previous studies that rely on a
 firm's recall. The results suggest that New Zealand small businesses, on
 average, spend less time, but a similar amount of money, on compliance
 than has been indicated in previous studies. A number of firms do perceive
 compliance to be a major issue, and in some cases this perception prevents
 firms from expanding. 
Journal: New Zealand Economic Papers 
Pages: 37-50 
Issue: 1 
Volume: 39 
Year: 2005 
X-DOI: 10.1080/00779950509558479 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950509558479 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:39:y:2005:i:1:p:37-50




Template-Type: ReDIF-Article 1.0
Author-Name: John Creedy 
Author-X-Name-First: John 
Author-X-Name-Last: Creedy 
Author-Name: Cath Sleeman 
Author-X-Name-First: Cath 
Author-X-Name-Last: Sleeman 
Title: Adult equivalence scales, inequality and poverty 
Abstract:
  This paper examines the sensitivity of inequality and poverty measures to
 the adult equivalence scale and the unit of analysis. Comparisons are made
 using parametric equivalence scales, and income units include individuals,
 equivalent adults and households. The role of the correlation between
 equivalent income and household size, and the weight attached to children,
 is examined analytically. Empirical results are based on New Zealand
 Household Expenditure Survey (HES) data for total expenditure. Further
 results using a variety of equivalence scales, for New Zealand, Australia,
 the UK and the OECD, are examined. 
Journal: New Zealand Economic Papers 
Pages: 51-81 
Issue: 1 
Volume: 39 
Year: 2005 
X-DOI: 10.1080/00779950509558480 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950509558480 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:39:y:2005:i:1:p:51-81




Template-Type: ReDIF-Article 1.0
Author-Name: Peter Tait 
Author-X-Name-First: Peter 
Author-X-Name-Last: Tait 
Author-Name: Lana Friesen 
Author-X-Name-First: Lana 
Author-X-Name-Last: Friesen 
Author-Name: Ross Cullen 
Author-X-Name-First: Ross 
Author-X-Name-Last: Cullen 
Title: Will unit pricing reduce domestic waste? Lessons from a contingent valuation study 
Abstract:
  This paper estimates the effect of introducing unit pricing for municipal
 domestic waste collection and disposal in Christchurch. The price effect
 is shown in a demand model estimation using data collected in a contingent
 valuation survey of Christchurch households conducted in 2003. The results
 show a small but significant price effect. Households on higher incomes
 exhibit a larger price effect than do those on low incomes. Private
 service is indicated as the most preferred option for substituting away
 from municipal service, followed closely by composting, compaction, and
 recycling. The number of households participating in substitute activities
 that divert waste from landfill is shown to increase. 
Journal: New Zealand Economic Papers 
Pages: 83-103 
Issue: 1 
Volume: 39 
Year: 2005 
X-DOI: 10.1080/00779950509558481 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950509558481 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:39:y:2005:i:1:p:83-103




Template-Type: ReDIF-Article 1.0
Author-Name: Debasis Bandyopadhyay 
Author-X-Name-First: Debasis 
Author-X-Name-Last: Bandyopadhyay 
Title: Omitted productivity data: Why haven't economic reforms increased productivity growth in New Zealand? 
Abstract:
  Crucial data on productivity was omitted from my article titled,
 “Why Haven't Economic Reforms Increased Productivity Growth in New
 Zealand?. The data consist of GDP per hour and real earnings per hour as
 two alternative measures of productivity. More importantly, they are
 crucial to substantiate the premise of the “productivity
 puzzle” that the article addresses and represent an alternative
 source of productivity data that the growth economists in New Zealand
 typically ignore. Instead, they rely on artificially constructed data on
 total factor productivity (TFP). However, when it comes to the TFP data
 the art of construction varies widely. Consequently, economists in New
 Zealand also struggle to gather consensus on how to interpret those data.
 In the above paper I argue that such a consensus would be impossible to
 achieve since the interpretation of the TFP data crucially depends on the
 specific model that one uses. The data on GDP per hour or real earnings
 per hour, however, raise far less controversy when one attempts to
 interpret them in wide varieties of models. Moreover, contrary to the
 widely held optimism among the policymakers regarding post-reform
 productivity growth, those less controversial data reveal a puzzling drop
 in the decade long average productivity growth, following the economic
 reforms of the late 1980s. My paper published in the December 2004 issue
 of the NZEP provides an explanation of the puzzle in a neoclassical growth
 theoretic framework. However, because of the unfortunate omission of the
 crucial productivity data several economists have questioned my premise of
 any decline in the trend growth rate of productivity. I have responded to
 those people who contacted me directly regarding those missing data.
 However, a widespread use of various types of TFP data that do not capture
 the puzzle of post reform decline in productivity growth calls for the
 publication of the omitted data. I hope that future research involving
 this alternative dataset on productivity would benefit the policy makers
 by providing a less ambiguous picture of the trend in productivity growth
 in New Zealand. 
Journal: New Zealand Economic Papers 
Pages: 105-108 
Issue: 1 
Volume: 39 
Year: 2005 
X-DOI: 10.1080/00779950509558482 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950509558482 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:39:y:2005:i:1:p:105-108




Template-Type: ReDIF-Article 1.0
Author-Name: Ian King 
Author-X-Name-First: Ian 
Author-X-Name-Last: King 
Title: Editor's introduction 
Abstract:
Journal: New Zealand Economic Papers 
Pages: 1-1 
Issue: 2 
Volume: 39 
Year: 2005 
X-DOI: 10.1080/00779950509558483 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950509558483 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:39:y:2005:i:2:p:1-1




Template-Type: ReDIF-Article 1.0
Author-Name: Grant Spencer 
Author-X-Name-First: Grant 
Author-X-Name-Last: Spencer 
Title: Roderick S Deane — Citation for the award of distinguished fellow of the New Zealand association of economists 
Abstract:
Journal: New Zealand Economic Papers 
Pages: 113-115 
Issue: 2 
Volume: 39 
Year: 2005 
X-DOI: 10.1080/00779950509558484 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950509558484 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:39:y:2005:i:2:p:113-115




Template-Type: ReDIF-Article 1.0
Author-Name: John Yeabsley 
Author-X-Name-First: John 
Author-X-Name-Last: Yeabsley 
Title: Peter Charles Bonest Phillips — Citation for the award of distinguished fellow of the New Zealand association of economists 
Abstract:
Journal: New Zealand Economic Papers 
Pages: 117-118 
Issue: 2 
Volume: 39 
Year: 2005 
X-DOI: 10.1080/00779950509558485 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950509558485 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:39:y:2005:i:2:p:117-118




Template-Type: ReDIF-Article 1.0
Author-Name: Ralph Lattimore 
Author-X-Name-First: Ralph 
Author-X-Name-Last: Lattimore 
Title: Adjunct Professor Brian Easton — Citation for the award of distinguished fellow of the New Zealand Association of Economists 
Abstract:
Journal: New Zealand Economic Papers 
Pages: 119-120 
Issue: 2 
Volume: 39 
Year: 2005 
X-DOI: 10.1080/00779950509558486 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950509558486 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:39:y:2005:i:2:p:119-120




Template-Type: ReDIF-Article 1.0
Author-Name: Arthur Grimes 
Author-X-Name-First: Arthur 
Author-X-Name-Last: Grimes 
Title: Lewis Evans — Citation for the award of distinguished fellow of the New Zealand association of economists 
Abstract:
Journal: New Zealand Economic Papers 
Pages: 121-123 
Issue: 2 
Volume: 39 
Year: 2005 
X-DOI: 10.1080/00779950509558487 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950509558487 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:39:y:2005:i:2:p:121-123




Template-Type: ReDIF-Article 1.0
Author-Name: Frank Holmes 
Author-X-Name-First: Frank 
Author-X-Name-Last: Holmes 
Title: Gary Hawke — Citation for the award of distinguished fellow of the New Zealand association of economists 
Abstract:
Journal: New Zealand Economic Papers 
Pages: 125-126 
Issue: 2 
Volume: 39 
Year: 2005 
X-DOI: 10.1080/00779950509558488 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950509558488 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:39:y:2005:i:2:p:125-126




Template-Type: ReDIF-Article 1.0
Author-Name: Frank Tay 
Author-X-Name-First: Frank 
Author-X-Name-Last: Tay 
Title: John Mcmillan — Citation for the award of distinguished fellow of the New Zealand association of economists 
Abstract:
Journal: New Zealand Economic Papers 
Pages: 127-128 
Issue: 2 
Volume: 39 
Year: 2005 
X-DOI: 10.1080/00779950509558489 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950509558489 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:39:y:2005:i:2:p:127-128




Template-Type: ReDIF-Article 1.0
Author-Name: Peter Phillips 
Author-X-Name-First: Peter 
Author-X-Name-Last: Phillips 
Title: Albert Rex Bergstrom 1925-2005 
Abstract:
Journal: New Zealand Economic Papers 
Pages: 129-152 
Issue: 2 
Volume: 39 
Year: 2005 
X-DOI: 10.1080/00779950509558490 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950509558490 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:39:y:2005:i:2:p:129-152




Template-Type: ReDIF-Article 1.0
Author-Name: Tim Hazledine 
Author-X-Name-First: Tim 
Author-X-Name-Last: Hazledine 
Author-Name: Cliff Kurniawan 
Author-X-Name-First: Cliff 
Author-X-Name-Last: Kurniawan 
Title: Efficiency of New Zealand universities and the impact of the performance based research fund 
Abstract:
  The Performance Based Research Fund (PBRF) system introduced to the New
 Zealand tertiary sector in 2003 will reallocate some public funding to
 universities from a student enrolments basis to criteria partially based
 on the past research output performance of the universities. This paper
 uses the PBRF research quality scores as input to an analysis of the
 overall cost efficiency of the eight NZ universities. We find that
 performance differs markedly across the sector. We find that total
 research output could be increased by reallocating funding between the
 universities, but that the actual PBRF funding system will realise only a
 small proportion of the potential improvements. We raise concerns about
 the long-run implications of the new policy regime. 
Journal: New Zealand Economic Papers 
Pages: 153-179 
Issue: 2 
Volume: 39 
Year: 2005 
X-DOI: 10.1080/00779950509558491 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950509558491 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:39:y:2005:i:2:p:153-179




Template-Type: ReDIF-Article 1.0
Author-Name: Glenn Boyle 
Author-X-Name-First: Glenn 
Author-X-Name-Last: Boyle 
Title: Risk, expected return, and the cost of equity capital 
Abstract:
  In applying the Capital Asset Pricing Model (CAPM) to cost of capital
 calculations, practitioners treat the market risk premium as a free
 parameter to be estimated from data. However, this process ignores
 equilibrium in the cash market and therefore the implications of the CAPM
 for the premium itself Full equilibrium relates the premium to underlying
 fundamental parameters, a finding that holds out the promise of
 identifying time-variation in the cost of capital. Unfortunately, this
 yields extremely volatile cost of capital estimates, thereby casting doubt
 on the risk-return tradeoff specified by the CAPM. 
Journal: New Zealand Economic Papers 
Pages: 181-194 
Issue: 2 
Volume: 39 
Year: 2005 
X-DOI: 10.1080/00779950509558492 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950509558492 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:39:y:2005:i:2:p:181-194




Template-Type: ReDIF-Article 1.0
Author-Name: David Emanuel 
Author-X-Name-First: David 
Author-X-Name-Last: Emanuel 
Author-Name: Tony van Zijl 
Author-X-Name-First: Tony 
Author-X-Name-Last: van Zijl 
Title: Agency theory and trust ownership of shares 
Abstract:
  The problems of agency theory related to security valuation are normally
 discussed in the context of “owner-managers” and
 “outside shareholders”, and/or equity-holders and
 debt-holders. In this paper we discuss agency problems that emerge when
 there is only one shareholder (and no debt), but where the shareholder is
 a trust with separate income and capital beneficiaries. Trust ownership of
 this sort is not uncommon. The agency problems emerge as the two classes
 of beneficiaries have claims on cash flows that occur at different times,
 with income beneficiaries having claims until “capital” is
 transferred to the capital beneficiaries. The agency problems that are
 discussed are dividends, risk shifting, capital structure, cost
 capitalisation, and investment policy. In all cases agency problems arise,
 and in some respects the agency problems are more pervasive than in the
 more “orthodox” settings. 
Journal: New Zealand Economic Papers 
Pages: 195-207 
Issue: 2 
Volume: 39 
Year: 2005 
X-DOI: 10.1080/00779950509558493 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950509558493 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:39:y:2005:i:2:p:195-207




Template-Type: ReDIF-Article 1.0
Author-Name: Ian King 
Author-X-Name-First: Ian 
Author-X-Name-Last: King 
Title: Editor's introduction 
Abstract:
Journal: New Zealand Economic Papers 
Pages: 1-1 
Issue: 1 
Volume: 40 
Year: 2006 
X-DOI: 10.1080/00779954.2006.9558548 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779954.2006.9558548 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:40:y:2006:i:1:p:1-1




Template-Type: ReDIF-Article 1.0
Author-Name: Ian King 
Author-X-Name-First: Ian 
Author-X-Name-Last: King 
Title: An Interview with Edward C. Prescott 
Abstract:
Journal: New Zealand Economic Papers 
Pages: 1-6 
Issue: 1 
Volume: 40 
Year: 2006 
X-DOI: 10.1080/00779954.2006.9558549 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779954.2006.9558549 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:40:y:2006:i:1:p:1-6




Template-Type: ReDIF-Article 1.0
Author-Name: Richard Martin 
Author-X-Name-First: Richard 
Author-X-Name-Last: Martin 
Title: A network bypass model of cook strait ferries 
Abstract:
  This paper investigates whether or not deregulation and privatization
 lead to an increase in welfare for the narrowly defined market of ferry
 passenger service across Cook Strait, New Zealand. The model investigates
 the relationship between price competition, product differentiation and
 the duplication of fixed costs. We argue that high post entry prices are
 best interpreted as a symptom of product differentiation rather than
 collusion. A justification for deregulation and privatization that does
 not depend on regulatory failure is provided. 
Journal: New Zealand Economic Papers 
Pages: 7-22 
Issue: 1 
Volume: 40 
Year: 2006 
X-DOI: 10.1080/00779954.2006.9558550 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779954.2006.9558550 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:40:y:2006:i:1:p:7-22




Template-Type: ReDIF-Article 1.0
Author-Name: Arthur Grimes 
Author-X-Name-First: Arthur 
Author-X-Name-Last: Grimes 
Title: Intra & inter-regional industry shocks: A new metric with application to Australasian currency union 
Abstract:
  We place regional industry structures at centre stage in currency union
 analysis, decomposing differences between regional and aggregate cycles
 into “industry structure” and “industry cycle”
 effects. The industry structure effect indicates whether a region's
 industry structure causes its cycle to deviate from the aggregate; the
 industry cycle effect indicates the importance of region-specific shocks
 in causing a deviation between cycles. We apply the methodology to
 Australasia. One region, ACT, has a material industry structure effect
 arising from its heavy central government concentration. No other region
 has a material industry structure effect; their cycles differ from the
 aggregate due to region-specific shocks. 
Journal: New Zealand Economic Papers 
Pages: 23-44 
Issue: 1 
Volume: 40 
Year: 2006 
X-DOI: 10.1080/00779954.2006.9558551 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779954.2006.9558551 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:40:y:2006:i:1:p:23-44




Template-Type: ReDIF-Article 1.0
Author-Name: Niven Winchester 
Author-X-Name-First: Niven 
Author-X-Name-Last: Winchester 
Title: Liberating middle earth: How will changes in the global trading system affect New Zealand? 
Abstract:
  Trade liberalisation has gained momentum in recent decades due to the
 increased popularity of free trade areas and the continued progress of
 multilateral liberalisation via the World Trade Organisation (WTO). We
 analyse how likely changes in the global trading environment will
 influence New Zealand — a small, relatively open economy with a
 comparative advantage in the world's most protected sector - using a
 computable general equilibrium (CGE) model of global production and trade.
 We find that most bilateral free trade agreements have a small but
 positive impact on New Zealand welfare and multilateral trade
 liberalisation generates significant benefits for New Zealand. 
Journal: New Zealand Economic Papers 
Pages: 45-79 
Issue: 1 
Volume: 40 
Year: 2006 
X-DOI: 10.1080/00779954.2006.9558552 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779954.2006.9558552 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:40:y:2006:i:1:p:45-79




Template-Type: ReDIF-Article 1.0
Author-Name: Ian King 
Author-X-Name-First: Ian 
Author-X-Name-Last: King 
Title: Editor's introduction 
Abstract:
Journal: New Zealand Economic Papers 
Pages: 1-1 
Issue: 2 
Volume: 40 
Year: 2006 
X-DOI: 10.1080/00779954.2006.9558555 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779954.2006.9558555 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:40:y:2006:i:2:p:1-1




Template-Type: ReDIF-Article 1.0
Author-Name: Ralph Lattimore 
Author-X-Name-First: Ralph 
Author-X-Name-Last: Lattimore 
Title: Distinguished fellow citation, NZAE - Peter Lloyd 
Abstract:
Journal: New Zealand Economic Papers 
Pages: 87-89 
Issue: 2 
Volume: 40 
Year: 2006 
X-DOI: 10.1080/00779954.2006.9558556 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779954.2006.9558556 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:40:y:2006:i:2:p:87-89




Template-Type: ReDIF-Article 1.0
Author-Name: Thomas Lubik 
Author-X-Name-First: Thomas 
Author-X-Name-Last: Lubik 
Title: A simple, structural, and empirical model of the antipodean transmission mechanism 
Abstract:
  This paper studies the transmission of business cycles and the sources of
 economic fluctuations in Australia and New Zealand by estimating a
 Bayesian DSGE model. The theoretical model is that of two open economies
 that are tightly integrated by trade in goods and assets. They can be
 thought of as economically large relative to each other, but small with
 respect to the rest of the world. The two economies are hit by a variety
 of country-specific and world-wide shocks. The main findings are that the
 pre-eminent driving forces of antipodean business cycles are worldwide
 technology shocks and foreign, i.e. rest-of-the-world, expenditure shocks.
 Domestic technology shocks as well as monetary policy shocks appear to
 play only a minor role. Transmission of policy shocks is asymmetric, and
 neither central bank is found to respond to exchange rate movements. The
 model can explain 15% of the observed exchange rate volatility. 
Journal: New Zealand Economic Papers 
Pages: 91-126 
Issue: 2 
Volume: 40 
Year: 2006 
X-DOI: 10.1080/00779954.2006.9558557 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779954.2006.9558557 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:40:y:2006:i:2:p:91-126




Template-Type: ReDIF-Article 1.0
Author-Name: Richard Dutu 
Author-X-Name-First: Richard 
Author-X-Name-Last: Dutu 
Title: The Costs of Inflation in Australia and New Zealand 
Abstract:
  This paper evaluates the costs of inflation in Australia and New Zealand
 using a compensated measure calculated by calibrating a general
 equilibrium search model in the vein of Lagos and Wright (2005). We look
 at how inflation affects the intensive margin (the quantity traded in each
 match) by examining the impact of various pricing protocols. We also look
 at how inflation affects the extensive margin (the number of trades) by
 making the market composition between buyers and sellers endogenous. We
 obtain much larger costs of inflation than existing studies, but smaller
 costs than similar studies conducted on the US economy. Depending on the
 version of the model, the costs of 10% inflation for a $50,000 worker
 ranges from $250 to $2200 per year in Australia, and from $200 to $1700 in
 New Zealand, that is between 0.5% and 4.4% of GDP and between 0.4% and
 3.4% of GDP respectively. Finally it is calculated that Australia could
 gain up to 1.6% of GDP per annum - 1.2% for New Zealand - by implementing
 the Friedman rule. 
Journal: New Zealand Economic Papers 
Pages: 127-146 
Issue: 2 
Volume: 40 
Year: 2006 
X-DOI: 10.1080/00779954.2006.9558558 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779954.2006.9558558 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:40:y:2006:i:2:p:127-146




Template-Type: ReDIF-Article 1.0
Author-Name: James Obben 
Author-X-Name-First: James 
Author-X-Name-Last: Obben 
Author-Name: Andrew Pech 
Author-X-Name-First: Andrew 
Author-X-Name-Last: Pech 
Author-Name: Shamim Shakur 
Author-X-Name-First: Shamim 
Author-X-Name-Last: Shakur 
Title: Analysis of the relationship between the share market performance and exchange rates in New Zealand: A cointegrating VAR approach 
Abstract:
  This study employs the cointegrating VAR approach to characterise the
 relationships between the five exchange rates comprising the TWI and the
 share market in New Zealand. Weekly data covering January 1999 to June
 2006 are analysed. The study discovers there are two types of long-run
 relationship mimicking the portfolio balance and goods market theories.
 That implies there is bi-directional causality in the foreign exchange and
 stock markets in both the short run and long run although different
 exchange rates may be implicated. In the long run, the empirical results
 for the relationship between the NZ-US dollar exchange rate and the
 overall share market index support both the portfolio balance and goods
 market theories. In the short run, the portfolio balance theory is further
 supported by all the exchange rates but the goods market theory is
 supported significantly only by the NZ-Australian dollar exchange rate.
 Thus the evidence is predominantly in support of the portfolio balance
 theory and that the firms most at risk of foreign exchange rate exposure
 are those that export to Australia. 
Journal: New Zealand Economic Papers 
Pages: 147-180 
Issue: 2 
Volume: 40 
Year: 2006 
X-DOI: 10.1080/00779954.2006.9558559 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779954.2006.9558559 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:40:y:2006:i:2:p:147-180




Template-Type: ReDIF-Article 1.0
Author-Name: Bai Juhong 
Author-X-Name-First: Bai 
Author-X-Name-Last: Juhong 
Author-Name: Tim Maloney 
Author-X-Name-First: Tim 
Author-X-Name-Last: Maloney 
Title: Ethnicity and academic success at university 
Abstract:
  Differences in academic performance at university across several ethnic
 groups are examined using information from the transcripts of over 3,000
 students at a large urban university. Both Grade Point Average (GPA) and
 the discontinuation of initial areas of study are used as indicators of
 academic success. Our results show that self-reported ethnic
 identification is a significant factor in explaining variations in
 university grades. Observed background factors are unable to account for
 the substantial differences in GPA and dropout rates between minority and
 majority ethnic groups. Individual GPA is the single most important
 determinant of dropout behaviour, with poor grades accounting for higher
 dropout rates among minority groups. 
Journal: New Zealand Economic Papers 
Pages: 181-213 
Issue: 2 
Volume: 40 
Year: 2006 
X-DOI: 10.1080/00779954.2006.9558560 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779954.2006.9558560 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:40:y:2006:i:2:p:181-213




Template-Type: ReDIF-Article 1.0
Author-Name: Robin Johnson 
Author-X-Name-First: Robin 
Author-X-Name-Last: Johnson 
Title: Productivity: Philpott versus Stats 
Abstract:
Journal: New Zealand Economic Papers 
Pages: 215-223 
Issue: 2 
Volume: 40 
Year: 2006 
X-DOI: 10.1080/00779954.2006.9558561 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779954.2006.9558561 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:40:y:2006:i:2:p:215-223




Template-Type: ReDIF-Article 1.0
Author-Name: Begona Dominguez 
Author-X-Name-First: Begona 
Author-X-Name-Last: Dominguez 
Title: Book review 
Abstract:
  Recursive Macroeconomic Theory, by Lars Ljungqvist and Thomas J. Sargent,
 The MIT Press, Cambridge, MA, 2004 (2nd edition), pp. 1200 
Journal: New Zealand Economic Papers 
Pages: 225-228 
Issue: 2 
Volume: 40 
Year: 2006 
X-DOI: 10.1080/00779954.2006.9558562 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779954.2006.9558562 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:40:y:2006:i:2:p:225-228




Template-Type: ReDIF-Article 1.0
Author-Name: Ananish Chaudhuri 
Author-X-Name-First: Ananish 
Author-X-Name-Last: Chaudhuri 
Title: Editor's introduction 
Abstract:
Journal: New Zealand Economic Papers 
Pages: 1-2 
Issue: 1 
Volume: 41 
Year: 2007 
X-DOI: 10.1080/00779950709558495 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950709558495 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:41:y:2007:i:1:p:1-2




Template-Type: ReDIF-Article 1.0
Author-Name: Alfred Guender 
Author-X-Name-First: Alfred 
Author-X-Name-Last: Guender 
Author-Name: Yu Xie 
Author-X-Name-First: Yu 
Author-X-Name-Last: Xie 
Title: Is there an exchange rate channel in the forward-looking Phillips curve? A theoretical and empirical investigation 
Abstract:
  This paper shows how the exchange rate affects the price-setting behavior
 of monopolistically competitive firms in the sticky price framework that
 gives rise to a forward-looking Phillips Curve at the aggregate level. The
 open economy Phillips Curve differs from its closed economy counterpart in
 that the real exchange rate exerts a direct effect on domestic inflation.
 The exchange rate channel in the Phillips Curve is pivotal in determining
 the optimal policy setting in an open economy. On balance, we find only
 scant empirical evidence for the existence of a direct exchange rate
 channel in the Phillips Curve in a sample of six OECD countries. Indeed,
 the forward-looking Phillips Curve does not receive much backing from the
 data. 
Journal: New Zealand Economic Papers 
Pages: 5-28 
Issue: 1 
Volume: 41 
Year: 2007 
X-DOI: 10.1080/00779950709558497 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950709558497 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:41:y:2007:i:1:p:5-28




Template-Type: ReDIF-Article 1.0
Author-Name: Geoff Lewis 
Author-X-Name-First: Geoff 
Author-X-Name-Last: Lewis 
Author-Name: Steven Stillman 
Author-X-Name-First: Steven 
Author-X-Name-Last: Stillman 
Title: Regional economic performance in New Zealand: How does Auckland compare? 
Abstract:
  In this study we investigate Auckland's economic performance relative to
 other large cities, to medium-sized urban centres and to small towns and
 rural area using data from the Income Survey to examine hourly earnings
 and other measures of labour productivity and utilisation. Our results
 tell a fairly consistent story. Auckland and Wellington have the highest
 levels of productivity performance based on almost all measures of
 earnings. In particular, both have significantly higher average levels of
 labour income, and wage rates than the three other comparison areas.
 Auckland has also experienced stronger growth in wages, in particular for
 wage/salary workers, than other regions. 
Journal: New Zealand Economic Papers 
Pages: 29-68 
Issue: 1 
Volume: 41 
Year: 2007 
Keywords: Regional Economic Performance, Auckland, Productivity, New Zealand, 
X-DOI: 10.1080/00779950709558498 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950709558498 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:41:y:2007:i:1:p:29-68




Template-Type: ReDIF-Article 1.0
Author-Name: Ron Crawford 
Author-X-Name-First: Ron 
Author-X-Name-Last: Crawford 
Author-Name: Richard Fabling 
Author-X-Name-First: Richard 
Author-X-Name-Last: Fabling 
Author-Name: Arthur Grimes 
Author-X-Name-First: Arthur 
Author-X-Name-Last: Grimes 
Author-Name: Nick Bonner 
Author-X-Name-First: Nick 
Author-X-Name-Last: Bonner 
Title: National R&D and Patenting: Is New Zealand an Outlier? 
Abstract:
  We analyse patterns of national R&D and patenting activity across
 developed countries, accounting for factors that may impact on small,
 distant countries. Once we control for the effects of economic size,
 distance, sectoral composition and firm size, New Zealand is not an
 outlier in its per capita patenting performance or its level of R&D
 expenditure. Nor is the private sector share of R&D expenditure unusually
 low. If anything, New Zealand has a higher than expected private sector
 R&D share and slightly 'over-performs ' in terms of patenting and R&D
 activity. We discuss some implications of the results for New Zealand's
 national innovation system. 
Journal: New Zealand Economic Papers 
Pages: 69-90 
Issue: 1 
Volume: 41 
Year: 2007 
Keywords: R&D; patents, economic geography, 
X-DOI: 10.1080/00779950709558499 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950709558499 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:41:y:2007:i:1:p:69-90




Template-Type: ReDIF-Article 1.0
Author-Name: Paul Gordon 
Author-X-Name-First: Paul 
Author-X-Name-Last: Gordon 
Author-Name: Alan Woodfield 
Author-X-Name-First: Alan 
Author-X-Name-Last: Woodfield 
Title: Ex ante liability rules in New Zealand's health and safety in employment act: A law and economics analysis 
Abstract:
  New Zealand's health and safety legislation imposes penalties for
 breaches of duty even where accidents have not occurred. We argue that ex
 post liability as implemented provides inadequate incentives for safety
 precautions due to weak penalties and significant uncertainty surrounding
 courts' required standard of care. Merely adding ex ante liability with
 even weaker penalties and low inspection probabilities is unlikely to
 fully compensate for these deficiencies, but may be a worthwhile
 complement. More strict ex ante standards than socially optimal precaution
 levels may even be desirable, providing some justification for observed
 relatively stringent safety regulations and required standards of
 precaution. 
Journal: New Zealand Economic Papers 
Pages: 91-108 
Issue: 1 
Volume: 41 
Year: 2007 
Keywords: Safety precautions, ex ante liability, 
X-DOI: 10.1080/00779950709558500 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950709558500 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:41:y:2007:i:1:p:91-108




Template-Type: ReDIF-Article 1.0
Author-Name: Ananish Chaudhuri 
Author-X-Name-First: Ananish 
Author-X-Name-Last: Chaudhuri 
Title: Editor's introduction 
Abstract:
Journal: New Zealand Economic Papers 
Pages: 1-2 
Issue: 2 
Volume: 41 
Year: 2007 
X-DOI: 10.1080/00779950709558502 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950709558502 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:41:y:2007:i:2:p:1-2




Template-Type: ReDIF-Article 1.0
Author-Name: Grant Scobie 
Author-X-Name-First: Grant 
Author-X-Name-Last: Scobie 
Title: Donald T Brash - Distinguished fellow of the New Zealand association of economists 
Abstract:
Journal: New Zealand Economic Papers 
Pages: 111-113 
Issue: 2 
Volume: 41 
Year: 2007 
X-DOI: 10.1080/00779950709558503 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950709558503 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:41:y:2007:i:2:p:111-113




Template-Type: ReDIF-Article 1.0
Author-Name: Gary Hawke 
Author-X-Name-First: Gary 
Author-X-Name-Last: Hawke 
Title: John D. Gould - distinguished fellow of the New Zealand association of economists 
Abstract:
Journal: New Zealand Economic Papers 
Pages: 115-118 
Issue: 2 
Volume: 41 
Year: 2007 
X-DOI: 10.1080/00779950709558504 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950709558504 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:41:y:2007:i:2:p:115-118




Template-Type: ReDIF-Article 1.0
Author-Name: Paul Dalziel 
Author-X-Name-First: Paul 
Author-X-Name-Last: Dalziel 
Title: Bruce Ross - distinguished fellow of the New Zealand association of economists 
Abstract:
Journal: New Zealand Economic Papers 
Pages: 119-122 
Issue: 2 
Volume: 41 
Year: 2007 
X-DOI: 10.1080/00779950709558505 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950709558505 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:41:y:2007:i:2:p:119-122




Template-Type: ReDIF-Article 1.0
Author-Name: Deborah Cobb-Clark 
Author-X-Name-First: Deborah 
Author-X-Name-Last: Cobb-Clark 
Title: Pushing the boundaries of immigration research: What can we learn from New Zealand? 
Abstract:
Journal: New Zealand Economic Papers 
Pages: 123-130 
Issue: 2 
Volume: 41 
Year: 2007 
X-DOI: 10.1080/00779950709558506 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950709558506 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:41:y:2007:i:2:p:123-130




Template-Type: ReDIF-Article 1.0
Author-Name: John Gibson 
Author-X-Name-First: John 
Author-X-Name-Last: Gibson 
Author-Name: Trinh Le 
Author-X-Name-First: Trinh 
Author-X-Name-Last: Le 
Author-Name: Steven Stillman 
Author-X-Name-First: Steven 
Author-X-Name-Last: Stillman 
Title: What explains the wealth gap between immigrants and the New Zealand born? 
Abstract:
  Immigrants are typically found to have less wealth and hold it in
 different forms than the native born. These differences may affect both
 the economic assimilation of immigrants and overall portfolio allocation
 when immigrants are a large share of the population, as in New Zealand. In
 this paper, data from the 2001 Household Savings Survey are used to
 examine wealth differences between immigrants and the New Zealand-born.
 Differences in the allocation of portfolios between housing and other
 forms of wealth are described. Unconditional and conditional wealth
 quantiles are examined using parametric models. Semi-parametric methods
 are used to decompose differences in net worth at different parts of the
 wealth distribution into the part due to differences in characteristics
 and the part due to differences in the returns to characteristics. 
Journal: New Zealand Economic Papers 
Pages: 131-162 
Issue: 2 
Volume: 41 
Year: 2007 
Keywords: Immigration, Portfolios, Semiparametric Decomposition, Wealth, 
X-DOI: 10.1080/00779950709558507 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950709558507 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:41:y:2007:i:2:p:131-162




Template-Type: ReDIF-Article 1.0
Author-Name: David Mare 
Author-X-Name-First: David 
Author-X-Name-Last: Mare 
Author-Name: Melanie Morten 
Author-X-Name-First: Melanie 
Author-X-Name-Last: Morten 
Author-Name: Steven Stillman 
Author-X-Name-First: Steven 
Author-X-Name-Last: Stillman 
Title: Settlement patterns and the geographic mobility of recent migrants to New Zealand 
Abstract:
  Twenty-three percent of New Zealand's population is foreign-born and
 forty percent of migrants have arrived in the past ten years. Newly
 arriving migrants tend to settle in spatially concentrated areas and this
 is especially true in New Zealand. This paper uses census data to examine
 the characteristics of local areas that attract new migrants and gauges
 the extent to which migrants are choosing to settle where there are the
 best labour market opportunities as opposed to where there are already
 established migrant networks. We estimate McFadden's choice models to
 examine both the initial location choice made by new migrants and the
 internal mobility of this cohort of migrants five years later. This allows
 us to examine whether the factors that affect settlement decision change
 as migrants spend more time in New Zealand. 
Journal: New Zealand Economic Papers 
Pages: 163-195 
Issue: 2 
Volume: 41 
Year: 2007 
Keywords: Immigration, Settlement, Mobility, New Zealand, 
X-DOI: 10.1080/00779950709558508 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950709558508 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:41:y:2007:i:2:p:163-195




Template-Type: ReDIF-Article 1.0
Author-Name: David McKenzie 
Author-X-Name-First: David 
Author-X-Name-Last: McKenzie 
Author-Name: John Gibson 
Author-X-Name-First: John 
Author-X-Name-Last: Gibson 
Author-Name: Steven Stillman 
Author-X-Name-First: Steven 
Author-X-Name-Last: Stillman 
Title: Moving to opportunity, leaving behind what? Evaluating the initial effects of a migration policy on incomes and poverty in source areas 
Abstract:
  Emigration to New Zealand and consequent remittance inflows are dominant
 features of many Pacific Island countries. Evaluating the effect of these
 people and money flows on incomes and poverty in the Pacific is
 potentially complicated by the non-random selection of emigrants. This
 paper uses the randomization provided by an immigration ballot under the
 Pacific Access Category (PAC) of New Zealand's immigration policy to
 address this problem. We survey applicants to the 2002-05 PAC ballots in
 Tonga and compare outcomes for the remaining family of emigrants with
 those for similar families who were unsuccessful in the ballots. We then
 contrast these estimates with more conventional ones that construct
 no-emigration counterfactuals by deducting remittance income from the
 remaining family of PAC emigrants and adding back the potential home
 earnings of emigrants. The results suggest that the economic welfare of
 remaining family may fall in the initial period after members of their
 household move to New Zealand. We also find that non-experimental methods
 of constructing counterfactual income are likely to work well only in rare
 situations where there is random selection of emigrants. 
Journal: New Zealand Economic Papers 
Pages: 197-223 
Issue: 2 
Volume: 41 
Year: 2007 
Keywords: Emigration, Natural Experiment, Poverty, Remittances, 
X-DOI: 10.1080/00779950709558509 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950709558509 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:41:y:2007:i:2:p:197-223




Template-Type: ReDIF-Article 1.0
Author-Name: Faye Braithwaite 
Author-X-Name-First: Faye 
Author-X-Name-Last: Braithwaite 
Author-Name: Simon Kemp 
Author-X-Name-First: Simon 
Author-X-Name-Last: Kemp 
Title: Safe as houses: Investor confidence in New Zealand 
Abstract:
  We investigated the psychology of risk in the context of residential
 property investment. One hundred and thirty-seven participants completed a
 questionnaire that measured their sensation-seeking, general investment
 risk attitude, and attitude and confidence about investing in a term
 deposit, unit trust shares, a residential property syndicate and
 residential property. People with higher sensation seeking scores found
 shares and unit trusts more attractive than low sensation seekers, but all
 groups were most confident about investing in residential property.
 Overall the results indicate that New Zealanders invest overwhelmingly in
 real estate because they trust it more than other forms of investment. 
Journal: New Zealand Economic Papers 
Pages: 225-236 
Issue: 2 
Volume: 41 
Year: 2007 
Keywords: Investment, Decision making, Housing, 
X-DOI: 10.1080/00779950709558510 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950709558510 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:41:y:2007:i:2:p:225-236




Template-Type: ReDIF-Article 1.0
Author-Name: Arthur Grimes 
Author-X-Name-First: Arthur 
Author-X-Name-Last: Grimes 
Title: Trans-Tasman shocks: A mediating role for the NZDAUD 
Abstract:
  We examine the transmission of shocks between New Zealand and two regions
 of Australia, focusing on the role of the New Zealand-Australia cross
 exchange rate in mediating adjustment. The cross rate plays an
 equilibrating role in response to shocks impacting on New Zealand and to
 shocks impacting on the major Australian states (New South Wales and
 Victoria). It does not respond to shocks within the mineral-rich
 Australian regions (Western Australia, Queensland, Northern Territory).
 Regional cycles in Australia and New Zealand are unaffected by innovations
 to the cross rate. We assess the implications of these results for
 trans-Tasman currency union. 
Journal: New Zealand Economic Papers 
Pages: 237-250 
Issue: 2 
Volume: 41 
Year: 2007 
Keywords: Regional shocks, Regional cycles, Exchange rate adjustment, 
X-DOI: 10.1080/00779950709558511 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950709558511 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:41:y:2007:i:2:p:237-250




Template-Type: ReDIF-Article 1.0
Author-Name: Susan John 
Author-X-Name-First: Susan 
Author-X-Name-Last: John 
Title: KiwiSaver and the tax treatment of retirement saving in NZ 
Abstract:
  For nearly twenty years the retirement system in New Zealand was uniquely
 simple, comprising just a basic state pension and voluntary unsubsidised
 private saving. The neutral tax treatment of retirement saving, formalised
 in the 1993 Accord for Superannuation, was an important counterpart to the
 eventual provision of New Zealand Superannuation as a fully universal
 basic income. This paper reviews how tax neutrality was introduced, how it
 was undermined and finally abandoned in 2007, and questions whether the
 next New Zealand tax experiment is well grounded. 
Journal: New Zealand Economic Papers 
Pages: 251-267 
Issue: 2 
Volume: 41 
Year: 2007 
Keywords: Tax neutrality, Tax concessions, Retirement saving, Annuities, Retirement policies, 
X-DOI: 10.1080/00779950709558512 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950709558512 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:41:y:2007:i:2:p:251-267




Template-Type: ReDIF-Article 1.0
Author-Name: Ian King 
Author-X-Name-First: Ian 
Author-X-Name-Last: King 
Title: Interview: A conversation with Robert E. Lucas, Jr., nobel laureate in economics, 1995 
Abstract:
Journal: New Zealand Economic Papers 
Pages: 1-16 
Issue: 1 
Volume: 42 
Year: 2008 
X-DOI: 10.1080/00779950809544411 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950809544411 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:42:y:2008:i:1:p:1-16




Template-Type: ReDIF-Article 1.0
Author-Name: John Fitzgerald 
Author-X-Name-First: John 
Author-X-Name-Last: Fitzgerald 
Author-Name: Tim Maloney 
Author-X-Name-First: Tim 
Author-X-Name-Last: Maloney 
Author-Name: Gail Pacheco 
Author-X-Name-First: Gail 
Author-X-Name-Last: Pacheco 
Title: The impact of recent changes in family assistance on partnering and women's employment in New Zealand 
Abstract:
  This paper estimates the effects of recent changes to Family Assistance
 tax credits on the partnering and employment outcomes for New Zealand
 women. We use a difference-in-differences approach to control for economic
 and other confounding factors. Specifically, we investigate differences in
 partnering, employment and work hours over time across groups who are and
 are not likely to be affected by these policy changes. We define groups
 based on education, wages, and presence of children. Subject to
 qualifications, we conclude that the Family Assistance expansion beginning
 in 2005 had little effect on partnering, but increased work hours for both
 partnered and unpartnered women. 
Journal: New Zealand Economic Papers 
Pages: 17-57 
Issue: 1 
Volume: 42 
Year: 2008 
Keywords: New Zealand, Difference-in-Differences, Welfare Programmes, Marriage, Labour Supply, 
X-DOI: 10.1080/00779950809544412 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950809544412 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:42:y:2008:i:1:p:17-57




Template-Type: ReDIF-Article 1.0
Author-Name: Oshadhi Samarasinghe 
Author-X-Name-First: Oshadhi 
Author-X-Name-Last: Samarasinghe 
Author-Name: Basil Sharp 
Author-X-Name-First: Basil 
Author-X-Name-Last: Sharp 
Title: The value of a view: A spatial hedonic analysis 
Abstract:
  This study estimates the value of a view amenity in the owner occupied
 residential property market in Auckland. Several dimensions of a view are
 analysed: type of view, scope of view and distance to the coast. To
 improve efficiency, heteroscedasticity and autocorrelation consistent
 covariances are estimated. Results suggest that a view adds significantly
 to the value of a residential property, where a wide water view closer to
 the coast has the highest positive impact. It is found that a wide water
 view increases the mean sale price approximately by 44% at the coastline. 
Journal: New Zealand Economic Papers 
Pages: 59-78 
Issue: 1 
Volume: 42 
Year: 2008 
Keywords: hedonic analysis, water view, 
X-DOI: 10.1080/00779950809544413 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950809544413 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:42:y:2008:i:1:p:59-78




Template-Type: ReDIF-Article 1.0
Author-Name: Martin Lally 
Author-X-Name-First: Martin 
Author-X-Name-Last: Lally 
Title: Free cash flow models, terminal values and the timing of asset replacements 
Abstract:
  This paper analyses the issue of the timing of expenditures in replacing
 fixed assets within the context of valuing firms using the free cash flow
 approach. Standard practice amongst both practitioners and academics is to
 assume a smooth pattern in these expenditures past some future point, and
 such a pattern is improbable. This paper develops a model that rests upon
 much less restrictive assumptions, shows that the model is readily
 amenable to implementation, and that the difference in valuation results
 could be quite substantial. 
Journal: New Zealand Economic Papers 
Pages: 79-102 
Issue: 1 
Volume: 42 
Year: 2008 
Keywords: Discounted Cash Flow, Terminal Value, Asset Replacement Timing, 
X-DOI: 10.1080/00779950809544414 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950809544414 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:42:y:2008:i:1:p:79-102




Template-Type: ReDIF-Article 1.0
Author-Name: Bart Frijns 
Author-X-Name-First: Bart 
Author-X-Name-Last: Frijns 
Author-Name: Alireza Tourani-Rad 
Author-X-Name-First: Alireza 
Author-X-Name-Last: Tourani-Rad 
Author-Name: Yajie Zhang 
Author-X-Name-First: Yajie 
Author-X-Name-Last: Zhang 
Title: The New Zealand implied volatility index 
Abstract:
  This paper constructs an implied volatility index, the NZVIX, for the New
 Zealand stock market. Because there are no equity index options in New
 Zealand, we propose a new approach that uses stock options to construct an
 implied volatility index. Specifically, we use implied volatilities from
 four stock options to construct an implied volatility index for the NZX 15
 Index. We find that the NZVIX has predictive power for future NZX 15
 volatility and observe a significant negative relationship between NZVIX
 changes and NZX15 returns. Finally, we find a weak significant relation
 between lagged NZVIX changes and NZX 15 returns. 
Journal: New Zealand Economic Papers 
Pages: 103-125 
Issue: 1 
Volume: 42 
Year: 2008 
Keywords: Implied Volatility, Stock Market Volatility, Options, 
X-DOI: 10.1080/00779950809544415 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950809544415 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:42:y:2008:i:1:p:103-125




Template-Type: ReDIF-Article 1.0
Author-Name: Mohammed Khaled 
Author-X-Name-First: Mohammed 
Author-X-Name-Last: Khaled 
Author-Name: Ralph Lattimore 
Author-X-Name-First: Ralph 
Author-X-Name-Last: Lattimore 
Title: New Zealand's 'love affair' with houses and cars* 
Abstract:
  Rapidly rising house prices over the last few years has drawn the
 attention of researchers to the drivers lying behind both supply and
 demand side influences in the housing market. This study complements much
 of that work by attempting to uncover the price and income parameters for
 rental and owner-occupied housing in New Zealand in relation to all other
 goods and services purchased by households. The research quantifies a
 point long understood informally about demand behaviour in this country,
 that the demand for housing (and cars) is particularly income elastic.
 This has important implications for policy makers who attempt to constrain
 speculative housing demand. Another notable feature of the period has been
 an apparent trend away from owner occupied housing towards rental
 accommodation. The research is carried out using Household Economic Survey
 data through 2004. 
Journal: New Zealand Economic Papers 
Pages: 127-148 
Issue: 1 
Volume: 42 
Year: 2008 
Keywords: Housing, Income Elasticity, Household Economic Survey, 
X-DOI: 10.1080/00779950809544416 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950809544416 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:42:y:2008:i:1:p:127-148




Template-Type: ReDIF-Article 1.0
Author-Name: Ananish Chandhuri 
Author-X-Name-First: Ananish 
Author-X-Name-Last: Chandhuri 
Title: Editor's introduction 
Abstract:
Journal: New Zealand Economic Papers 
Pages: 151-154 
Issue: 2 
Volume: 42 
Year: 2008 
X-DOI: 10.1080/00779950809544419 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950809544419 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:42:y:2008:i:2:p:151-154




Template-Type: ReDIF-Article 1.0
Author-Name: David Anderson 
Author-X-Name-First: David 
Author-X-Name-Last: Anderson 
Author-Name: John Tressler 
Author-X-Name-First: John 
Author-X-Name-Last: Tressler 
Title: Research output in New Zealand economics departments 2000-2006: A stock approach 
Abstract:
  This paper considers the research productivity of New Zealand based
 economics departments from 2000 to 2006. It examines journal based
 research output across departments and individuals using six output
 measures. We show that the faculty at Otago and Canterbury as of April
 2007 performed consistently well over the period, with Otago generally the
 highest ranked department. The output measures used place different
 emphasis on 'quality' versus 'quantity'. Which measure is used has a
 significant influence on the rankings of Auckland, Victoria and Waikato.
 The inclusion of 'visitors' and the influence of research stars are also
 considered. 
Journal: New Zealand Economic Papers 
Pages: 155-189 
Issue: 2 
Volume: 42 
Year: 2008 
Keywords: economics departments, university rankings, research output, economics research, 
X-DOI: 10.1080/00779950809544420 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950809544420 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:42:y:2008:i:2:p:155-189




Template-Type: ReDIF-Article 1.0
Author-Name: J. D. Mullen 
Author-X-Name-First: J. D. 
Author-X-Name-Last: Mullen 
Author-Name: G. M. Scobie 
Author-X-Name-First: G. M. 
Author-X-Name-Last: Scobie 
Author-Name: J. Crean 
Author-X-Name-First: J. 
Author-X-Name-Last: Crean 
Title: Agricultural research: Implications for productivity in New Zealand and Australia 
Abstract:
  R&D is as an important source of productivity growth in New Zealand and
 Australian agriculture. In this paper trends in public investment in R&D
 and in productivity growth are reviewed. Investment in R&D has been flat
 in both countries until an upturn in recent years in New Zealand.
 Nevertheless research intensity in Australia appears to have been higher
 than that in New Zealand. Productivity growth is also likely to have been
 higher. We review recent analyses and tentatively conclude that returns to
 investments in domestic research in both countries are likely to have been
 in the order of 15 - 20%. 
Journal: New Zealand Economic Papers 
Pages: 191-211 
Issue: 2 
Volume: 42 
Year: 2008 
Keywords: Productivity, research and development, research evaluation, 
X-DOI: 10.1080/00779950809544421 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950809544421 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:42:y:2008:i:2:p:191-211




Template-Type: ReDIF-Article 1.0
Author-Name: Johannes Van Biesebroeck 
Author-X-Name-First: Johannes 
Author-X-Name-Last: Van Biesebroeck 
Title: Governments at the bidding table 
Abstract:
  The New Zealand government has recently indicated it will scale back its
 subsidy program for foreign firms investing in the country, except for
 screen productions, and divert the budgeted funds to an outward investment
 strategy. In sharp contrast, local governments have lately shown a much
 greater willingness to subsidize cultural or sporting events in order to
 boost local economic activity. I evaluate under what circumstances it
 makes sense for a government to subsidize private investments, paying
 particular attention to interjurisdictional competition. I show what
 factors determine equilibrium subsidy levels when governments enter a
 bidding war, and derive the expected welfare gain. 
Journal: New Zealand Economic Papers 
Pages: 213-232 
Issue: 2 
Volume: 42 
Year: 2008 
Keywords: FDI, externalities, interjurisdictional competition, subsidy, 
X-DOI: 10.1080/00779950809544422 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950809544422 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:42:y:2008:i:2:p:213-232




Template-Type: ReDIF-Article 1.0
Author-Name: Stuart Birks 
Author-X-Name-First: Stuart 
Author-X-Name-Last: Birks 
Title: A report on the 2008 annual conference of the New Zealand association of economists, Wellington, July 9-11, 2008 
Abstract:
Journal: New Zealand Economic Papers 
Pages: 233-239 
Issue: 2 
Volume: 42 
Year: 2008 
X-DOI: 10.1080/00779950809544423 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950809544423 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:42:y:2008:i:2:p:233-239




Template-Type: ReDIF-Article 1.0
Author-Name: Trinh Le 
Author-X-Name-First: Trinh 
Author-X-Name-Last: Le 
Author-Name: Grant Scobie 
Author-X-Name-First: Grant 
Author-X-Name-Last: Scobie 
Author-Name: John Gibson 
Author-X-Name-First: John 
Author-X-Name-Last: Gibson 
Title: Are Kiwis saving enough for retirement? Evidence from SOFIE 
Abstract:
  The extent to which people are saving for retirement is a key element in
 formulating public policy toward saving and retirement incomes. This paper
 adopts a life cycle model of wealth accumulation to estimate the saving
 rates that people would need in order to have an adequate income in
 retirement. Based on data from the Survey of Family, Income and
 Employment, we found that most of the population aged 45-64 has made
 adequate provision, especially among the lower income groups where New
 Zealand Superannuation represents the majority of their retirement income. 
Journal: New Zealand Economic Papers 
Pages: 3-19 
Issue: 1 
Volume: 43 
Year: 2009 
Keywords: consumption smoothing, household wealth, life cycle, retirement, saving, 
X-DOI: 10.1080/00779950902803951 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950902803951 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:43:y:2009:i:1:p:3-19




Template-Type: ReDIF-Article 1.0
Author-Name: Arthur Grimes 
Author-X-Name-First: Arthur 
Author-X-Name-Last: Grimes 
Title: Capital intensity and welfare: traded and non-trade sector determinants 
Abstract:
  Why do some countries and regions have higher capital intensity than
 others? This question is at the heart of economic development analyses
 since capital intensity, per capita incomes and welfare are closely
 linked. We develop a two-sector general equilibrium model relevant to
 small open economies that import capital goods and produce export goods
 priced in world markets. The model is used to derive a taxonomy of factors
 that lead to differing capital intensities across countries. Aggregate
 capital intensity is a function of multi-factor productivity (MFP) in the
 traded goods sector (but not the non-traded sector), the capital share
 parameter for each sector, the cost of capital and the terms of trade.
 Total output and consumer utility are affected by the same variables and
 by non-traded sector MFP. The results shed light on observed capital
 intensity and per capita GDP differences between Australia and New
 Zealand. 
Journal: New Zealand Economic Papers 
Pages: 21-39 
Issue: 1 
Volume: 43 
Year: 2009 
Keywords: capital intensity, per capita income, cross-country development, 
X-DOI: 10.1080/00779950902803969 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950902803969 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:43:y:2009:i:1:p:21-39




Template-Type: ReDIF-Article 1.0
Author-Name: Steven Stillman 
Author-X-Name-First: Steven 
Author-X-Name-Last: Stillman 
Title: Youth employment and education in New Zealand from 1985 to 2004 
Abstract:
  Data from the Household Economic Survey (HES) are used to examine the
 activities undertaken by New Zealand youth from 1985 to 2004. Evidence is
 presented on both labour market and education activities and the
 intersection of the two. The paper begins by examining cross-sectional
 patterns in youth activity. It then extends this analysis by examining the
 activities of particular birth cohorts over time. Throughout, results are
 broken down by gender and ethnicity and compared to similar findings for
 Australia to provide a rich picture of youth activity in New Zealand
 during the past two decades. 
Journal: New Zealand Economic Papers 
Pages: 41-58 
Issue: 1 
Volume: 43 
Year: 2009 
Keywords: youth, New Zealand, employment, education, inactivity, Australia, 
X-DOI: 10.1080/00779950902803977 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950902803977 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:43:y:2009:i:1:p:41-58




Template-Type: ReDIF-Article 1.0
Author-Name: Simon Kemp 
Author-X-Name-First: Simon 
Author-X-Name-Last: Kemp 
Title: Public perception of actual changes in New Zealand government spending 
Abstract:
  New Zealand student and general public samples reported their perception
 of changes in spending and quality in eight areas of government spending
 between 2002 and 2007. The actual considerable shift in spending towards
 education, health and cultural goods was not perceived. They perceived
 some improvement in quality of areas that had received increased spending.
 Respondents who had recently used health services reported both a greater
 increase in spending and a greater quality increase in health services
 than non-users. Overall, the results suggest but by no means prove that
 the increased spending has produced little noticeable public benefit. 
Journal: New Zealand Economic Papers 
Pages: 59-67 
Issue: 1 
Volume: 43 
Year: 2009 
Keywords: government spending, health, public perception, 
X-DOI: 10.1080/00779950902803985 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950902803985 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:43:y:2009:i:1:p:59-67




Template-Type: ReDIF-Article 1.0
Author-Name: Nan Jiang 
Author-X-Name-First: Nan 
Author-X-Name-Last: Jiang 
Author-Name: Basil Sharp 
Author-X-Name-First: Basil 
Author-X-Name-Last: Sharp 
Author-Name: Mingyue Sheng 
Author-X-Name-First: Mingyue 
Author-X-Name-Last: Sheng 
Title: New Zealand's emissions trading scheme 
Abstract:
  In 2008, New Zealand became the first country to introduce a
 comprehensive Emissions Trading Scheme that includes all sectors and all
 gases. While NZ can claim the high ground in the international arena, the
 emissions trading scheme will impose substantial economic costs and its
 success will hinge on the emergence of an open, viable, and liquid
 international carbon market. We provide an overview of NZ's Emission
 Trading Scheme and discuss its implications for the country's economy. 
Journal: New Zealand Economic Papers 
Pages: 69-79 
Issue: 1 
Volume: 43 
Year: 2009 
Keywords: climate change, tradable emission rights, 
X-DOI: 10.1080/00779950902803993 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950902803993 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:43:y:2009:i:1:p:69-79




Template-Type: ReDIF-Article 1.0
Author-Name: Sumon Majumdar 
Author-X-Name-First: Sumon 
Author-X-Name-Last: Majumdar 
Title: Economic Gangsters 
Abstract:
Journal: New Zealand Economic Papers 
Pages: 81-84 
Issue: 1 
Volume: 43 
Year: 2009 
X-DOI: 10.1080/00779950902804009 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950902804009 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:43:y:2009:i:1:p:81-84




Template-Type: ReDIF-Article 1.0
Author-Name: Geoffrey Brooke 
Author-X-Name-First: Geoffrey 
Author-X-Name-Last: Brooke 
Title: The Logic of Life 
Abstract:
Journal: New Zealand Economic Papers 
Pages: 84-86 
Issue: 1 
Volume: 43 
Year: 2009 
X-DOI: 10.1080/00779950902804017 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950902804017 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:43:y:2009:i:1:p:84-86




Template-Type: ReDIF-Article 1.0
Author-Name: Charles Noussair 
Author-X-Name-First: Charles 
Author-X-Name-Last: Noussair 
Author-Name: Maros Servatka 
Author-X-Name-First: Maros 
Author-X-Name-Last: Servatka 
Author-Name: Steven Tucker 
Author-X-Name-First: Steven 
Author-X-Name-Last: Tucker 
Title: Laboratory experiments in economics, finance and political science 
Abstract:
  This special issue highlights the use of experiments in economics. It
 contains seven distinct laboratory experimental studies that explore
 various topics, including the importance of social context on trust and
 reciprocity, bargaining under great risk, collusion in hard close
 auctions, prices in experimental asset markets under uncertainty, the
 disciplining role of repeated elections, the timing of advertising under
 price competition and the effects of potential competition on firm pricing
 and entry decisions in the presence of sunk entry costs. 
Journal: New Zealand Economic Papers 
Pages: 87-88 
Issue: 2 
Volume: 43 
Year: 2009 
X-DOI: 10.1080/00779950903005465 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950903005465 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:43:y:2009:i:2:p:87-88




Template-Type: ReDIF-Article 1.0
Author-Name: James Cox 
Author-X-Name-First: James 
Author-X-Name-Last: Cox 
Title: Trust and reciprocity: implications of game triads and social contexts 
Abstract:
  Trust and reciprocity have been observed in experiments with simple
 stylized games. Such characteristics of social preferences have been
 observed to vary with procedures that alter the social environment in an
 experiment, such as single blind or double blind payoff protocols. This
 paper reports an experiment on the effects of a change in the social
 context of an experiment on trust and reciprocity. The strong social
 context introduces a stylized version of a characteristic of everyday life
 in large cities: a player in one game knows that other games lie ahead but
 does not know precisely what those games will turn out to be nor with whom
 they will be played. 
Journal: New Zealand Economic Papers 
Pages: 89-104 
Issue: 2 
Volume: 43 
Year: 2009 
Keywords: experiments, trust, reciprocity, social context, 
X-DOI: 10.1080/00779950903005473 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950903005473 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:43:y:2009:i:2:p:89-104




Template-Type: ReDIF-Article 1.0
Author-Name: Werner Guth 
Author-X-Name-First: Werner 
Author-X-Name-Last: Guth 
Author-Name: Sabine Kroger 
Author-X-Name-First: Sabine 
Author-X-Name-Last: Kroger 
Author-Name: Ernst Maug 
Author-X-Name-First: Ernst 
Author-X-Name-Last: Maug 
Title: Bargaining under large risk - an experimental analysis 
Abstract:
  We experimentally study behavior in bargaining situations under large
 risks. To implement realistic risks involved in the field, we calibrate
 the experimental parameters from an environment involving substantial
 variation in profits, the motion picture industry. The leading example is
 the production of a movie that may give rise to a sequel, so actors and
 producers negotiate sequentially. We analyze the data in light of
 alternative behavioral approaches to understanding bargaining behavior
 under large risk. 
Journal: New Zealand Economic Papers 
Pages: 105-129 
Issue: 2 
Volume: 43 
Year: 2009 
Keywords: negotiation experiment, ultimatum bargaining, parameter calibration, movie production, risk sharing, 
X-DOI: 10.1080/00779950903005481 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950903005481 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:43:y:2009:i:2:p:105-129




Template-Type: ReDIF-Article 1.0
Author-Name: Sascha Fullbrunn 
Author-X-Name-First: Sascha 
Author-X-Name-Last: Fullbrunn 
Author-Name: Tibor Neugebauer 
Author-X-Name-First: Tibor 
Author-X-Name-Last: Neugebauer 
Title: Anonymity deters collusion in hard-close auctions: experimental evidence 
Abstract:
  This paper studies whether collusion occurs in three-bidder three-object
 second-price hard-close auctions. The experimental results of two
 laboratory treatments are reported. The first one, the anonymity
 treatment, involves subject groups that can trace decisions to the bidder
 under conditions of anonymity. The second one, the friends treatment,
 involves groups of subjects who know each other. In this treatment, each
 bid can be identified with a person. The paper reports no collusion in the
 anonymity treatment but some collusion in the friends treatment. 
Journal: New Zealand Economic Papers 
Pages: 131-148 
Issue: 2 
Volume: 43 
Year: 2009 
Keywords: multi-unit auctions, collusion, experimental economics, 
X-DOI: 10.1080/00779950903005499 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950903005499 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:43:y:2009:i:2:p:131-148




Template-Type: ReDIF-Article 1.0
Author-Name: Carmela Di Mauro 
Author-X-Name-First: Carmela 
Author-X-Name-Last: Di Mauro 
Title: Prices in experimental asset markets under uncertainty 
Abstract:
  This paper presents an experiment which investigates whether asset prices
 are affected in markets where state probabilities are not exactly known
 and traders have to form subjective probabilities of payoffs. Results show
 that the presence of vague probabilities leads to higher average prices
 with respect to assets characterised by known probabilities. However,
 prices under known and vague probabilities draw closer when traders get a
 sounder understanding of how to arbitrate between markets. 
Journal: New Zealand Economic Papers 
Pages: 149-163 
Issue: 2 
Volume: 43 
Year: 2009 
Keywords: markets, risk, uncertainty, prices, arbitrage, 
X-DOI: 10.1080/00779950903005507 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950903005507 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:43:y:2009:i:2:p:149-163




Template-Type: ReDIF-Article 1.0
Author-Name: Sugato Dasgupta 
Author-X-Name-First: Sugato 
Author-X-Name-Last: Dasgupta 
Title: The disciplining role of repeated elections: some experimental evidence 
Abstract:
  This paper reports on an experiment that studies the functioning of a
 political market. The formal model, on which the experiment is based,
 considers a situation wherein two candidates participate in a series of
 structurally identical elections. The model also incorporates and
 emphasizes an important informational asymmetry between voters and
 candidates: specifically, a candidate's diligence in office (i.e. the
 amount of effort expended) is unobserved by voters. How do subjects,
 voters and candidates, behave in the laboratory? My principal findings are
 twofold. First, given the institutional structure of repeated elections,
 voters have the ability to extract effort from candidates. However,
 candidates' effort level choices fall well short of the upper endpoint of
 the effort choice set. In other words, the electorate's ability to
 sanction candidates is not sufficient to eliminate the rents of office.
 Second, candidates' effort level choices are mostly consistent with
 incentives implicit in the elections set-up. 
Journal: New Zealand Economic Papers 
Pages: 165-190 
Issue: 2 
Volume: 43 
Year: 2009 
Keywords: elections, principal-agent, moral hazard, experiments, 
X-DOI: 10.1080/00779950903005515 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950903005515 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:43:y:2009:i:2:p:165-190




Template-Type: ReDIF-Article 1.0
Author-Name: Ninghua Du 
Author-X-Name-First: Ninghua 
Author-X-Name-Last: Du 
Title: Experimental evidence on advertising and price competition 
Abstract:
  Theory (Du, 2008) predicts that equilibrium prices will be lower when
 firms' advertising conveys the price than when it does not convey the
 price. In the laboratory sessions, sellers make two decisions: what price
 to set, and whether to advertise to eliminate consumer search costs for
 their product. The two experimental conditions are (1) advertising the
 price, or (2) advertising before pricing. Data from ten sessions indicate
 that, as predicted, firms choose more often to advertise when advertising
 conveys price, and prices in the second treatment are significantly higher
 than prices in the first treatment. 
Journal: New Zealand Economic Papers 
Pages: 191-202 
Issue: 2 
Volume: 43 
Year: 2009 
Keywords: experiment, advertising, search cost, pricing, 
X-DOI: 10.1080/00779950903005523 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950903005523 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:43:y:2009:i:2:p:191-202




Template-Type: ReDIF-Article 1.0
Author-Name: Utteeyo Dasgupta 
Author-X-Name-First: Utteeyo 
Author-X-Name-Last: Dasgupta 
Title: Potential competition in the presence of sunk entry costs: an experiment 
Abstract:
  This paper studies the effect of sunk entry-costs on potential
 competition in a multi-market framework, where potential entrants have
 different home market profits. Although sunk-entry-costs are supposed to
 increase entry barriers, the experimental results suggest that firms view
 entry costs differently depending on their home market profits. It is
 found that subjects are reluctant to enter, and compete in another market
 if they are already earning monopoly rents. Subjects instead, collude
 tacitly and earn monopoly rents in home markets, thereby weakening the
 effect of potential competition. In contrast, subjects who earn small
 secure returns in their home markets aggressively enter the contestable
 market whenever there are scopes for earning net profits. The threat of
 entry and the effects of potential competition are strong in the latter
 situation, forcing the monopoly incumbents to lower prices to
 limit-pricing levels. 
Journal: New Zealand Economic Papers 
Pages: 203-225 
Issue: 2 
Volume: 43 
Year: 2009 
Keywords: potential competition, contestable markets, sunk cost, limit-pricing, hit-and-run entry, collusion, experiment, 
X-DOI: 10.1080/00779950903005531 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950903005531 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:43:y:2009:i:2:p:203-225




Template-Type: ReDIF-Article 1.0
Author-Name: Peter Thomson 
Author-X-Name-First: Peter 
Author-X-Name-Last: Thomson 
Title: Reflections on an econometrics Nobel laureate, personal friend, and a good friend of New Zealand and its econometrics community 
Abstract:
Journal: New Zealand Economic Papers 
Pages: 229-231 
Issue: 3 
Volume: 43 
Year: 2009 
X-DOI: 10.1080/00779950903308752 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950903308752 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:43:y:2009:i:3:p:229-231




Template-Type: ReDIF-Article 1.0
Author-Name: Maritta Paloviita 
Author-X-Name-First: Maritta 
Author-X-Name-Last: Paloviita 
Title: Estimating open economy Phillips curves for the euro area with directly measured expectations 
Abstract:
  This paper examines euro-area inflation dynamics by estimating open
 economy New Keynesian Phillips curves based on the assumption that all
 imports are intermediate goods. Instead of imposing rational expectations
 a priori, Consensus Economics survey data and OECD inflation forecasts are
 used to proxy inflation expectations. The results suggest that, compared
 with a closed economy New Keynesian Phillips curve, euro-area inflation
 dynamics are captured better by the open economy specification. Moreover,
 in the open economy context, even if we allow for persistence in
 expectations, the hybrid specification of the New Keynesian Phillips curve
 is needed in order to properly capture the euro-area inflation process. 
Journal: New Zealand Economic Papers 
Pages: 233-254 
Issue: 3 
Volume: 43 
Year: 2009 
Keywords: New Keynesian Phillips curve, open economy, expectations, euro area, 
X-DOI: 10.1080/00779950903308760 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950903308760 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:43:y:2009:i:3:p:233-254




Template-Type: ReDIF-Article 1.0
Author-Name: John Gibson 
Author-X-Name-First: John 
Author-X-Name-Last: Gibson 
Title: The rising public sector pay premium in the New Zealand labour market 
Abstract:
  This note reports propensity score matching estimates of the public
 sector pay premium in New Zealand for each year from 2003 until 2007.
 Comparing with observably similar private sector workers shows that public
 sector workers have received a pay premium that has grown in each year,
 from almost zero in 2003 to 22% in 2007. Unless there have been unmeasured
 changes in worker qualities or in the attributes of public sector jobs
 that give rise to compensating pay differentials, this rising public
 sector pay premium is most plausibly attributed to an increase in
 non-competitive rents. 
Journal: New Zealand Economic Papers 
Pages: 255-261 
Issue: 3 
Volume: 43 
Year: 2009 
Keywords: compensating differentials, propensity score matching, public sector, wages, 
X-DOI: 10.1080/00779950903308778 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950903308778 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:43:y:2009:i:3:p:255-261




Template-Type: ReDIF-Article 1.0
Author-Name: Anthony Makin 
Author-X-Name-First: Anthony 
Author-X-Name-Last: Makin 
Author-Name: Wei Zhang 
Author-X-Name-First: Wei 
Author-X-Name-Last: Zhang 
Author-Name: Grant Scobie 
Author-X-Name-First: Grant 
Author-X-Name-Last: Scobie 
Title: The contribution of foreign borrowing to the New Zealand economy 
Abstract:
  New Zealand's persistent current account deficits and high external debt
 level remain central to ongoing economic policy debate. However, what is
 often overlooked is the potentially positive macroeconomic contribution
 made by foreign finance. This paper suggests that foreign capital inflows,
 the counterpart of current account deficits, have in fact made a
 significant contribution to New Zealand national income from a growth
 accounting perspective. A stylised national balance sheet that includes
 New Zealand's assets and foreign liabilities also places the stock of
 foreign debt in proper context and reveals that national wealth gains have
 been significant as well. 
Journal: New Zealand Economic Papers 
Pages: 263-278 
Issue: 3 
Volume: 43 
Year: 2009 
Keywords: foreign borrowing, national income, national wealth, 
X-DOI: 10.1080/00779950903308786 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950903308786 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:43:y:2009:i:3:p:263-278




Template-Type: ReDIF-Article 1.0
Author-Name: Philip McCann 
Author-X-Name-First: Philip 
Author-X-Name-Last: McCann 
Title: Economic geography, globalisation and New Zealand's productivity paradox 
Abstract:
  This paper examines New Zealand's poor productivity performance from the
 reform period onwards, from the perspective of economic geography. Rather
 than employing institutional or free-market versus interventionist
 arguments to explain New Zealand's low productivity, as is usually the
 case, the argument developed here is that the debate should be considered
 from a very different viewpoint. If we adopt an economic geography
 perspective, there is nothing really paradoxical about New Zealand's
 productivity performance. As such, New Zealand's productivity performance
 is rather more of a conundrum, a riddle, with a fairly straightforward
 solution. 
Journal: New Zealand Economic Papers 
Pages: 279-314 
Issue: 3 
Volume: 43 
Year: 2009 
Keywords: productivity, cities, trade, migration, geography, 
X-DOI: 10.1080/00779950903308794 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950903308794 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:43:y:2009:i:3:p:279-314




Template-Type: ReDIF-Article 1.0
Author-Name: William Kaye-Blake 
Author-X-Name-First: William 
Author-X-Name-Last: Kaye-Blake 
Title: Results from the NZAE 2008 web survey 
Abstract:
  The New Zealand Association of Economists conducted a web-based survey in
 2008. Respondents were recruited via email using the NZAE database of New
 Zealand economists. The responses (N = 180) provided information
 about these economists and their preferences regarding Association
 activities. Respondents were drawn fairly evenly from the government,
 university, and private sectors; 69% were NZAE members while 31% were not.
 They expressed a diversity of opinions regarding actual and potential
 Association activities. The annual conference received high marks, as did
 the journal. Respondents were also interested in web access to a calendar
 of events and academic publications. 
Journal: New Zealand Economic Papers 
Pages: 315-326 
Issue: 3 
Volume: 43 
Year: 2009 
Keywords: economists, survey, New Zealand, web, 
X-DOI: 10.1080/00779950903308802 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779950903308802 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:43:y:2009:i:3:p:315-326




Template-Type: ReDIF-Article 1.0
Author-Name: Peter Phillips 
Author-X-Name-First: Peter 
Author-X-Name-Last: Phillips 
Title: Two New Zealand pioneer econometricians 
Abstract:
  Two distinguished New Zealanders pioneered some of the foundations of
 modern econometrics. Alec Aitken, one of the most famous and
 well-documented mental arithmeticians of all time, contributed the matrix
 formulation and projection geometry of linear regression, generalized
 least squares (GLS) estimation, algorithms for Hodrick Prescott (HP) style
 data smoothing (six decades before their use in economics), and
 statistical estimation theory leading to the Cramer Rao bound. Rex
 Bergstrom constructed and estimated by limited information maximum
 likelihood (LIML) the largest empirical structural model in the early
 1950s, opened up the field of exact distribution theory, developed
 cyclical growth models in economic theory, and spent nearly 40 years of
 his life developing the theory of continuous time econometric modeling and
 its empirical application. We provide an overview of their lives, discuss
 some of their accomplishments, and develop some new econometric theory
 that connects with their foundational work. 
Journal: New Zealand Economic Papers 
Pages: 1-26 
Issue: 1 
Volume: 44 
Year: 2010 
Keywords: Aitken, Cramer Rao bound, HP filter, minimum variance unbiased estimation, projection, GLS, Bergstrom, continuous time, exact distribution, LIML, UK economy, pioneers of econometrics, 
X-DOI: 10.1080/00779951003614057 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779951003614057 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:44:y:2010:i:1:p:1-26




Template-Type: ReDIF-Article 1.0
Author-Name: Samuel Thornton 
Author-X-Name-First: Samuel 
Author-X-Name-Last: Thornton 
Author-Name: Jeremy Clark 
Author-X-Name-First: Jeremy 
Author-X-Name-Last: Clark 
Title: Does higher social diversity lower people's contributions to public goods? The case of volunteering in New Zealand 
Abstract:
  New Zealand society is becoming more heterogeneous. A growing body of
 international literature suggests that heterogeneity lowers people's
 contributions towards public goods and social capital. We use two
 iterations of New Zealand census data to estimate the effect of ethnic,
 religious, income and language heterogeneity on neighbourhood volunteering
 rates while controlling for other factors. We use cross-section and
 fixed-effects analysis under various specifications, measures of
 diversity, and level of neighbourhood. Our cross-sectional results find
 that most dimensions of heterogeneity are negatively related with
 volunteering, consistent with international findings. However, our fixed
 effects results are much weaker, and cannot fully address the endogeneity
 problems posed by people's self-selection into neighbourhoods. 
Journal: New Zealand Economic Papers 
Pages: 27-59 
Issue: 1 
Volume: 44 
Year: 2010 
Keywords: heterogeneity, volunteering, 
X-DOI: 10.1080/00779951003614065 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779951003614065 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:44:y:2010:i:1:p:27-59




Template-Type: ReDIF-Article 1.0
Author-Name: Cameron Day 
Author-X-Name-First: Cameron 
Author-X-Name-Last: Day 
Author-Name: David Emanuel 
Author-X-Name-First: David 
Author-X-Name-Last: Emanuel 
Title: Lack of diversification and the value of Maori fisheries assets 
Abstract:
  A company called Aotearoa Fisheries Limited (AFL) was established under
 the Maori Fisheries Act 2004 to own shares in various fisheries assets
 that were transferred to Maori tribes as part of the Treaty of Waitangi
 Fisheries Settlement. The shares may only be owned by 'mandated iwi
 organisations'. This limitation results in a significant cost as
 risk-averse investors require a premium when they cannot diversify freely.
 By comparing required returns of well-diversified owners and less
 well-diversified owners, we provide an illustration of the (potential)
 value discount of these fisheries assets relative to 'fair market value'. 
Journal: New Zealand Economic Papers 
Pages: 61-73 
Issue: 1 
Volume: 44 
Year: 2010 
Keywords: Maori fisheries, diversification, 
X-DOI: 10.1080/00779951003614073 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779951003614073 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:44:y:2010:i:1:p:61-73




Template-Type: ReDIF-Article 1.0
Author-Name: Malcolm Abbott 
Author-X-Name-First: Malcolm 
Author-X-Name-Last: Abbott 
Title: The long term development of New Zealand's electricity supply industry 
Abstract:
  During the 1980s and 1990s the New Zealand economy went through a process
 of considerable economic reform. One of the most important reforms was the
 restructuring of the electricity industry. This process was encouraged by
 the perception that the industry performed poorly in the 1970s and early
 1980s. This article examines the long-term performance of the electricity
 supply industry. In particular, the growth in electricity demand,
 productivity, prices, profits and debt levels are all presented. In doing
 so an evaluation is made of the degree that these reforms have improved
 the productivity and efficiency performance of the industry. 
Journal: New Zealand Economic Papers 
Pages: 75-89 
Issue: 1 
Volume: 44 
Year: 2010 
Keywords: electricity supply, restructuring, productivity, economic reform, economic development, 
X-DOI: 10.1080/00779951003614081 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779951003614081 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:44:y:2010:i:1:p:75-89




Template-Type: ReDIF-Article 1.0
Author-Name: Michael Littlewood 
Author-X-Name-First: Michael 
Author-X-Name-Last: Littlewood 
Title: Pre-funding a government's future financial obligations - the New Zealand Superannuation case study 
Abstract:
  In 2001, the government established the New Zealand Superannuation Fund.
 This is intended to partially pre-fund the future costs of New Zealand
 Superannuation, the universal Tier 1 pension payable to all New Zealanders
 over age 65. The incoming, National-led government suspended contributions
 in 2009 and has said it intends to resume those when economic conditions
 allow. An analysis in a 'total accounting context' would probably have
 precluded the Fund's introduction in 2001 because the Fund is effectively
 100% leveraged and taxpayers are unlikely to be compensated for assuming
 that risk. Over the six years to 30 June 2009, the Fund diminished the net
 worth of the government by about $2.6 billion and, even if it recovers
 those losses, is unlikely to make any significant future contribution to
 the security of payments of New Zealand Superannuation. In fact, it raises
 financial risks for taxpayers and may increase the long-term cost of New
 Zealand Superannuation. The Fund should be wound up. 
Journal: New Zealand Economic Papers 
Pages: 91-111 
Issue: 1 
Volume: 44 
Year: 2010 
Keywords: pre-funding state pensions, pay-as-you-go, affordability, total accounting context, 
X-DOI: 10.1080/00779951003614099 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779951003614099 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:44:y:2010:i:1:p:91-111




Template-Type: ReDIF-Article 1.0
Author-Name: Matthew Ryan 
Author-X-Name-First: Matthew 
Author-X-Name-Last: Ryan 
Author-Name: Bilgehan Karabay 
Author-X-Name-First: Bilgehan 
Author-X-Name-Last: Karabay 
Title: Book Reviews 
Abstract:
Journal: New Zealand Economic Papers 
Pages: 113-119 
Issue: 1 
Volume: 44 
Year: 2010 
X-DOI: 10.1080/00779951003614222 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779951003614222 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:44:y:2010:i:1:p:113-119




Template-Type: ReDIF-Article 1.0
Author-Name: Timo Terasvirta 
Author-X-Name-First: Timo 
Author-X-Name-Last: Terasvirta 
Title: Sir Clive William John Granger, 1934-2009 
Abstract:
Journal: New Zealand Economic Papers 
Pages: 121-127 
Issue: 2 
Volume: 44 
Year: 2010 
X-DOI: 10.1080/00779954.2010.493193 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779954.2010.493193 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:44:y:2010:i:2:p:121-127




Template-Type: ReDIF-Article 1.0
Author-Name: Robert Buckle 
Author-X-Name-First: Robert 
Author-X-Name-Last: Buckle 
Title: Introduction: Tax policy reform New Zealand style 
Abstract:
Journal: New Zealand Economic Papers 
Pages: 129-136 
Issue: 2 
Volume: 44 
Year: 2010 
X-DOI: 10.1080/00779954.2010.496142 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779954.2010.496142 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:44:y:2010:i:2:p:129-136




Template-Type: ReDIF-Article 1.0
Author-Name: John Creedy 
Author-X-Name-First: John 
Author-X-Name-Last: Creedy 
Author-Name: Jamas Enright 
Author-X-Name-First: Jamas 
Author-X-Name-Last: Enright 
Author-Name: Norman Gemmell 
Author-X-Name-First: Norman 
Author-X-Name-Last: Gemmell 
Author-Name: Angela Mellish 
Author-X-Name-First: Angela 
Author-X-Name-Last: Mellish 
Title: Population ageing and taxation in New Zealand 
Abstract:
  This paper considers the implications for personal income tax and Goods
 and Services Tax (GST) revenues of population ageing in New Zealand. It
 considers 'pure' ageing effects; that is, population size is held constant
 but its age distribution changes over the next 40 years. With age-earnings
 profiles having a peak in the 45-54 age range, and the expected average
 age of the population over the next 40 years transiting this age range,
 younger individuals with increasing incomes are expected to approximately
 counteract the declining incomes of older individuals. However, ageing is
 expected to increase the dependence of income tax and GST revenues on
 pension choices. Without changes in New Zealand Superannuation (NZS), its
 cost is expected approximately to double over the next 40 years, with most
 of this occurring over the next 20 years. 
Journal: New Zealand Economic Papers 
Pages: 137-158 
Issue: 2 
Volume: 44 
Year: 2010 
Keywords: population ageing, taxation, income tax, GST, pensions, 
X-DOI: 10.1080/00779954.2010.492574 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779954.2010.492574 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:44:y:2010:i:2:p:137-158




Template-Type: ReDIF-Article 1.0
Author-Name: Andrew Coleman 
Author-X-Name-First: Andrew 
Author-X-Name-Last: Coleman 
Title: The long-term effects of capital gains taxes in New Zealand 
Abstract:
  This paper develops a model of the housing market to examine the
 long-term consequences of different types of capital gains taxes. The
 model, which uses an overlapping generations framework to model the
 housing demands of agents who differ by age, income, and wealth,
 incorporates rental and owner-occupancy options, credit constraints,
 detailed tax regulations, and a construction sector. It suggests capital
 gains taxes will raise rents, increase homeownership rates, promote
 smaller houses, and increase the net foreign asset position. The welfare
 implications are less clear, particularly for young low income households
 that will face higher rents. 
Journal: New Zealand Economic Papers 
Pages: 159-177 
Issue: 2 
Volume: 44 
Year: 2010 
Keywords: inflation, credit constraints, capital income taxes, housing markets, home-ownership rates, monetary policy, 
X-DOI: 10.1080/00779954.2010.492575 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779954.2010.492575 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:44:y:2010:i:2:p:159-177




Template-Type: ReDIF-Article 1.0
Author-Name: Andrew Coleman 
Author-X-Name-First: Andrew 
Author-X-Name-Last: Coleman 
Author-Name: Arthur Grimes 
Author-X-Name-First: Arthur 
Author-X-Name-Last: Grimes 
Title: Fiscal, distributional and efficiency impacts of land and property taxes 
Abstract:
  Land taxes are known to be amongst the most efficient forms of taxation,
 as land is an immobile factor; property (capital value) taxes are less
 efficient owing to the tax on improvements. However there is little
 international (or New Zealand) evidence regarding the distributional
 impacts of land and property taxes. Nor is there much New Zealand evidence
 on their potential fiscal implications or about the taxes' impacts on
 asset values and debt positions. Using both partial and general
 equilibrium models, we explore impacts that may arise from the imposition
 of land and property taxes in New Zealand. 
Journal: New Zealand Economic Papers 
Pages: 179-199 
Issue: 2 
Volume: 44 
Year: 2010 
Keywords: land tax, property tax, 
X-DOI: 10.1080/00779954.2010.492576 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779954.2010.492576 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:44:y:2010:i:2:p:179-199




Template-Type: ReDIF-Article 1.0
Author-Name: Matt Benge 
Author-X-Name-First: Matt 
Author-X-Name-Last: Benge 
Title: Taxation of land: a comment on Coleman and Grimes 
Abstract:
  Coleman and Grimes (2010) discusses the likely effects of both land and
 property taxes. Their paper provides a partial equilibrium analysis, which
 ignores personal taxes, and it reports results for a more complex general
 equilibrium analysis in which personal taxes are included. Their general
 equilibrium analysis is not easily accessible to the general reader. In
 this paper I provide an extension to the partial equilibrium model of
 Coleman and Grimes to allow for personal taxes and use this to estimate
 the effects on land prices of changes in different tax rates. 
Journal: New Zealand Economic Papers 
Pages: 201-209 
Issue: 2 
Volume: 44 
Year: 2010 
Keywords: land tax, property values, 
X-DOI: 10.1080/00779954.2010.492577 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779954.2010.492577 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:44:y:2010:i:2:p:201-209




Template-Type: ReDIF-Article 1.0
Author-Name: Ananish Chaudhuri 
Author-X-Name-First: Ananish 
Author-X-Name-Last: Chaudhuri 
Title: Reflections of a journal editor 
Abstract:
Journal: New Zealand Economic Papers 
Pages: 211-215 
Issue: 3 
Volume: 44 
Year: 2010 
X-DOI: 10.1080/00779954.2010.522160 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779954.2010.522160 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:44:y:2010:i:3:p:211-215




Template-Type: ReDIF-Article 1.0
Author-Name: Kerry Papps 
Author-X-Name-First: Kerry 
Author-X-Name-Last: Papps 
Title: Earnings inequality and gender in New Zealand, 1998-2008 
Abstract:
  This paper applies a simple method for decomposing changes in inequality
 to earnings data from the New Zealand Income Survey and extends it to
 analyse changes in inequality between men and women. Earnings inequality
 rose among both males and females between 1998 and 2008. In both cases,
 the majority of this is unexplained by changes in the observed
 determinants of earnings; however, shifts in characteristics and the
 returns to those characteristics are also found to have large effects.
 Overall, there is evidence that male and female wage distributions are
 converging, although both are becoming more dispersed. 
Journal: New Zealand Economic Papers 
Pages: 217-229 
Issue: 3 
Volume: 44 
Year: 2010 
Keywords: wage inequality, gender, labour force structure, 
X-DOI: 10.1080/00779954.2010.522161 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779954.2010.522161 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:44:y:2010:i:3:p:217-229




Template-Type: ReDIF-Article 1.0
Author-Name: James Giesecke 
Author-X-Name-First: James 
Author-X-Name-Last: Giesecke 
Author-Name: Chris Schilling 
Author-X-Name-First: Chris 
Author-X-Name-Last: Schilling 
Title: The economic impact of the New Zealand fiscal stimulus package 
Abstract:
  Unlike many countries affected by the global financial crisis, New
 Zealand did not announce a formal fiscal stimulus package. However, via a
 series of policy announcements beginning in October 2008, by March 2009
 the government budget balance had moved towards deficit by 1.6% of 2011
 GDP. We interpret this discretionary movement towards deficit as New
 Zealand's fiscal stimulus package. The package largely comprises three
 policies: cuts to personal income taxes, cuts to business taxes, and
 infrastructure spending. We investigate the individual and joint effects
 of these policies using a dynamic CGE model of the New Zealand economy. We
 find that the package has a small positive effect on short-run employment,
 but at a cost to long-run real consumption. We examine an alternative
 package, which generates a larger short-run employment gain, for a similar
 long-run real consumption cost. 
Journal: New Zealand Economic Papers 
Pages: 231-257 
Issue: 3 
Volume: 44 
Year: 2010 
Keywords: fiscal stimulus, dynamic CGE, New Zealand economy, 
X-DOI: 10.1080/00779954.2010.522162 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779954.2010.522162 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:44:y:2010:i:3:p:231-257




Template-Type: ReDIF-Article 1.0
Author-Name: Geoffrey Kerr 
Author-X-Name-First: Geoffrey 
Author-X-Name-Last: Kerr 
Author-Name: Ross Cullen 
Author-X-Name-First: Ross 
Author-X-Name-Last: Cullen 
Author-Name: Kenneth Hughey 
Author-X-Name-First: Kenneth 
Author-X-Name-Last: Hughey 
Title: Choice experiment assessment of public expenditure preferences 
Abstract:
  Preferences for changes to public expenditures were evaluated using a
 choice experiment. Results indicate potential efficiency gains from
 reallocation of expenditures to items with higher marginal welfare. In
 particular, respondents were found to prefer more spending on health,
 education and the environment, with health spending providing the highest
 marginal benefits. The public preferred less expenditure on income
 support. The choice experiment also identified the impacts of demographic
 factors. The approach is offered as a complement to prior approaches that
 research public preferences for budget allocation, with prospects for
 revelation of richer information for informing social decisions. 
Journal: New Zealand Economic Papers 
Pages: 259-268 
Issue: 3 
Volume: 44 
Year: 2010 
Keywords: public expenditure preferences, 
X-DOI: 10.1080/00779954.2010.522163 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779954.2010.522163 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:44:y:2010:i:3:p:259-268




Template-Type: ReDIF-Article 1.0
Author-Name: Stephen Hickson 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Hickson 
Title: The impact of question format in principles of economics classes: Evidence from New Zealand 
Abstract:
  This study investigates whether question format disadvantages certain
 types of students. I use assessment data compiled from principles of
 economics classes at the University of Canterbury from 2002-2008. I
 combine these with administrative data on student characteristics to
 create a comprehensive dataset of over 20,000 observations. To control for
 student ability, I use a battery of measures of student performance in
 non-economics classes. In the absence of controls for student ability, I
 find that question format appears to have a significant impact on student
 performance. These mostly disappear when student ability variables are
 added. The major exceptions are student characteristics associated with
 language: I find that non-native English speakers are relatively
 disadvantaged by constructed response questions even after controlling for
 student ability. 
Journal: New Zealand Economic Papers 
Pages: 269-287 
Issue: 3 
Volume: 44 
Year: 2010 
Keywords: principles of economics assessment, multiple choice, constructed response, free response, essay, 
X-DOI: 10.1080/00779954.2010.522165 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779954.2010.522165 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:44:y:2010:i:3:p:269-287




Template-Type: ReDIF-Article 1.0
Author-Name: Stephen Poletti 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Poletti 
Author-Name: Saibal Kar 
Author-X-Name-First: Saibal 
Author-X-Name-Last: Kar 
Title: Book Reviews 
Abstract:
Journal: New Zealand Economic Papers 
Pages: 289-293 
Issue: 3 
Volume: 44 
Year: 2010 
X-DOI: 10.1080/00779954.2010.522166 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779954.2010.522166 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:44:y:2010:i:3:p:289-293




Template-Type: ReDIF-Article 1.0
Author-Name: Simon Kemp 
Author-X-Name-First: Simon 
Author-X-Name-Last: Kemp 
Author-Name: Gabrielle Wall 
Author-X-Name-First: Gabrielle 
Author-X-Name-Last: Wall 
Title: Psychology and economics: An introduction to the special issue 
Abstract:
Journal: New Zealand Economic Papers 
Pages: 1-4 
Issue: 1-2 
Volume: 45 
Year: 2011 
X-DOI: 10.1080/00779954.2011.556066 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779954.2011.556066 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:45:y:2011:i:1-2:p:1-4




Template-Type: ReDIF-Article 1.0
Author-Name: Peter Earl 
Author-X-Name-First: Peter 
Author-X-Name-Last: Earl 
Title: From anecdotes to novels: Reflective inputs for behavioural economics 
Abstract:
  Thaler's deployment of anomalous anecdotes has helped raise the profile
 of behavioural economics. This paper explores possible uses of other
 narrative materials as aids to economic research. After examining the use
 of anecdotes in economics, the paper reviews opportunities to use a wide
 range of more extensive reflective materials. Two text-based applications
 are then presented: the first uses material from consumer magazines, the
 second draws from novels by David Lodge. Both applications call into
 question conventional thinking regarding the degree of substitution
 between product characteristics, while the second is also instructive
 regarding the processes by which economic activities are coordinated. 
Journal: New Zealand Economic Papers 
Pages: 5-22 
Issue: 1-2 
Volume: 45 
Year: 2011 
Keywords: introspection, protocol analysis, case study method, deconstruction, non-compensatory decision rules, 
X-DOI: 10.1080/00779954.2011.556067 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779954.2011.556067 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:45:y:2011:i:1-2:p:5-22




Template-Type: ReDIF-Article 1.0
Author-Name: Werner Guth 
Author-X-Name-First: Werner 
Author-X-Name-Last: Guth 
Author-Name: Torsten Weiland 
Author-X-Name-First: Torsten 
Author-X-Name-Last: Weiland 
Title: Aspiration formation and satisficing in search with(out) competition 
Abstract:
  We experimentally explore individual and competitive search, and we test
 whether generally accepted principles of bounded rationality adequately
 explain observed search behavior. Subjects can, at a cost, employ
 screening and selection methods not only facilitating search but also
 directly revealing their aspirations. Most subjects follow the single
 threshold heuristic after extensive experimentation. Surprisingly,
 aspiration levels are set below the maximum value of all previously
 inspected alternatives. In competitive search, subjects tend to experiment
 less before engaging in satisficing and generally state lower aspirations.
 Finally, systematic satisficing seems to pay off. 
Journal: New Zealand Economic Papers 
Pages: 23-45 
Issue: 1-2 
Volume: 45 
Year: 2011 
Keywords: sequential search, secretary problem, optimal stopping, bounded rationality, 
X-DOI: 10.1080/00779954.2011.556068 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779954.2011.556068 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:45:y:2011:i:1-2:p:23-45




Template-Type: ReDIF-Article 1.0
Author-Name: M. Vittoria Levati 
Author-X-Name-First: M. Vittoria 
Author-X-Name-Last: Levati 
Author-Name: Matteo Ploner 
Author-X-Name-First: Matteo 
Author-X-Name-Last: Ploner 
Author-Name: Stefan Traub 
Author-X-Name-First: Stefan 
Author-X-Name-Last: Traub 
Title: Are conditional cooperators willing to forgo efficiency gains? Evidence from a public goods experiment 
Abstract:
  We use a two-person public goods experiment to investigate how much
 agents value conditional cooperation when symmetric positive contributions
 entail efficiency losses. Asymmetric marginal per capita returns allow
 only the high-productivity player to increase group payoffs when
 contributing positive amounts. Asymmetric contributions, however, yield
 unequal individual payoffs. To assess a priori cooperative preferences, we
 measure individual 'value-orientations' by means of the decomposed game
 technique. We find that contributions remain negligible throughout the
 experiment, suggesting that people are not willing to contribute positive
 amounts if this may lead to damage efficiency. 
Journal: New Zealand Economic Papers 
Pages: 47-57 
Issue: 1-2 
Volume: 45 
Year: 2011 
Keywords: public goods experiments, conditional cooperation, fairness, efficiency, social values, 
X-DOI: 10.1080/00779954.2011.556069 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779954.2011.556069 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:45:y:2011:i:1-2:p:47-57




Template-Type: ReDIF-Article 1.0
Author-Name: Juan Lacomba 
Author-X-Name-First: Juan 
Author-X-Name-Last: Lacomba 
Author-Name: Francisco Lagos 
Author-X-Name-First: Francisco 
Author-X-Name-Last: Lagos 
Author-Name: Tibor Neugebauer 
Author-X-Name-First: Tibor 
Author-X-Name-Last: Neugebauer 
Title: Who makes the pie bigger? An experimental study on co-opetition 
Abstract:
  The tension between cooperation and competition that characterizes many
 business relationships is experimentally studied in a 'pie'-creation game;
 value is created and increased through cooperation in a repeated
 prisoner's dilemma game. At the end, the player with the greater stake in
 the joint pie decides on the division of the pie. Three treatments of the
 pie-creation game are considered: in the first treatment, rivals create
 the pie; in the second, non-rivals create the pie; finally, in the third,
 the pie is created by subjects who do not know about the future
 pie-division. The data show that the competition for the right to split
 the pie biases behaviors towards defection when subjects play with their
 rival. 
Journal: New Zealand Economic Papers 
Pages: 59-68 
Issue: 1-2 
Volume: 45 
Year: 2011 
Keywords: competition, cooperation, co-opetition, ambiguously repeated prisoner's dilemma, experimental economics, 
X-DOI: 10.1080/00779954.2011.556070 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779954.2011.556070 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:45:y:2011:i:1-2:p:59-68




Template-Type: ReDIF-Article 1.0
Author-Name: Lucy Ackert 
Author-X-Name-First: Lucy 
Author-X-Name-Last: Ackert 
Author-Name: Bryan Church 
Author-X-Name-First: Bryan 
Author-X-Name-Last: Church 
Author-Name: Shawn Davis 
Author-X-Name-First: Shawn 
Author-X-Name-Last: Davis 
Title: An experimental examination of the effect of potential revelation of identity on satisfying obligations 
Abstract:
  Reciprocity is reported in simple experiments even in the absence of
 reputation or the ability to sanction. This paper reports the results of
 an experiment (one-shot investment game) designed to shed light on the
 underlying forces that drive reciprocal behavior. We contend that
 reciprocity arises because people strive to satisfy feelings of
 obligation. Our findings indicate that when interactions are anonymous,
 participants satisfy obligations by repaying exactly what was received,
 keeping any surplus for themselves. By comparison, when participants face
 the possibility of having their identity revealed, they reciprocate to a
 much greater extent (i.e., repayment exceeds the amount received). We
 suggest that such behavior arises due to impression management concerns. 
Journal: New Zealand Economic Papers 
Pages: 69-80 
Issue: 1-2 
Volume: 45 
Year: 2011 
Keywords: obligation, impression management, reciprocity, 
X-DOI: 10.1080/00779954.2011.556071 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779954.2011.556071 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:45:y:2011:i:1-2:p:69-80




Template-Type: ReDIF-Article 1.0
Author-Name: Ananish Chaudhuri 
Author-X-Name-First: Ananish 
Author-X-Name-Last: Chaudhuri 
Author-Name: Erwann Sbai 
Author-X-Name-First: Erwann 
Author-X-Name-Last: Sbai 
Title: Gender differences in trust and reciprocity in repeated gift exchange games 
Abstract:
  We explore gender differences in trust and reciprocity using the Berg et
 al. (1995) trust game and the Fehr et al. (1997) gift exchange game. Our
 study differs from previous ones in that subjects play the stage game
 repeatedly with random re-matching of players. In the trust game, contrary
 to prior studies that report men are more trusting, we find no strong
 gender differences in trust, although we corroborate prior findings that
 women are more reciprocal. In the gift exchange game, we again find no
 significant gender differences in trust, but women appear to be less
 reciprocal than men. 
Journal: New Zealand Economic Papers 
Pages: 81-95 
Issue: 1-2 
Volume: 45 
Year: 2011 
Keywords: trust, reciprocity, gift exchange, gender, experiments, 
X-DOI: 10.1080/00779954.2011.556072 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779954.2011.556072 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:45:y:2011:i:1-2:p:81-95




Template-Type: ReDIF-Article 1.0
Author-Name: Filip Vesely 
Author-X-Name-First: Filip 
Author-X-Name-Last: Vesely 
Author-Name: Vivian Lei 
Author-X-Name-First: Vivian 
Author-X-Name-Last: Lei 
Author-Name: Scott Drewianka 
Author-X-Name-First: Scott 
Author-X-Name-Last: Drewianka 
Title: Do separation rules matter? An experimental study of commitment 
Abstract:
  Coasian reasoning predicts that the conditions under which parties may
 terminate a partnership will affect bargaining between partners, but not
 the durability of partnerships. This paper endeavors to test both
 predictions in an experimental setting that allows agents to form and end
 partnerships endogenously and to bargain over resources. We find that
 separation rules have less effect on bargaining than predicted by theory,
 but larger effects on partnership stability. Perhaps surprisingly, agents
 who are weaker relative to their partners are more successful when either
 party can end a partnership unilaterally than when both must consent to a
 separation. 
Journal: New Zealand Economic Papers 
Pages: 97-117 
Issue: 1-2 
Volume: 45 
Year: 2011 
Keywords: separation rule, commitment, bargaining, experiments, 
X-DOI: 10.1080/00779954.2011.556073 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779954.2011.556073 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:45:y:2011:i:1-2:p:97-117




Template-Type: ReDIF-Article 1.0
Author-Name: Ti-Ching Peng 
Author-X-Name-First: Ti-Ching 
Author-X-Name-Last: Peng 
Title: Overcapitalization and cost escalation in housing renovation 
Abstract:
  This paper aims to show how housing renovation projects, for example such
 infamous projects as the Sydney Opera House or Euro Tunnel, may take
 considerably more time and money than budgeted. The author presents
 empirical results based on the primary data collected from 280
 survey-recruited renovators in 2006 and 2007, in Brisbane, Australia. The
 paper examines what makes renovators end up with overcapitalization (i.e.
 spending more than what can be recouped via the value of property) and
 cost escalation (i.e. keeping spending beyond the estimated expenditure)
 in a pluralistic approach combining the theories of mainstream economics
 and behavioural economics. 
Journal: New Zealand Economic Papers 
Pages: 119-138 
Issue: 1-2 
Volume: 45 
Year: 2011 
Keywords: housing renovation, overcapitalization, cost escalation, behavioural economics, psychological factors, 
X-DOI: 10.1080/00779954.2011.556074 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779954.2011.556074 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:45:y:2011:i:1-2:p:119-138




Template-Type: ReDIF-Article 1.0
Author-Name: Bernadette Kamleitner 
Author-X-Name-First: Bernadette 
Author-X-Name-Last: Kamleitner 
Author-Name: Bianca Hornung 
Author-X-Name-First: Bianca 
Author-X-Name-Last: Hornung 
Author-Name: Erich Kirchler 
Author-X-Name-First: Erich 
Author-X-Name-Last: Kirchler 
Title: Over-indebtedness and the interplay of factual and mental money management: An interview study 
Abstract:
  Previous research has shown that money management contributes to
 over-indebtedness. This article sheds new light on this relation by
 looking at factual money management and its mental underpinnings, mental
 accounting. In a conceptual model we propose that fuzzy factual and mental
 money management practices aggravated by lack of congruency between
 factual and mental structures play an important role in over-indebtedness.
 Twenty-five in-depth interviews deliver preliminary support for this
 proposition. Successful financial control seems to build on efficient and
 inter-coordinated factual and mental money management. This reduces the
 willpower necessary for controlling financial behavior and helps to
 prevent and fight over-indebtedness. 
Journal: New Zealand Economic Papers 
Pages: 139-160 
Issue: 1-2 
Volume: 45 
Year: 2011 
Keywords: debt, money management, mental accounting, self-control, 
X-DOI: 10.1080/00779954.2011.556075 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779954.2011.556075 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:45:y:2011:i:1-2:p:139-160




Template-Type: ReDIF-Article 1.0
Author-Name: C. Gustav Lundberg 
Author-X-Name-First: C. Gustav 
Author-X-Name-Last: Lundberg 
Title: Coherence and bidirectional reasoning in complex and risky decision-making tasks 
Abstract:
  The facts matter, but the story matters more. (David R. Dow, author of
 The autobiography of an execution, as cited in Lithwick, 2010, p. 10) The
 process of making sense of and making decisions in complex and risky task
 settings is illustrated via detailed examination of decision tasks given
 to professional external auditors making a going concern judgment and to
 non-experts serving as mock jurors. Consistent with coherence and
 constraint satisfaction theory, the assessments of the evidence do diverge
 and the correlations between the decision and the aspects, as well as
 those between the various aspects, become stronger as the decision-making
 process progresses. An examination of adjustments made to individual
 aspects illustrates how coherence is generated and highlights the role of
 relative aspect mutability. Neural network models are built of the various
 decisions and their outputs related to the decision-makers' stated
 confidence in their decisions. The findings shed further light on the
 workings of inference-based decision-making. 
Journal: New Zealand Economic Papers 
Pages: 161-181 
Issue: 1-2 
Volume: 45 
Year: 2011 
Keywords: inference-based decision-making, coherence theory, bidirectional reasoning, 
X-DOI: 10.1080/00779954.2011.556077 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779954.2011.556077 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:45:y:2011:i:1-2:p:161-181




Template-Type: ReDIF-Article 1.0
Author-Name: Gabrielle Wall 
Author-X-Name-First: Gabrielle 
Author-X-Name-Last: Wall 
Title: Outwit, outplay, outcast? Sex discrimination in voting behaviour in the reality television show Survivor 
Abstract:
  The current study uses data from the reality television show Survivor to
 determine whether contestants discriminate against other contestants on
 the basis of sex. In Survivor, contestants initially compete in teams, and
 are strategically incentivised to eliminate weaker contestants to boost
 the performance of their team. Later in the season, teams are merged and
 the contestants compete individually. Stronger players then become a
 threat, and so strategic incentives encourage contestants to eliminate
 stronger players. Voting patterns allowed inferences to be made about
 taste-based and information-based theories of discrimination. Taste-based
 discrimination predicted that targeted groups would receive high mean
 votes both before teams are merged and post-merge. Likewise, a preference
 for in-group members would result in voters voting for members of the
 opposite sex both pre- and post-merge. Neither sex showed a tendency to
 vote consistently for contestants of the opposite sex. Information-based
 discrimination predicted high mean votes pre-merge and low mean-votes
 post-merge, and both sexes showed voting behaviour consistent with
 information-based discrimination against female contestants. 
Journal: New Zealand Economic Papers 
Pages: 183-193 
Issue: 1-2 
Volume: 45 
Year: 2011 
Keywords: gender discrimination, voting, reality television, cooperative and non-cooperative games, 
X-DOI: 10.1080/00779954.2011.556078 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779954.2011.556078 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:45:y:2011:i:1-2:p:183-193




Template-Type: ReDIF-Article 1.0
Author-Name: John Fountain 
Author-X-Name-First: John 
Author-X-Name-Last: Fountain 
Author-Name: Philip Gunby 
Author-X-Name-First: Philip 
Author-X-Name-Last: Gunby 
Title: Ambiguity, the certainty illusion, and the natural frequency approach to reasoning with inverse probabilities 
Abstract:
  People have difficulty reasoning with diagnostic information in uncertain
 situations, especially when an understanding and calculation of inverse
 conditional probabilities (Bayes theorem) is required. While natural
 frequency representations of inference tasks improve matters, they suffer
 from three problems: (1) calculation errors persist with a majority of
 subjects; (2) the representation suffers from an illusion of certainty
 that ignores ambiguity; and (3) the costs of repeatedly applying the
 representation to deal with imprecision and ambiguity in inference are
 prohibitive. We describe a user friendly, interactive, graphical software
 tool for calculating, visualizing, and communicating accurate inferences
 about uncertain states when relevant diagnostic test information
 (sensitivity, specificity, and base rate) is both imperfect and ambiguous
 in its application to a specific patient. The software is free,
 open-source, and runs on all popular PC operating systems (Windows, Mac,
 Linux). 
Journal: New Zealand Economic Papers 
Pages: 195-207 
Issue: 1-2 
Volume: 45 
Year: 2011 
Keywords: ambiguity, subjective expected utility, certainty illusion, inverse probabilities, choice under uncertainty, natural frequencies, 
X-DOI: 10.1080/00779954.2011.556079 
File-URL: http://www.tandfonline.com/doi/abs/10.1080/00779954.2011.556079 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:45:y:2011:i:1-2:p:195-207




Template-Type: ReDIF-Article 1.0
Author-Name: Alfred Guender 
Author-X-Name-First: Alfred 
Author-X-Name-Last: Guender 
Author-Name: Bevan Cook 
Author-X-Name-First: Bevan 
Author-X-Name-Last: Cook 
Title: Monetary policy implementation and uncovered interest parity: Empirical evidence from Oceania 
Abstract:
  The close integration of Australian and New Zealand financial markets and
 the similarity of the monetary policy regimes provide the perfect backdrop
 for testing the empirical relevance of uncovered interest rate parity
 (UIP) in Oceania. We find that changes in the bilateral exchange rate have
 become more sensitive to the short-term interest differential over time.
 Most important, after the introduction of the Official Cash Rate regime in
 New Zealand, the responsiveness of the exchange rate has accelerated to
 such an extent that it is incompatible with UIP. Evidence on UIP over
 longer horizons is mixed with a 10-year horizon providing the strongest
 support for the theory since 1990. 
Journal: New Zealand Economic Papers 
Pages: 209-229 
Issue: 3 
Volume: 45 
Year: 2011 
Month: 1 
X-DOI: 10.1080/00779954.2011.571643 
File-URL: http://hdl.handle.net/10.1080/00779954.2011.571643 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:45:y:2011:i:3:p:209-229




Template-Type: ReDIF-Article 1.0
Author-Name: James Horrocks 
Author-X-Name-First: James 
Author-X-Name-Last: Horrocks 
Author-Name: Andrea   Kutinova Menclova 
Author-X-Name-First: Andrea   Kutinova 
Author-X-Name-Last: Menclova 
Title: The effects of weather on crime 
Abstract:
  This paper uses daily data from 43 police districts across New Zealand
 from 2000 to 2008 and employs panel econometric techniques to investigate
 the effect of weather on crime. Temperature and precipitation are found to
 have a significant effect on the number of violent crimes recorded, and
 temperature also affects the number of property crimes recorded. As an
 extension, the common belief that the Nor'wester wind causes
 ‘disorderly’ behavior is empirically investigated. Studies
 of this nature are important for the allocation of police resources. 
Journal: New Zealand Economic Papers 
Pages: 231-254 
Issue: 3 
Volume: 45 
Year: 2011 
Month: 9 
X-DOI: 10.1080/00779954.2011.572544 
File-URL: http://hdl.handle.net/10.1080/00779954.2011.572544 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:45:y:2011:i:3:p:231-254




Template-Type: ReDIF-Article 1.0
Author-Name: Seamus Hogan 
Author-X-Name-First: Seamus 
Author-X-Name-Last: Hogan 
Author-Name: Hamish Kidd 
Author-X-Name-First: Hamish 
Author-X-Name-Last: Kidd 
Author-Name: Laura Meriluoto 
Author-X-Name-First: Laura 
Author-X-Name-Last: Meriluoto 
Author-Name: Andrew Smith 
Author-X-Name-First: Andrew 
Author-X-Name-Last: Smith 
Title: The fixed price offer mechanism in <italic>Trade Me</italic> online auctions 
Abstract:
  The fixed-price-offer (FPO) mechanism in <italic>Trade Me</italic>
 auctions allows sellers to make a take-it-or-leave-it offer at the
 conclusion of an unsuccessful auction. Weinvestigate the effects of the
 FPO option on strategies and outcomes in independent-value auctions. The
 FPO option induces some bidders with a value above the seller's reserve to
 wait for an FPO instead of bidding. Overall, the FPO option increases the
 probability of sale but reduces expected seller revenue compared with a
 standard auction. The impact of the FPO option is reduced when the number
 of bidders increases. 
Journal: New Zealand Economic Papers 
Pages: 255-271 
Issue: 3 
Volume: 45 
Year: 2011 
Month: 9 
X-DOI: 10.1080/00779954.2011.574679 
File-URL: http://hdl.handle.net/10.1080/00779954.2011.574679 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:45:y:2011:i:3:p:255-271




Template-Type: ReDIF-Article 1.0
Author-Name: Viv B. Hall 
Author-X-Name-First: Viv B. 
Author-X-Name-Last: Hall 
Author-Name: C.   John McDermott 
Author-X-Name-First: C.   John 
Author-X-Name-Last: McDermott 
Title: A quarterly post-Second World War real GDP series for New Zealand 
Abstract:
  There are no official quarterly real GDP estimates for New Zealand, for
 the period prior to 1977. We report the development of a
 seasonally-adjusted series for a period of more than 60 years from
 mid-1947, and evaluate statistical properties. The series were developed
 by linking quarterly observations from two recent official series to
 temporally disaggregated observations for an earlier time period. Annual
 real GDP series are disaggregated, using the information from two
 quarterly diffusion indexes, developed by Haywood and Campbell (1976).
 Three static econometric models with different disturbance term
 assumptions and one dynamic model are evaluated. Our preferred quarterly
 series is based on results generated from the Chow and Lin (1971) model.
 We assess movements in the preferred static model and dynamic model series
 against qualitative findings from New Zealand's post-Second World War
 economic history. 
Journal: New Zealand Economic Papers 
Pages: 273-298 
Issue: 3 
Volume: 45 
Year: 2011 
Month: 3 
X-DOI: 10.1080/00779954.2011.576649 
File-URL: http://hdl.handle.net/10.1080/00779954.2011.576649 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:45:y:2011:i:3:p:273-298




Template-Type: ReDIF-Article 1.0
Author-Name: John Creedy 
Author-X-Name-First: John 
Author-X-Name-Last: Creedy 
Author-Name: Angela Mellish 
Author-X-Name-First: Angela 
Author-X-Name-Last: Mellish 
Title: Changes in the tax mix from income taxation to GST: Revenue and redistribution 
Abstract:
  This paper examines the conditions under which a partial shift from a
 multi-step personal income tax structure towards a general consumption tax
 can be both revenue-neutral and distribution-neutral, in a cross-sectional
 context. In the absence of a tax-free-threshold, this can be achieved with
 a broad-based consumption tax, or one in which, at each income level, the
 proportion of taxed expenditure is independent of total expenditure. Such
 a change, involving a smaller percentage reduction in the higher marginal
 tax rates, is also shown to increase labour supply in a simple
 continuous-hours model. 
Journal: New Zealand Economic Papers 
Pages: 299-309 
Issue: 3 
Volume: 45 
Year: 2011 
Month: 5 
X-DOI: 10.1080/00779954.2011.591286 
File-URL: http://hdl.handle.net/10.1080/00779954.2011.591286 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:45:y:2011:i:3:p:299-309




Template-Type: ReDIF-Article 1.0
Author-Name: Tim Hazledine 
Author-X-Name-First: Tim 
Author-X-Name-Last: Hazledine 
Title: Price discrimination in Australasian air travel markets 
Abstract:
  This paper explores oligopolistic pricing behaviour in the context of
 widespread price discrimination, as observed in domestic NZ and
 trans-Tasman air travel markets. These markets are of particular interest
 as being the domain of three substantial competition policy cases between
 2002 and 2010, each involving proposals by Air New Zealand to form
 &#x2018;alliances&#x2019; (cartels) with one of its competitors -- first,
 Qantas, and then Virgin Blue. Theoretical predictions are tested with
 internet-sourced pricing data covering the 2004--2006 period. It is found
 that market structure matters more for pricing in the
 &#x2018;time-sensitive&#x2019; (business) sector of the market than for
 &#x2018;price-sensitive&#x2019; leisure travellers. The implications drawn
 are that the regulatory authorities were correct to refuse permission for
 Air New Zealand's proposed alliances with Qantas, and may also be
 justified in their qualified approval of the 2010 proposal with Virgin
 Blue as a partner. 
Journal: New Zealand Economic Papers 
Pages: 311-324 
Issue: 3 
Volume: 45 
Year: 2011 
Month: 7 
X-DOI: 10.1080/00779954.2011.606600 
File-URL: http://hdl.handle.net/10.1080/00779954.2011.606600 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:45:y:2011:i:3:p:311-324




Template-Type: ReDIF-Article 1.0
Author-Name: Lewis Evans 
Author-X-Name-First: Lewis 
Author-X-Name-Last: Evans 
Author-Name: Seamus Hogan 
Author-X-Name-First: Seamus 
Author-X-Name-Last: Hogan 
Author-Name: Peter Jackson 
Author-X-Name-First: Peter 
Author-X-Name-Last: Jackson 
Title: A critique of Wolak's evaluation of the NZ electricity market: Introduction and overview 
Abstract:
  This paper is the first in a symposium of papers that examine the 2009
 report by Frank Wolak into the New Zealand electricity market. The Wolak
 report concluded that there had been a cumulative total of NZ$4.3 billion
 of overcharging in the New Zealand wholesale market over a period of seven
 years. In this paper, we introduce the Wolak findings in the context of
 the salient features of the New Zealand market, and explain that this
 headline figure is highly sensitive to some (quite unrealistic)
 assumptions about the structure of this market. The two papers that follow
 this introduction examine Wolak's methodology and its empirical
 application. 
Journal: New Zealand Economic Papers 
Pages: 1-10 
Issue: 1 
Volume: 46 
Year: 2012 
Month: 11 
X-DOI: 10.1080/00779954.2011.645223 
File-URL: http://hdl.handle.net/10.1080/00779954.2011.645223 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:46:y:2012:i:1:p:1-10




Template-Type: ReDIF-Article 1.0
Author-Name: Seamus Hogan 
Author-X-Name-First: Seamus 
Author-X-Name-Last: Hogan 
Author-Name: Peter Jackson 
Author-X-Name-First: Peter 
Author-X-Name-Last: Jackson 
Title: A critique of Wolak's evaluation of the NZ electricity market: The incentive to exercise market power with elastic demand and transmission loss 
Abstract:
  This paper is the second in a symposium of papers that examine the 2009
 report by Frank Wolak into the New Zealand electricity market. In this
 paper, we discuss the Report's measures of the ability and incentives of
 generators to exercise unilateral market power. We show that the
 construction and interpretation of these measures are highly sensitive to
 some key assumptions, particularly those concerning the elasticity of
 demand for electricity in the wholesale market and the amount of
 transmission loss on the national grid. 
Journal: New Zealand Economic Papers 
Pages: 11-23 
Issue: 1 
Volume: 46 
Year: 2012 
Month: 11 
X-DOI: 10.1080/00779954.2011.646671 
File-URL: http://hdl.handle.net/10.1080/00779954.2011.646671 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:46:y:2012:i:1:p:11-23




Template-Type: ReDIF-Article 1.0
Author-Name: Lewis Evans 
Author-X-Name-First: Lewis 
Author-X-Name-Last: Evans 
Author-Name: Graeme Guthrie 
Author-X-Name-First: Graeme 
Author-X-Name-Last: Guthrie 
Title: An examination of Frank Wolak's model of market power and its application to the New Zealand electricity market 
Abstract:
  We appraise the theoretical basis and the consequent empirical work of
 Frank Wolak in his study of the New Zealand electricity market in a report
 to the New Zealand Commerce Commission released in March 2009. The report
 found no multilateral actions, but concluded there was evidence of
 unilateral market power. We find that the theoretical and empirical
 methodologies employed to reach this conclusion do not imply the existence
 of unilateral market power in oligoply electricity markets. 
Journal: New Zealand Economic Papers 
Pages: 25-34 
Issue: 1 
Volume: 46 
Year: 2012 
Month: 12 
X-DOI: 10.1080/00779954.2011.647504 
File-URL: http://hdl.handle.net/10.1080/00779954.2011.647504 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:46:y:2012:i:1:p:25-34




Template-Type: ReDIF-Article 1.0
Author-Name: Oliver Browne 
Author-X-Name-First: Oliver 
Author-X-Name-Last: Browne 
Author-Name: Stephen Poletti 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Poletti 
Author-Name: David Young 
Author-X-Name-First: David 
Author-X-Name-Last: Young 
Title: Simulating market power in the New Zealand electricity market 
Abstract:
  The recent Wolak report on the New Zealand electricity market found
 evidence of substantial market power. The report, an empirical one, was
 heavily criticised on several aspects of its methodology. We investigate
 market power in the New Zealand Electricity Market during 2006 and 2008
 using an alternative methodology; a computer agent-based model. With this
 model, we can account for all the substantive criticisms of the Wolak
 report. Our results are broadly in line with those of Wolak, nonetheless
 there are significant differences. In particular, our allocation of market
 rents across periods is very different. We estimate total market rents for
 2006 and 2008 to be $2.6 billion. 
Journal: New Zealand Economic Papers 
Pages: 35-50 
Issue: 1 
Volume: 46 
Year: 2012 
Month: 12 
X-DOI: 10.1080/00779954.2011.649566 
File-URL: http://hdl.handle.net/10.1080/00779954.2011.649566 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:46:y:2012:i:1:p:35-50




Template-Type: ReDIF-Article 1.0
Author-Name: Lewis Evans 
Author-X-Name-First: Lewis 
Author-X-Name-Last: Evans 
Author-Name: Seamus Hogan 
Author-X-Name-First: Seamus 
Author-X-Name-Last: Hogan 
Author-Name: Peter Jackson 
Author-X-Name-First: Peter 
Author-X-Name-Last: Jackson 
Title: A critique of Wolak's evaluation of the NZ electricity market: Afterword 
Journal: New Zealand Economic Papers 
Pages: 51-52 
Issue: 1 
Volume: 46 
Year: 2012 
Month: 12 
X-DOI: 10.1080/00779954.2011.651580 
File-URL: http://hdl.handle.net/10.1080/00779954.2011.651580 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:46:y:2012:i:1:p:51-52




Template-Type: ReDIF-Article 1.0
Author-Name: Oliver Browne 
Author-X-Name-First: Oliver 
Author-X-Name-Last: Browne 
Author-Name: Stephen Poletti 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Poletti 
Author-Name: David Young 
Author-X-Name-First: David 
Author-X-Name-Last: Young 
Title: A critique of Wolak's evaluation of the NZ electricity market afterword: A rejoinder 
Journal: New Zealand Economic Papers 
Pages: 53-55 
Issue: 1 
Volume: 46 
Year: 2012 
Month: 12 
X-DOI: 10.1080/00779954.2011.651579 
File-URL: http://hdl.handle.net/10.1080/00779954.2011.651579 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:46:y:2012:i:1:p:53-55




Template-Type: ReDIF-Article 1.0
Author-Name: Sharleen Forbes 
Author-X-Name-First: Sharleen 
Author-X-Name-Last: Forbes 
Author-Name: Corin Higgs 
Author-X-Name-First: Corin 
Author-X-Name-Last: Higgs 
Author-Name: James Keating 
Author-X-Name-First: James 
Author-X-Name-Last: Keating 
Author-Name: Evan Roberts 
Author-X-Name-First: Evan 
Author-X-Name-Last: Roberts 
Title: Prescriptivism to positivism? The development of the CPI in New Zealand 
Abstract:
  Retail price collection in New Zealand has a long history. Early indices
 were prescriptive, with price changes measured in items proscribed as
 staples. The development of a price index to meet the conflicting demands
 of government, domestic labour and international organisations was an
 imperfect process and these conflicts gradually changed its nature and
 purpose. This paper documents the history of retail prices in New Zealand,
 from the compilation of basic commodity prices in the 1840s through to the
 beginnings of the Consumers&#x2019; Price Index as we now know it, an
 objective, positivist index based on actual household consumption
 (expenditure) patterns. 
Journal: New Zealand Economic Papers 
Pages: 57-77 
Issue: 1 
Volume: 46 
Year: 2012 
Month: 11 
X-DOI: 10.1080/00779954.2011.645222 
File-URL: http://hdl.handle.net/10.1080/00779954.2011.645222 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:46:y:2012:i:1:p:57-77




Template-Type: ReDIF-Article 1.0
Author-Name: Stuart Birks 
Author-X-Name-First: Stuart 
Author-X-Name-Last: Birks 
Title: Why the shadow of the law is important for economists 
Abstract:
  The shadow of the law is essentially an umbrella term for the law's
 possible indirect influence on behaviour. It refers to the way laws can
 affect people's actions even when there is no direct legal involvement.
 Often the law is used to &#x2018;send a signal&#x2019;. This paper
 presents an economics perspective on this concept. Anassessment is made of
 the implications in terms of the suitability of the signals given and
 various responses that may be observed. In summary, the law is a central
 component of policy. In its implementation signals are given. These may
 not be clear or suitable for cases in general, and there may be a variety
 of responses to the same signal. The paper draws attention to an important
 dimension of policy implementation and its implications. 
Journal: New Zealand Economic Papers 
Pages: 79-90 
Issue: 1 
Volume: 46 
Year: 2012 
Month: 8 
X-DOI: 10.1080/00779954.2011.613147 
File-URL: http://hdl.handle.net/10.1080/00779954.2011.613147 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:46:y:2012:i:1:p:79-90




Template-Type: ReDIF-Article 1.0
Author-Name: Trinh Le 
Author-X-Name-First: Trinh 
Author-X-Name-Last: Le 
Author-Name: John Gibson 
Author-X-Name-First: John 
Author-X-Name-Last: Gibson 
Author-Name: Steven Stillman 
Author-X-Name-First: Steven 
Author-X-Name-Last: Stillman 
Title: Wealth and saving in New Zealand: evidence from the longitudinal survey of family, income and employment 
Abstract:
  This paper uses data from the Survey of Family, Income and Employment to
 estimate saving by the household sector in New Zealand during 2004--2006.
 Even our most conservative estimate is that at least 14% of gross income
 was saved during this period. By contrast, the indirectly derived
 Household Income and Outlay Accounts indicate (net) household saving was
 &#x2212;12.5% per year over the same period. We also find no evidence that
 capital gains in housing during this time period crowded out saving or
 that the composition of household wealth in New Zealand differed from that
 in other developed countries. 
Journal: New Zealand Economic Papers 
Pages: 93-118 
Issue: 2 
Volume: 46 
Year: 2012 
Month: 11 
X-DOI: 10.1080/00779954.2011.641935 
File-URL: http://hdl.handle.net/10.1080/00779954.2011.641935 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:46:y:2012:i:2:p:93-118




Template-Type: ReDIF-Article 1.0
Author-Name: Viv B. Hall 
Author-X-Name-First: Viv B. 
Author-X-Name-Last: Hall 
Author-Name: C. John McDermott 
Author-X-Name-First: C. John 
Author-X-Name-Last: McDermott 
Title: Is there an unobserved components common cycle for Australasia? Implications for a common currency 
Abstract:
  We use unobserved components methodology to establish an Australasian
 common cycle, and assess the extent to which region-specific cycles of
 Australian states and New Zealand are additionally important. West
 Australian and New Zealand region-specific growth cycles have exhibited
 distinctively different features, relative to the common cycle. For every
 Australasian region, the region-specific cycle variance dominates that of
 the common cycle, in contrast to findings for US BEA regions and prior
 work for Australian states. The distinctiveness of New Zealand's output
 and employment cycles is consistent with New Zealand retaining the
 flexibility of a separate currency and monetary policy, for periods when
 significant region-specific shocks occur. 
Journal: New Zealand Economic Papers 
Pages: 119-141 
Issue: 2 
Volume: 46 
Year: 2012 
Month: 9 
X-DOI: 10.1080/00779954.2011.623297 
File-URL: http://hdl.handle.net/10.1080/00779954.2011.623297 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:46:y:2012:i:2:p:119-141




Template-Type: ReDIF-Article 1.0
Author-Name: Ann Brower 
Author-X-Name-First: Ann 
Author-X-Name-Last: Brower 
Author-Name: Philip Meguire 
Author-X-Name-First: Philip 
Author-X-Name-Last: Meguire 
Author-Name: Alba DeParte 
Author-X-Name-First: Alba 
Author-X-Name-Last: DeParte 
Title: Does tenure review in New Zealand's South Island give rise to rents? 
Abstract:
  Under &#x2018;tenure review', a New Zealand pastoral lessee surrenders
 part of his leasehold to conservation and acquires a freehold interest in
 the remainder. Since 1992, 28 new freeholders paid the Crown $6.9 million
 for freehold rights to 101,752 ha, then sold 46% of that land for $135.7
 million. We model tenure review as a sequential real option -- first to
 acquire freehold, then to sell all or part of the new freehold. We find
 little evidence that the Crown accounted for the latter option value when
 negotiating tenure review, and conclude that the capital gains enjoyed by
 former lessees are rents. 
Journal: New Zealand Economic Papers 
Pages: 143-158 
Issue: 2 
Volume: 46 
Year: 2012 
Month: 7 
X-DOI: 10.1080/00779954.2011.608247 
File-URL: http://hdl.handle.net/10.1080/00779954.2011.608247 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:46:y:2012:i:2:p:143-158




Template-Type: ReDIF-Article 1.0
Author-Name: Alastair Thomas 
Author-X-Name-First: Alastair 
Author-X-Name-Last: Thomas 
Title: The elasticity of taxable income in New Zealand: Evidence from the 1986 tax reform 
Abstract:
  This paper uses the 1986 New Zealand tax reform as a &#x2018;natural
 experiment&#x2019; to estimate the elasticity of taxable income for New
 Zealand. Adopting the methodology of Auten and Carroll (1999), elasticity
 estimates ranging from 0.34 to 0.52 are obtained. These results imply a
 significant behavioural response to tax rate changes well in excess of
 that implied by standard labour supply elasticity estimates, and suggest
 that the welfare costs of taxation in New Zealand are larger than may have
 previously been considered. 
Journal: New Zealand Economic Papers 
Pages: 159-167 
Issue: 2 
Volume: 46 
Year: 2012 
Month: 1 
X-DOI: 10.1080/00779954.2012.658203 
File-URL: http://hdl.handle.net/10.1080/00779954.2012.658203 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:46:y:2012:i:2:p:159-167




Template-Type: ReDIF-Article 1.0
Author-Name: Jianying Qiu 
Author-X-Name-First: Jianying 
Author-X-Name-Last: Qiu 
Title: Loss aversion and mental accounting: the favorite-longshot bias in parimutuel betting 
Abstract:
  It is shown that in the framework of prospect theory, the combination of
 mental accounting and loss aversion can fundamentally change the way
 individuals evaluate risky alternatives. This finding is then applied in a
 market setting: parimutuel betting markets. In parimutuel betting markets
 it has been found that for horses with the lowest odds (favorites), market
 estimates of winning probabilities are smaller than objective winning
 probabilities; for horses with the highest odds (longshot) the opposite is
 observed (the favorite-longshot bias). A game theoretical model is built
 to show that the favorite-longshot bias can be the equilibrium play of
 players with loss aversion. Furthermore, the degree of the
 favorite-longshot bias is influenced by the mental accounting process that
 players use. 
Journal: New Zealand Economic Papers 
Pages: 169-184 
Issue: 2 
Volume: 46 
Year: 2012 
Month: 8 
X-DOI: 10.1080/00779954.2011.615116 
File-URL: http://hdl.handle.net/10.1080/00779954.2011.615116 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:46:y:2012:i:2:p:169-184




Template-Type: ReDIF-Article 1.0
Author-Name: Ananish Chaudhuri 
Author-X-Name-First: Ananish 
Author-X-Name-Last: Chaudhuri 
Title: The Darwin economy 
Journal: New Zealand Economic Papers 
Pages: 185-188 
Issue: 2 
Volume: 46 
Year: 2012 
Month: 8 
X-DOI: 10.1080/00779954.2012.678668 
File-URL: http://hdl.handle.net/10.1080/00779954.2012.678668 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:46:y:2012:i:2:p:185-188




Template-Type: ReDIF-Article 1.0
Author-Name: Gail Pacheco 
Author-X-Name-First: Gail 
Author-X-Name-Last: Pacheco 
Author-Name: Don J. Webber 
Author-X-Name-First: Don J. 
Author-X-Name-Last: Webber 
Title: Quality of life research in economics: An introduction to the special issue 
Abstract:
  This special issue highlights the growing trend in applied economics
 research of the use and analysis of subjective concepts, such as quality
 of life. It contains five studies that highlight the broad range of
 research currently in vogue, including the valuation of protected areas, a
 living standards approach to public policy, the determinants of life
 satisfaction, fractionalisation and wellbeing, and trends in wellbeing of
 women. 
Journal: New Zealand Economic Papers 
Pages: 189-190 
Issue: 3 
Volume: 46 
Year: 2012 
Month: 12 
X-DOI: 10.1080/00779954.2012.725546 
File-URL: http://hdl.handle.net/10.1080/00779954.2012.725546 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:46:y:2012:i:3:p:189-190




Template-Type: ReDIF-Article 1.0
Author-Name: Christopher L. Ambrey 
Author-X-Name-First: Christopher L. 
Author-X-Name-Last: Ambrey 
Author-Name: Christopher M. Fleming 
Author-X-Name-First: Christopher M. 
Author-X-Name-Last: Fleming 
Title: Valuing Australia's protected areas: A life satisfaction approach 
Abstract:
  This paper uses the life satisfaction approach to value Australia's
 protected areas, grouped by International Union for Conservation of Nature
 (IUCN) categories. We find significant positive life satisfaction effects
 of living in close proximity to protected areas in three of the seven
 categories. These life satisfaction effects correspond to implicit
 willingness-to-pays, in terms of annual household income, ranging from
 AUD$2950 to AUD$9650 for a 1% increase in the extent of that category of
 protected area within an individual's local area. This study therefore
 provides insights for policy makers in estimating the benefits of
 non-market goods provision. 
Journal: New Zealand Economic Papers 
Pages: 191-209 
Issue: 3 
Volume: 46 
Year: 2012 
Month: 12 
X-DOI: 10.1080/00779954.2012.697354 
File-URL: http://hdl.handle.net/10.1080/00779954.2012.697354 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:46:y:2012:i:3:p:191-209




Template-Type: ReDIF-Article 1.0
Author-Name: Ben Gleisner 
Author-X-Name-First: Ben 
Author-X-Name-Last: Gleisner 
Author-Name: Fiona McAlister 
Author-X-Name-First: Fiona 
Author-X-Name-Last: McAlister 
Author-Name: Margaret Galt 
Author-X-Name-First: Margaret 
Author-X-Name-Last: Galt 
Author-Name: Joe Beaglehole 
Author-X-Name-First: Joe 
Author-X-Name-Last: Beaglehole 
Title: A living standards approach to public policy making 
Abstract:
  Increasingly, government and international organisations are broadening
 the way they define and measure the &#x2018;progress&#x2019;, wellbeing or
 living standards of a country. In May 2011 the New Zealand Treasury
 published a Living Standards Framework which was developed to guide the
 objectives and formulation of public policy in the organisation. This
 paper outlines the key developments in thinking about living standards
 which underpin the conceptual Framework, and presents the Framework,
 including a discussion of the factors that are important for living
 standards. The paper also discusses a subsequent development in Treasury's
 work in this area, the development of a policy tool to assist analysts in
 applying the Framework in policy advice. 
Journal: New Zealand Economic Papers 
Pages: 211-238 
Issue: 3 
Volume: 46 
Year: 2012 
Month: 12 
X-DOI: 10.1080/00779954.2012.716280 
File-URL: http://hdl.handle.net/10.1080/00779954.2012.716280 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:46:y:2012:i:3:p:211-238




Template-Type: ReDIF-Article 1.0
Author-Name: Denise Brown 
Author-X-Name-First: Denise 
Author-X-Name-Last: Brown 
Author-Name: Julie Woolf 
Author-X-Name-First: Julie 
Author-X-Name-Last: Woolf 
Author-Name: Conal Smith 
Author-X-Name-First: Conal 
Author-X-Name-Last: Smith 
Title: An empirical investigation into the determinants of life satisfaction in New Zealand 
Abstract:
  The past decade has seen an increasing body of evidence emerge that
 subjective wellbeing can be empirically measured through relatively
 straightforward questions on self-reported happiness or life satisfaction
 carried in sample surveys. This paper analyses the determinants of
 subjective wellbeing using data from the 2008 New Zealand General Social
 Survey. The paper first provides a brief summary of what is known about
 the determinants of subjective wellbeing from the international
 literature. A simple model of the determinants of subjective wellbeing in
 New Zealand is described, and coefficients for the model are estimated
 using ordinary least squares. The model is re-estimated using an ordered
 Probit to confirm that the results are not biased due to the ordinal
 nature of the data. The paper finds that demographic factors are largely
 not significant drivers of wellbeing in New Zealand and conforms to the
 international literature in identifying income, unemployment, health
 status, and social contact as the four main factors affecting subjective
 wellbeing. 
Journal: New Zealand Economic Papers 
Pages: 239-251 
Issue: 3 
Volume: 46 
Year: 2012 
Month: 12 
X-DOI: 10.1080/00779954.2012.657896 
File-URL: http://hdl.handle.net/10.1080/00779954.2012.657896 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:46:y:2012:i:3:p:239-251




Template-Type: ReDIF-Article 1.0
Author-Name: Timothy Hinks 
Author-X-Name-First: Timothy 
Author-X-Name-Last: Hinks 
Title: Fractionalization and well-being: Evidence from a new South African data set 
Abstract:
  This paper aims to test whether a number of fractionalization variables
 that capture cultural and economic diversity have any impact on reported
 life satisfaction as well as happiness. Controlling for standard economic
 and non-economic variables, we test whether (i) ethno-linguistic, (ii)
 religious, and (iii) income fractionalization at the cluster level have
 any impact on well-being. The findings indicate that income
 fractionalization consistently predicts lower subjective life satisfaction
 when the individual's household income is controlled for, and that
 religious fractionalization is correlated with lower life satisfaction.
 Ethno-linguistic fractionalization though does not correlate with life
 satisfaction. Extensions of the model include adding interaction terms
 which indicate that ethno-linguistic fractionalization is important to
 specific ethno-linguistic groups. 
Journal: New Zealand Economic Papers 
Pages: 253-271 
Issue: 3 
Volume: 46 
Year: 2012 
Month: 12
X-DOI: 10.1080/00779954.2012.691787 
File-URL: http://hdl.handle.net/10.1080/00779954.2012.691787 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:46:y:2012:i:3:p:253-271




Template-Type: ReDIF-Article 1.0
Author-Name: Jessica Dye 
Author-X-Name-First: Jessica 
Author-X-Name-Last: Dye 
Author-Name: Stephani� Rossouw 
Author-X-Name-First: Stephani� 
Author-X-Name-Last: Rossouw 
Author-Name: Gail Pacheco 
Author-X-Name-First: Gail 
Author-X-Name-Last: Pacheco 
Title: Well-being of women in New Zealand: The changing landscape 
Abstract:
  As the first country to give women the right to vote (in 1893), New
 Zealand (NZ) has often been viewed as a leader in the global movement
 towards gender equality. This paper aims to assess trends in overall
 well-being for NZ women, by pulling together a range of statistical
 indicators across five key facets of well-being: demographic and family
 changes, education, employment, health, and crime and violence. From our
 analysis, two contrasting pictures emerge. The first is that NZ women are
 clearly making up ground in respect of their education, participation in
 the labour force (less so in terms of wage equality), and overall health
 outcomes (barring mental health issues, such as depression). In the
 second, however, NZ women are trailing behind their other developed nation
 counterparts when one considers crime and violence, both committed against
 and by them. 
Journal: New Zealand Economic Papers 
Pages: 273-302 
Issue: 3 
Volume: 46 
Year: 2012 
Month: 12 
X-DOI: 10.1080/00779954.2012.722845 
File-URL: http://hdl.handle.net/10.1080/00779954.2012.722845 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:46:y:2012:i:3:p:273-302




Template-Type: ReDIF-Article 1.0
Author-Name: M.   Claire Dale 
Author-X-Name-First: M.   Claire 
Author-X-Name-Last: Dale 
Author-Name: Fiona Feng 
Author-X-Name-First: Fiona 
Author-X-Name-Last: Feng 
Author-Name: Rhema Vaithianathan 
Author-X-Name-First: Rhema 
Author-X-Name-Last: Vaithianathan 
Title: Microfinance in developed economies: A case study of the NILS programme in Australia and New Zealand 
Abstract:
  This paper compares the role of microfinance schemes in developing and
 developed country contexts. Research and reporting on microfinance
 programmes in developing countries is vast, but there is currently little
 analysis of similar schemes in developed country settings. This paper
 contributes a new angle to the burgeoning literature by offering a small
 case study of Australia's Good Shepherd Youth and Family Services&#x2019;
 NILS scheme, which was recently invited to be involved in the
 establishment of New Zealand's first formal microfinance programme, Nga
 Tangata Microfinance. 
Journal: New Zealand Economic Papers 
Pages: 303-313 
Issue: 3 
Volume: 46 
Year: 2012 
Month: 12 
X-DOI: 10.1080/00779954.2012.687543 
File-URL: http://hdl.handle.net/10.1080/00779954.2012.687543 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:46:y:2012:i:3:p:303-313




Template-Type: ReDIF-Article 1.0
Author-Name: Elsadig   Musa Ahmed 
Author-X-Name-First: Elsadig   Musa 
Author-X-Name-Last: Ahmed 
Author-Name: Geeta Krishnasamy 
Author-X-Name-First: Geeta 
Author-X-Name-Last: Krishnasamy 
Title: Telecommunications investment and economic growth in ASEAN5: An assessment from UECM 
Abstract:
  This paper examines the impact of telecommunications investment on the
 economic growth of the ASEAN5 countries namely, Malaysia, Indonesia,
 Philippines, Singapore and Thailand, over the period 1975--2007. The
 unrestricted error correction model (UECM) and bounds testing approach are
 employed where a positive and significant long-run relationship is
 identified in the cases of Malaysia and Singapore. This is not the case
 for the other ASEAN5 countries. Granger non-causality testing indicates
 that telecommunications investment causes ASEAN5 economic growth but not
 vice versa. 
Journal: New Zealand Economic Papers 
Pages: 315-332 
Issue: 3 
Volume: 46 
Year: 2012 
Month: 12 
X-DOI: 10.1080/00779954.2012.695180 
File-URL: http://hdl.handle.net/10.1080/00779954.2012.695180 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:46:y:2012:i:3:p:315-332




Template-Type: ReDIF-Article 1.0
Author-Name: Unknown
Author-X-Name-First: Unknown
Author-X-Name-Last: Unknown
Title: Citation for the award of Distinguished Fellow of the New Zealand Association of Economists: Stephen Turnovsky 
Journal: New Zealand Economic Papers 
Pages: 333-334 
Issue: 3 
Volume: 46 
Year: 2012 
Month: 12 
X-DOI: 10.1080/00779954.2012.718183 
File-URL: http://hdl.handle.net/10.1080/00779954.2012.718183 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:46:y:2012:i:3:p:333-334




Template-Type: ReDIF-Article 1.0
Author-Name: Unknown
Author-X-Name-First: Unknown
Author-X-Name-Last: Unknown
Title: Citation for the award of Distinguished Fellow of the New Zealand Association of Economists: Leslie Young 
Journal: New Zealand Economic Papers 
Pages: 335-336 
Issue: 3 
Volume: 46 
Year: 2012 
Month: 12 
X-DOI: 10.1080/00779954.2012.718182 
File-URL: http://hdl.handle.net/10.1080/00779954.2012.718182 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:46:y:2012:i:3:p:335-336




Template-Type: ReDIF-Article 1.0
Author-Name: Christie Smith 
Author-X-Name-First: Christie 
Author-X-Name-Last: Smith 
Author-Name: Viv Hall 
Author-X-Name-First: Viv 
Author-X-Name-Last: Hall 
Author-Name: John Janssen 
Author-X-Name-First: John 
Author-X-Name-Last: Janssen 
Title: New Zealand's macroeconomic imbalances -- causes and remedies: Guest editors' introduction 
Abstract:
  This paper introduces contributions made to a June 2011 policy forum,
 sponsored by the New Zealand Treasury, the Reserve Bank of New Zealand and
 Victoria University of Wellington. The forum focused on New Zealand's
 macroeconomic imbalances and possible policy responses. Here we provide an
 overview of these macro imbalances and summarize the main ideas presented
 later in this issue. 
Journal: New Zealand Economic Papers 
Pages: 1-7 
Issue: 1 
Volume: 47 
Year: 2013 
Month: 4 
X-DOI: 10.1080/00779954.2012.733141 
File-URL: http://hdl.handle.net/10.1080/00779954.2012.733141 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:47:y:2013:i:1:p:1-7




Template-Type: ReDIF-Article 1.0
Author-Name: Sebastian Edwards 
Author-X-Name-First: Sebastian 
Author-X-Name-Last: Edwards 
Title: New Zealand's international competitiveness challenges and the Woody Allen syndrome 
Abstract:
  The purpose of this paper is to investigate the (relative) roles of two
 sources of reduced international competitiveness in New Zealand during the
 last few years: the appreciation of the trade-weighted real exchange rate,
 and the (relative) inefficiency of the local service sector. According to
 the exercises reported in this paper, reducing services' inefficiencies is
 a more effective way of improving competitiveness, broadly defined, than
 engineering (or hoping for) a real exchange rate depreciation. 
Journal: New Zealand Economic Papers 
Pages: 8-26 
Issue: 1 
Volume: 47 
Year: 2013 
Month: 4 
X-DOI: 10.1080/00779954.2012.733140 
File-URL: http://hdl.handle.net/10.1080/00779954.2012.733140 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:vv:47:y:2013:i:1:p:8-26




Template-Type: ReDIF-Article 1.0
Author-Name: Craig Burnside 
Author-X-Name-First: Craig 
Author-X-Name-Last: Burnside 
Title: New Zealand's risk premium 
Abstract:
  Interest rates in New Zealand are generally higher than in other
 industrialized economies. Do these higher interest rates imply lower
 investment and slow growth? I find that high interest rates in New
 Zealand, through much of the inflation targeting period, appear to have
 represented compensation for the risk of rare and extreme events, during
 which the New Zealand dollar was expected to depreciate. Similar factors
 appear to explain Australia's risk premium, yet Australia has had a higher
 level of investment and stronger growth. Therefore, I attribute the
 differing economic performance of the two countries to other structural
 differences. 
Journal: New Zealand Economic Papers 
Pages: 27-52 
Issue: 1 
Volume: 47 
Year: 2013 
Month: 4 
X-DOI: 10.1080/00779954.2012.721690 
File-URL: http://hdl.handle.net/10.1080/00779954.2012.721690 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:vv:47:y:2013:i:1:p:27-52




Template-Type: ReDIF-Article 1.0
Author-Name: Philip R. Lane 
Author-X-Name-First: Philip R. 
Author-X-Name-Last: Lane 
Title: External imbalances and macroeconomic policy 
Abstract:
  This paper argues that large external imbalances pose significant
 macroeconomic risks. While New Zealand has coped well in recent years, the
 global financial crisis has underlined the vulnerability of large-deficit
 countries to financial shocks. We analyse how the macroeconomic policy
 framework can be adapted to modify the risks embedded in the international
 balance sheet. 
Journal: New Zealand Economic Papers 
Pages: 53-70 
Issue: 1 
Volume: 47 
Year: 2013 
Month: 4 
X-DOI: 10.1080/00779954.2012.720525 
File-URL: http://hdl.handle.net/10.1080/00779954.2012.720525 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:vv:47:y:2013:i:1:p:53-70




Template-Type: ReDIF-Article 1.0
Author-Name: Anne-Marie Brook 
Author-X-Name-First: Anne-Marie 
Author-X-Name-Last: Brook 
Title: Making fiscal policy more stabilising in the next upturn: Challenges and policy options 
Abstract:
  While New Zealand's fiscal framework has been relatively successful
 overall, this paper suggests that it gives insufficient emphasis to macro
 stabilisation during upturns in the business cycle, especially once the
 debt target has been met. Options for making fiscal policy &#x2018;more
 stabilising&#x2019; in future economic upturns include: revising the
 Public Finance Act so as to increase the importance that is placed on
 avoiding pro-cyclical fiscal policy; more focus on sticking to ex-ante
 spending plans; or a stabilisation fund to safeguard revenue windfalls
 until the following downturn. The potential role of an independent fiscal
 council is also touched upon. 
Journal: New Zealand Economic Papers 
Pages: 71-94 
Issue: 1 
Volume: 47 
Year: 2013 
Month: 4 
X-DOI: 10.1080/00779954.2012.721691 
File-URL: http://hdl.handle.net/10.1080/00779954.2012.721691 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:vv:47:y:2013:i:1:p:71-94




Template-Type: ReDIF-Article 1.0
Author-Name: Prasanna Gai 
Author-X-Name-First: Prasanna 
Author-X-Name-Last: Gai 
Title: Systemic risk measurement and macroprudential policy: Implications for New Zealand and beyond 
Abstract:
  The recent financial crisis has brought the issue of banking system
 &#x2018;stress tests&#x2019; to the fore. This paper describes recent
 progress in the area of systemic risk modelling and measurement and
 discusses how the results of such analyses are helping shape the practical
 framework for macroprudential policy and bank stress testing. It also
 considers how liquidity regulations on banks, such as the core funding
 ratio implemented by the Reserve Bank of New Zealand, can affect the
 probability and potential impact of shocks to the financial system. 
Journal: New Zealand Economic Papers 
Pages: 95-110 
Issue: 1 
Volume: 47 
Year: 2013 
Month: 4 
X-DOI: 10.1080/00779954.2012.727557 
File-URL: http://hdl.handle.net/10.1080/00779954.2012.727557 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:vv:47:y:2013:i:1:p:95-110




Template-Type: ReDIF-Article 1.0
Author-Name: Stephen J. Turnovsky 
Author-X-Name-First: Stephen J. 
Author-X-Name-Last: Turnovsky 
Title: The relationship between economic growth and inequality 
Abstract:
	      This paper reviews some recent research analyzing the
 growth-inequality relationship among heterogeneous agents. The primary
 source of heterogeneity is due to the initial endowments of physical
 capital, although extensions to include human capital and ability are also
 briefly considered. The models considered fall into three structural
 categories. The first is the one-sector endogenous growth model, which
 abstracts from distributional, as well as aggregate, dynamics. The second
 assumes neoclassical production and is characterized by transitional
 dynamics in both aggregates and inequality, enabling us to discuss both
 intratemporal and intertemporal tradeoffs. It introduces only one source
 of heterogeneity and cannot address issues pertaining to wealth and income
 mobility. To achieve that, it requires at least two sources of
 heterogeneity, such as capital and ability or skills, which are introduced
 in a third model. An important characteristic of the framework is that the
 effects of any changes on the measures of inequality are path-dependent, a
 characteristic that has important policy implications. 	 
Journal: New Zealand Economic Papers 
Pages: 113-139 
Issue: 2 
Volume: 47 
Year: 2013 
Month: 8 
X-DOI: 10.1080/00779954.2013.776483 
File-URL: http://hdl.handle.net/10.1080/00779954.2013.776483 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:47:y:2013:i:2:p:113-139




Template-Type: ReDIF-Article 1.0
Author-Name: David L. Anderson 
Author-X-Name-First: David L. 
Author-X-Name-Last: Anderson 
Author-Name: Warren Smart 
Author-X-Name-First: Warren 
Author-X-Name-Last: Smart 
Author-Name: John Tressler 
Author-X-Name-First: John 
Author-X-Name-Last: Tressler 
Title: Evaluating research -- peer review team assessment and journal based bibliographic measures: New Zealand PBRF research output scores in 2006 
Abstract:
	      This paper concerns the relationship between the assessment
 of the research of individual academics by peer or expert review teams
 with a variety of bibliometric schemes based on journal quality weights.
 Specifically, for a common group of economists from New Zealand
 departments of economics the relationship between Performance-Based
 Research Fund (PBRF) Research Output measures for those submitting new
 research portfolios in 2006 are compared with evaluations of journal-based
 research over the 2000--2005 assessment period. This comparison identifies
 the journal weighting schemes that appear most similar to PBRF peer
 evaluations. The paper provides an indication of the 'power or
 aggressiveness' of PBRF evaluations in terms of the weighting given to
 quality. The implied views of PBRF peer review teams are also useful in
 assessing common assumptions made in evaluating journal based research.    
Journal: New Zealand Economic Papers 
Pages: 140-157 
Issue: 2 
Volume: 47 
Year: 2013 
Month: 8 
X-DOI: 10.1080/00779954.2013.772879 
File-URL: http://hdl.handle.net/10.1080/00779954.2013.772879 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:47:y:2013:i:2:p:140-157




Template-Type: ReDIF-Article 1.0
Author-Name: Ti-Ching Peng 
Author-X-Name-First: Ti-Ching 
Author-X-Name-Last: Peng 
Title: A microstructural analysis of housing renovation decisions in Brisbane, Australia 
Abstract:
	      Housing studies have rarely discussed the emotional aspect of
 the householder's decision to renovate his house. It is proposed in this
 paper that, besides the fundamental factors considered in the previous
 literature, the social and psychological factors derived from sociology
 and behavioural economics may enrich the study of renovation decisions.
 Based on the primary data of residents in Brisbane, the empirical results
 demonstrate that a householder's renovation decision is related both to
 fundamental factors and to psychological factors. For example, a
 homeowner's likelihood of undertaking renovations is highly related to his
 perception of his own performance in undertaking renovation.	       
Journal: New Zealand Economic Papers 
Pages: 158-187 
Issue: 2 
Volume: 47 
Year: 2013 
Month: 8 
X-DOI: 10.1080/00779954.2012.704667 
File-URL: http://hdl.handle.net/10.1080/00779954.2012.704667 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:47:y:2013:i:2:p:158-187




Template-Type: ReDIF-Article 1.0
Author-Name: Hayden Armstrong 
Author-X-Name-First: Hayden 
Author-X-Name-Last: Armstrong 
Author-Name: Jeremy Clark 
Author-X-Name-First: Jeremy 
Author-X-Name-Last: Clark 
Title: Does higher social diversity affect people's contributions to local schools? Evidence from New Zealand 
Abstract:
	      New Zealand is becoming more socially diverse, in common with
 other Western countries. Primarily US-based evidence suggests that growing
 diversity may lower people's participation in society, and their
 contributions towards public goods. We test for evidence of a similar
 relationship in New Zealand, specifically between social diversity and
 voluntary contributions towards local schools. We use data from the New
 Zealand Ministry of Education and the Census to estimate whether social
 heterogeneity affects a school's ability to raise funds locally.
 Individual school revenue data is matched with measures of the
 heterogeneity of its neighbourhood. We consider heterogeneity by language,
 ethnicity, religion and income. Running cross-section and fixed effects
 regressions, which control for other factors, we find only limited
 evidence that diversity affects schools' local financial support. We do
 find that higher nominal household income inequality lowers school
 revenues from fundraising, but not revenues from parental contributions or
 donations.	     
Journal: New Zealand Economic Papers 
Pages: 188-223 
Issue: 2 
Volume: 47 
Year: 2013 
Month: 8 
X-DOI: 10.1080/00779954.2012.714661 
File-URL: http://hdl.handle.net/10.1080/00779954.2012.714661 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:47:y:2013:i:2:p:188-223




Template-Type: ReDIF-Article 1.0
Author-Name: Michael P. Cameron 
Author-X-Name-First: Michael P. 
Author-X-Name-Last: Cameron 
Author-Name: David C. Colander 
Author-X-Name-First: David C. 
Author-X-Name-Last: Colander 
Author-Name: Mary R. Hedges 
Author-X-Name-First: Mary R. 
Author-X-Name-Last: Hedges 
Title: Innovation in teaching undergraduate economics: An introduction to the special issue 
Abstract:
	      This special issue highlights some of the growing literature
 on economic pedagogy and the evaluation of teaching innovations. These
 papers move beyond curriculum and lecturer issues and provide evidence and
 analysis of effective teaching and assessment practice. It does this
 through the use of a wide range of both direct and indirect empirical
 measures of student engagement and the influence on student performance.   
Journal: New Zealand Economic Papers 
Pages: 225-226 
Issue: 3 
Volume: 47 
Year: 2013 
Month: 12 
X-DOI: 10.1080/00779954.2013.785623 
File-URL: http://hdl.handle.net/10.1080/00779954.2013.785623 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:47:y:2013:i:3:p:225-226




Template-Type: ReDIF-Article 1.0
Author-Name: Taggert J. Brooks 
Author-X-Name-First: Taggert J. 
Author-X-Name-Last: Brooks 
Author-Name: A. Wahhab Khandker 
Author-X-Name-First: A. Wahhab 
Author-X-Name-Last: Khandker 
Title: Returns to different 'learning styles': Evidence from a course in microeconomics 
Abstract:
	      An extant literature suggests students learn differently.
 Previous studies in Economics courses have used the Myers-Briggs
 Personality Type indicator to proxy for preferred learning style. The four
 dichotomous personality characteristics yield 16 potential personality
 types. Previous studies found some personality types are more successful
 in economics classes than other types. However, evidence on the impact on
 student learning of a student's personality type matching their
 professor's type has been mixed. We use a continuous measure of learning
 style (left hemisphere/right hemisphere thinking preference) and find that
 for most instructors, after controlling for student inputs, the students'
 final grades do not seem to be mediated by the deviations in the students'
 hemispheric preference from that of the instructors'. We also attempt to
 adjudicate the inconsistent results of previous research in terms of
 students learning and matching their instructor's type.	  
Journal: New Zealand Economic Papers 
Pages: 227-244 
Issue: 3 
Volume: 47 
Year: 2013 
Month: 12 
X-DOI: 10.1080/00779954.2012.746558 
File-URL: http://hdl.handle.net/10.1080/00779954.2012.746558 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:47:y:2013:i:3:p:227-244




Template-Type: ReDIF-Article 1.0
Author-Name: Gillis Maclean 
Author-X-Name-First: Gillis 
Author-X-Name-Last: Maclean 
Author-Name: Paul McKeown 
Author-X-Name-First: Paul 
Author-X-Name-Last: McKeown 
Title: Comparing online quizzes and take-home assignments as formative assessments in a 100-level economics course 
Abstract:
	      Conventional take-home assignments and online quizzes are
 compared as formative assessments intended to engage students in learning.
 Using data from six semesters for each, we consider five characteristics:
 participation, timeliness and nature of feedback, fit within overall
 course assessment, and cost of delivery. Both assignments and quizzes
 generated high participation. Marked feedback took up to five weeks with
 assignments but was immediate with quizzes. In both cases, passing the
 formative assessment did not ensure a pass in the exam, but failing it
 indicated a lack of engagement and almost certain exam failure. The 10%
 course weighting for quizzes fitted better than the 30% for assignments.
 The assignments were costly to administer, but online quizzes had a
 marginal cost close to zero. As formative assessments, we find that
 overall online quizzes were as effective as take-home assignments and cost
 considerably less.	     
Journal: New Zealand Economic Papers 
Pages: 245-256 
Issue: 3 
Volume: 47 
Year: 2013 
Month: 12 
X-DOI: 10.1080/00779954.2012.707530 
File-URL: http://hdl.handle.net/10.1080/00779954.2012.707530 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:47:y:2013:i:3:p:245-256




Template-Type: ReDIF-Article 1.0
Author-Name: KimMarie McGoldrick 
Author-X-Name-First: KimMarie 
Author-X-Name-Last: McGoldrick 
Author-Name: Peter W. Schuhmann 
Author-X-Name-First: Peter W. 
Author-X-Name-Last: Schuhmann 
Title: Challenge quizzes: A unique tool for motivation and assessment 
Abstract:
	      We present a blended formative/summative assessment tool --
 'challenge quiz' -- developed to support mastery learning by students
 without placing undue burden on instructors. The formative nature of the
 challenge quiz motivates students to modify study behaviors while the
 summative component encourages students take responsibility for knowledge
 acquisition. This mastery-based testing approach serves to bring the
 student's objective of a quality grade in line with the instructor's
 objective of quality learning. Using a student survey administered to
 Principles of Microeconomics students at two US institutions, the
 characteristics and motivations of students are quantified, providing
 insight into student learning behaviors and outcomes. Empirical analysis
 indicates that students taking challenge quizzes tend to engage in more
 study methods and perform better than their initial in-class quiz, despite
 the increased rigor of the assessment. Changing study behaviors in advance
 of the challenge quiz had a significant positive impact on quiz grade
 improvement.	       
Journal: New Zealand Economic Papers 
Pages: 257-275 
Issue: 3 
Volume: 47 
Year: 2013 
Month: 12 
X-DOI: 10.1080/00779954.2012.689746 
File-URL: http://hdl.handle.net/10.1080/00779954.2012.689746 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:47:y:2013:i:3:p:257-275




Template-Type: ReDIF-Article 1.0
Author-Name: Paul McKeown 
Author-X-Name-First: Paul 
Author-X-Name-Last: McKeown 
Author-Name: Gillis Maclean 
Author-X-Name-First: Gillis 
Author-X-Name-Last: Maclean 
Title: Is activity in online quizzes correlated with higher exam marks? 
Abstract:
	      Online quizzes are widely used as formative learning
 exercises. An important innovation is that online activity log data allow
 direct measurement of student activity in quizzes, such as time taken and
 number of attempts. It has previously been shown that participation in
 quizzes increases dramatically when grades are awarded as incentives. Data
 from six semesters in an introductory economics course show a significant
 positive correlation between total quiz activity and final exam marks for
 a given first test mark. This has implications for the prediction of exam
 aegrotats. While the results don't necessarily imply a causal link between
 quiz activity and exam marks, they do provide some evidence to indicate
 such a link.	       
Journal: New Zealand Economic Papers 
Pages: 276-287 
Issue: 3 
Volume: 47 
Year: 2013 
Month: 12 
X-DOI: 10.1080/00779954.2012.715826 
File-URL: http://hdl.handle.net/10.1080/00779954.2012.715826 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:47:y:2013:i:3:p:276-287




Template-Type: ReDIF-Article 1.0
Author-Name: Stephen Hickson 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Hickson 
Author-Name: Stephen Agnew 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Agnew 
Title: Assigning grades during an earthquake -- shaken or stirred? 
Abstract:
	      In the event of an unanticipated disruption to normal life,
 universities tend to shift to an online environment in both delivery and
 assessment. Course instructors still need to assign grades despite not
 having the full set of planned assessments. This paper examines how grades
 are disrupted when an increased reliance is placed on online assessments.
 We find substantial grade disruption and grade inflation as the weighting
 on online assessments rises relative to invigilated assessments. Grade
 inflation can be moderated by scaling to an historical distribution of
 grades; however, such scaling can lead to substantial grade disruption
 where the quality of the cohort is different from the historical average.  
Journal: New Zealand Economic Papers 
Pages: 288-303 
Issue: 3 
Volume: 47 
Year: 2013 
Month: 12 
X-DOI: 10.1080/00779954.2012.715825 
File-URL: http://hdl.handle.net/10.1080/00779954.2012.715825 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:47:y:2013:i:3:p:288-303




Template-Type: ReDIF-Article 1.0
Author-Name: Graeme J. Doole 
Author-X-Name-First: Graeme J. 
Author-X-Name-Last: Doole 
Author-Name: Ben White 
Author-X-Name-First: Ben 
Author-X-Name-Last: White 
Title: Optimal dynamic regulation of the environmental impact of mining across diverse land types 
Abstract:
	      Optimal dynamic regulation of mineral extraction and
 environmental rehabilitation across diverse land assets is studied using
 discrete-time, distributed optimal control. An extension of Hotelling's
 Rule is derived that indicates the need to manage both processes over
 space and time to maximise social welfare. Key empirical insights are
 drawn from a case study involving the Western Australian mineral sands
 industry. The incorporation of temporal and spatial dimensions allows for
 greater precision in the analysis of alternative management strategies.
 However, numerical analysis shows that optimal regulation may not require
 information-intensive tax instruments if abatement occurs in the year that
 land is damaged. Rather, a tax that is constant across time or space that
 provides a sufficient incentive for firms to rehabilitate degraded land
 can suffice. Bond instruments are shown unequivocally to provide too weak
 an incentive for timely rehabilitation by mining firms.	  
Journal: New Zealand Economic Papers 
Pages: 304-323 
Issue: 3 
Volume: 47 
Year: 2013 
Month: 12 
X-DOI: 10.1080/00779954.2012.672273 
File-URL: http://hdl.handle.net/10.1080/00779954.2012.672273 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:47:y:2013:i:3:p:304-323




Template-Type: ReDIF-Article 1.0
Author-Name: Hamid Baghestani 
Author-X-Name-First: Hamid 
Author-X-Name-Last: Baghestani 
Author-Name: Ilker Kaya 
Author-X-Name-First: Ilker 
Author-X-Name-Last: Kaya 
Title: An evaluation of New Zealand macroeconomic survey forecasts 
Abstract:
	      In evaluating the one-year-ahead survey forecasts of key
 indicators for New Zealand, this study tests rationality under flexible
 loss to allow for the possibility of an asymmetric loss associated with
 forecast errors. For 1988--2011, the consensus forecasts of inflation,
 output growth, and interest rate are rational (efficient) under symmetric
 loss, out-perform the na�ve benchmark, and are directionally accurate. In
 contrast, the consensus forecasts of unemployment and exchange rates are
 not of value since, while efficient, they are not directionally accurate
 and fail to out-perform the na�ve benchmark. Utilizing actual and survey
 data, we have formulated a model to forecast the unemployment rate.
 Comparable unemployment forecasts from this model are superior to the
 survey forecasts for 2000--2011. As the final step, we examine the
 accuracy of individual forecasters. Our findings reveal both differences
 and similarities between the consensus and individual forecasts in terms
 of rationality and other accuracy measures.	      
Journal: New Zealand Economic Papers 
Pages: 324-335 
Issue: 3 
Volume: 47 
Year: 2013 
Month: 12 
X-DOI: 10.1080/00779954.2012.726400 
File-URL: http://hdl.handle.net/10.1080/00779954.2012.726400 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:47:y:2013:i:3:p:324-335




Template-Type: ReDIF-Article 1.0
Author-Name: Richard Fabling 
Author-X-Name-First: Richard 
Author-X-Name-Last: Fabling 
Author-Name: Lynda Sanderson 
Author-X-Name-First: Lynda 
Author-X-Name-Last: Sanderson 
Title: Foreign acquisition and the performance of New Zealand firms 
Abstract:
				 This paper examines the firm-level
 determinants of foreign acquisitions of New Zealand companies, and the
 consequences for both purchased firms and the workers within those firms.
 We follow a combined propensity score matching and
 difference-in-difference approach to identify and address endogenous
 selection of acquisition targets. The results suggest that foreign firms
 tend to target high-performing New Zealand companies. Acquired firms then
 exhibit higher growth in average wages and output, relative to similar
 domestic firms, but do not appear in general to increase their
 productivity or capital intensity. We find no evidence of differential
 survival rates for recently acquired foreign firms.			    
Journal: New Zealand Economic Papers 
Pages: 1-20 
Issue: 1 
Volume: 48 
Year: 2014 
Month: 4 
X-DOI: 10.1080/00779954.2013.773600 
File-URL: http://hdl.handle.net/10.1080/00779954.2013.773600 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:48:y:2014:i:1:p:1-20




Template-Type: ReDIF-Article 1.0
Author-Name: Christopher Ball 
Author-X-Name-First: Christopher 
Author-X-Name-Last: Ball 
Author-Name: Michael Ryan 
Author-X-Name-First: Michael 
Author-X-Name-Last: Ryan 
Title: New Zealand households and the 2008/09 recession 
Abstract:
				 This paper quantifies how the welfare of
 different types of household changed between 2006/07 and 2009/10; a period
 which included the 2008/09 recession. We use three measures of household
 welfare: income, expenditure and the EV metric. Using household-level data
 from the Household Economic Survey (HES), we allocate households into
 groups, first based on one dimension (e.g. age) and then clusters. The
 clusters, groups of households that are similar on a number of dimensions,
 lead to inferences beyond what is available from our one-dimensional
 groups. Households in low-income groups, with children and/or who rent
 were particularly impacted by the recession in terms of welfare losses
 owing to price changes. However, we find that those in low-income groups
 had strong increases in expenditure; furthermore, the welfare gains from
 this increased expenditure more than offset the welfare losses from the
 price changes. 		    
Journal: New Zealand Economic Papers 
Pages: 21-39 
Issue: 1 
Volume: 48 
Year: 2014 
Month: 4 
X-DOI: 10.1080/00779954.2013.834545 
File-URL: http://hdl.handle.net/10.1080/00779954.2013.834545 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:48:y:2014:i:1:p:21-39




Template-Type: ReDIF-Article 1.0
Author-Name: Mohsen Bahmani-Oskooee 
Author-X-Name-First: Mohsen 
Author-X-Name-Last: Bahmani-Oskooee 
Author-Name: Jia Xu 
Author-X-Name-First: Jia 
Author-X-Name-Last: Xu 
Title: The S-curve dynamics of trade between the US and Korea: Evidence from commodity trade 
Abstract:
				 The S-curve hypothesis in international
 economics postulates that while cross-correlation coefficients between
 past values of a country's trade balance and its current exchange rate may
 be negative, the same coefficients between future values of the trade
 balance and the current exchange rate may be positive. Previous research
 has tested and ultimately supported this hypothesis for Korea by using
 aggregate trade flows. In this paper we consider the trade between Korea
 and the US and disaggregate their trade flows by industry. We then test
 the S-curve at the commodity level to identify industries that will
 benefit from currency depreciation. Out of 74 industries examined, 39
 enjoyed the S-curve pattern, including the three largest industries that
 account for more than 30% of the trade between the two countries.	    
Journal: New Zealand Economic Papers 
Pages: 40-52 
Issue: 1 
Volume: 48 
Year: 2014 
Month: 4 
X-DOI: 10.1080/00779954.2013.792717 
File-URL: http://hdl.handle.net/10.1080/00779954.2013.792717 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:48:y:2014:i:1:p:40-52




Template-Type: ReDIF-Article 1.0
Author-Name: John Creedy 
Author-X-Name-First: John 
Author-X-Name-Last: Creedy 
Author-Name: Solmaz Moslehi 
Author-X-Name-First: Solmaz 
Author-X-Name-Last: Moslehi 
Title: The composition of government expenditure with alternative choicemechanisms 
Abstract:
				 This paper investigates the choice of the
 composition of government expenditure using both positive and normative
 approaches. The former involves aggregation over selfish voters (simple
 majority voting and stochastic voting are examined), while the latter
 involves the choice by a single disinterested individual (considered to
 maximise a social welfare function). The approach allows direct
 comparisons of the choice mechanisms. The structures examined include a
 transfer payment combined with a pure public good, and a transfer payment
 with tax-financed education. Explicit solutions are obtained for the
 choice of expenditure components, and these are shown to depend on the
 proportional difference between the arithmetic mean and another measure of
 location of incomes, where the latter depends on the choice mechanism. In
 each case the expenditure composition depends on an inequality measure
 defined in terms of the proportional difference between a measure of
 location of the income distribution and the arithmetic mean, where the
 location measure depends on the decision mechanism.			   
Journal: New Zealand Economic Papers 
Pages: 53-71 
Issue: 1 
Volume: 48 
Year: 2014 
Month: 4 
X-DOI: 10.1080/00779954.2013.772878 
File-URL: http://hdl.handle.net/10.1080/00779954.2013.772878 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:48:y:2014:i:1:p:53-71




Template-Type: ReDIF-Article 1.0
Author-Name: Michael Pickford 
Author-X-Name-First: Michael 
Author-X-Name-Last: Pickford 
Author-Name: Qing Gong Yang 
Author-X-Name-First: Qing 
Author-X-Name-Last: Gong Yang 
Title: Comparing merger enforcement across jurisdictions -- New Zealand versus the European Union and the United States 
Abstract:
				 Comparing large samples of merger markets
 for NZ and the US, and controlling for case-mix differences within samples
 using single competition variables, Pickford (2012) found that the
 proportion of markets challenged was lower in NZ. We extend this analysis
 using discrete choice modelling to estimate merger decision models for NZ
 comparable to those previously estimated for the EU and the US. We ran the
 NZ merger markets through those models and computed hypothetical challenge
 rates in the other two jurisdictions. We found that a larger proportion
 would likely have been challenged in both jurisdictions, meaning that NZ's
 merger enforcement stance is relatively lenient.		    
Journal: New Zealand Economic Papers 
Pages: 72-95 
Issue: 1 
Volume: 48 
Year: 2014 
Month: 4 
X-DOI: 10.1080/00779954.2013.772877 
File-URL: http://hdl.handle.net/10.1080/00779954.2013.772877 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:48:y:2014:i:1:p:72-95




Template-Type: ReDIF-Article 1.0
Author-Name: Niven Winchester 
Author-X-Name-First: Niven 
Author-X-Name-Last: Winchester 
Title: Should bonus points be included in the Six Nations Championship? 
Abstract:
				 We construct strength measures based on
 wins and potential bonuses and use a prediction model to determine bonuses
 that are significantly correlated with team strength. The results reveal
 that the bonus for losing by seven or fewer points is strongly
 statistically significant, bonuses for scoring three or more net tries are
 moderately significant and bonuses for scoring four or more tries are
 insignificant. These findings indicate that if bonuses are included to
 reward strong teams, the Six Nations Championship should adopt the bonus
 system used in French domestic competitions rather than that used in the
 Rugby World Cup and elsewhere. 		    
Journal: New Zealand Economic Papers 
Pages: 96-101 
Issue: 1 
Volume: 48 
Year: 2014 
Month: 4 
X-DOI: 10.1080/00779954.2013.819776 
File-URL: http://hdl.handle.net/10.1080/00779954.2013.819776 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:48:y:2014:i:1:p:96-101




Template-Type: ReDIF-Article 1.0
Author-Name: Rukmani Gounder 
Author-X-Name-First: Rukmani 
Author-X-Name-Last: Gounder 
Title: Book review 
Journal: New Zealand Economic Papers 
Pages: 102-103 
Issue: 1 
Volume: 48 
Year: 2014 
Month: 4 
X-DOI: 10.1080/00779954.2013.853608 
File-URL: http://hdl.handle.net/10.1080/00779954.2013.853608 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:48:y:2014:i:1:p:102-103




Template-Type: ReDIF-Article 1.0
Author-Name: Robert A. Buckle 
Author-X-Name-First: Robert A. 
Author-X-Name-Last: Buckle 
Author-Name: John Creedy 
Author-X-Name-First: John 
Author-X-Name-Last: Creedy 
Title: Population ageing and long-run fiscal sustainability in New Zealand 
Abstract:
 This paper discusses the challenge for fiscal sustainability in New
 Zealand in the face of the demographic transition involving population
 ageing and the 'ageing of the aged'. The need for rational policy analysis
 is stressed in examining a wide range of policy responses and trade-offs,
 and the ingredients of successful policy analysis are discussed.
 Contributions to the Special Issue are described and placed in context.
Journal: New Zealand Economic Papers 
Pages: 105-110 
Issue: 2 
Volume: 48 
Year: 2014 
Month: 8 
X-DOI: 10.1080/00779954.2013.874392 
File-URL: http://hdl.handle.net/10.1080/00779954.2013.874392 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:48:y:2014:i:2:p:105-110




Template-Type: ReDIF-Article 1.0
Author-Name: Robert A. Buckle 
Author-X-Name-First: Robert A. 
Author-X-Name-Last: Buckle 
Author-Name: Amy A. Cruickshank 
Author-X-Name-First: Amy A. 
Author-X-Name-Last: Cruickshank 
Title: The requirements for fiscal sustainability in New Zealand 
Abstract:
 New Zealand, like many other countries, is experiencing a changing
 demographic profile from one dominated by young people during the
 twentieth century to one where the population is more evenly distributed
 across age groups. This has implications for the government's future
 fiscal position and sustainability of its spending programmes. This
 article discusses the link between the government budget constraint and
 fiscal sustainability, measures of fiscal sustainability, and why it is
 important. We examine New Zealand Treasury's approach to assessing fiscal
 sustainability, review lessons from previous fiscal adjustments, and
 discuss criteria to evaluate policy changes designed to achieve fiscal
 sustainability.
Journal: New Zealand Economic Papers 
Pages: 111-128 
Issue: 2 
Volume: 48 
Year: 2014 
Month: 8 
X-DOI: 10.1080/00779954.2013.874393 
File-URL: http://hdl.handle.net/10.1080/00779954.2013.874393 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:48:y:2014:i:2:p:111-128




Template-Type: ReDIF-Article 1.0
Author-Name: Geoff Bascand 
Author-X-Name-First: Geoff 
Author-X-Name-Last: Bascand 
Author-Name: Kim Dunstan 
Author-X-Name-First: Kim 
Author-X-Name-Last: Dunstan 
Title: New Zealand's demographics and population ageing 
Abstract:
 New Zealand's ageing population is at the heart of discussions around
 fiscal sustainability. Demographic projections, regularly produced by
 Statistics New Zealand, indicate future trends in the size, growth rate,
 and age-sex structure of the population and labour force. This paper
 examines those demographic projections including the key projection
 results, what the projections are measuring, and the methods and
 assumptions underlying the projections.
Journal: New Zealand Economic Papers 
Pages: 129-138 
Issue: 2 
Volume: 48 
Year: 2014 
Month: 8 
X-DOI: 10.1080/00779954.2013.874396 
File-URL: http://hdl.handle.net/10.1080/00779954.2013.874396 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:48:y:2014:i:2:p:129-138




Template-Type: ReDIF-Article 1.0
Author-Name: Matthew Bell 
Author-X-Name-First: Matthew 
Author-X-Name-Last: Bell 
Author-Name: Paul Rodway 
Author-X-Name-First: Paul 
Author-X-Name-Last: Rodway 
Title: Treasury's 2013 long-term fiscal statement: Assumptions and projections 
Abstract:
 <italic>Affording Our Future</italic>, the New Zealand Treasury's 2013
 long-term fiscal statement, tests fiscal sustainability over the next 40
 or so years through a series of projections. These projections endeavour
 to capture the effect of population ageing and other influences on the
 future government budget balances and public debt. This paper explains the
 modelling approaches, major assumptions, and sensitivities around the
 assumptions. It provides results for two scenarios: 'Resume Historic Cost
 Growth' and 'Spending Path that Maintains 20% Net Debt'. The paper also
 discusses the costs of delay in addressing the fiscal pressures produced
 by an ageing population structure.
Journal: New Zealand Economic Papers 
Pages: 139-152 
Issue: 2 
Volume: 48 
Year: 2014 
Month: 8 
X-DOI: 10.1080/00779954.2013.874391 
File-URL: http://hdl.handle.net/10.1080/00779954.2013.874391 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:48:y:2014:i:2:p:139-152




Template-Type: ReDIF-Article 1.0
Author-Name: Ross Guest 
Author-X-Name-First: Ross 
Author-X-Name-Last: Guest 
Title: Population ageing and productivity: A survey with implications for New Zealand 
Abstract:
 This paper critically evaluates the effects of population ageing on labour
 productivity with particular reference to New Zealand. A number of
 potential long-run mechanisms are considered: complementarity of workers
 by age, age-specific productivity of individuals, new technology
 discoveries and adoptions, and fertility and human capital investments.
 Potential short-run channels include the 'second demographic dividend',
 changes in industry composition, and incentives to seek labour-saving
 technologies. Simulations tentatively suggest that workers could become
 more complimentary by age which would boost labour productivity. The
 magnitude of this effect on living standards could entirely offset the
 projected 12% fall in the support ratio over the next 40 years. The most
 effective policies for mitigating the national economic burden of ageing
 are policies to boost labour participation of older workers and to boost
 immigration. 
Journal: New Zealand Economic Papers 
Pages: 153-168 
Issue: 2 
Volume: 48 
Year: 2014 
Month: 8 
X-DOI: 10.1080/00779954.2013.874397 
File-URL: http://hdl.handle.net/10.1080/00779954.2013.874397 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:48:y:2014:i:2:p:153-168




Template-Type: ReDIF-Article 1.0
Author-Name: Christopher Ball 
Author-X-Name-First: Christopher 
Author-X-Name-Last: Ball 
Author-Name: John Creedy 
Author-X-Name-First: John 
Author-X-Name-Last: Creedy 
Title: Population ageing and the growth of income and consumption tax revenue 
Abstract:
 This paper investigates the implications of population ageing and changes
 in labour force participation rates for projections of revenue obtained
 from personal income taxation and a consumption tax (in the form of a
 broad-based goods and services tax). A projection model is presented,
 involving changing age-income profiles over time for males and females.
 The model is estimated and applied to New Zealand over the period
 2011-2062.
Journal: New Zealand Economic Papers 
Pages: 169-182 
Issue: 2 
Volume: 48 
Year: 2014 
Month: 8 
X-DOI: 10.1080/00779954.2013.874400 
File-URL: http://hdl.handle.net/10.1080/00779954.2013.874400 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:48:y:2014:i:2:p:169-182




Template-Type: ReDIF-Article 1.0
Author-Name: John Creedy 
Author-X-Name-First: John 
Author-X-Name-Last: Creedy 
Author-Name: Norman Gemmell 
Author-X-Name-First: Norman 
Author-X-Name-Last: Gemmell 
Title: Can fiscal drag pay for the public spending effects of population ageing in New Zealand? 
Abstract:
 This paper examines the extent to which projected aggregate tax revenue
 changes, in association with population ageing over the next 50 years, can
 be expected to finance expected increases in social welfare expenditures.
 Projections from two separate models, dealing with social expenditures and
 income tax and GST revenue, are used. The results suggest that the modest
 required increase in the overall average tax rate projected over the next
 50 years can be achieved automatically by adjusting income tax thresholds
 using an index of prices rather than wages. Based on evidence about the
 New Zealand tax system over the last 50 years, comparisons of average and
 marginal tax rates suggest that such an increase may be feasible and
 affordable. The paper discusses the range of considerations involved in
 deciding if this automatic increase in the aggregate average tax rate, via
 real fiscal drag of personal income taxes, is desirable compared with
 alternative fiscal policy changes.
Journal: New Zealand Economic Papers 
Pages: 183-195 
Issue: 2 
Volume: 48 
Year: 2014 
Month: 8 
X-DOI: 10.1080/00779954.2013.874394 
File-URL: http://hdl.handle.net/10.1080/00779954.2013.874394 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:48:y:2014:i:2:p:183-195




Template-Type: ReDIF-Article 1.0
Author-Name: John Creedy 
Author-X-Name-First: John 
Author-X-Name-Last: Creedy 
Author-Name: Kathleen Makale 
Author-X-Name-First: Kathleen 
Author-X-Name-Last: Makale 
Title: Social expenditure in New Zealand: Stochastic projections 
Abstract:
 This paper presents stochastic projections for 13 categories of social
 spending in New Zealand over the next 50 years. These projections are
 based on detailed demographic estimates covering fertility, migration and
 mortality disaggregated by single year of age and gender. Distributional
 parameters are incorporated for all of the major variables, and are used
 to build up probabilistic projections for social expenditure as a share of
 gross domestic product using simulation methods. Emphasis is placed on the
 considerable uncertainty involved in projecting future expenditure levels.
Journal: New Zealand Economic Papers 
Pages: 196-208 
Issue: 2 
Volume: 48 
Year: 2014 
Month: 8 
X-DOI: 10.1080/00779954.2013.874395 
File-URL: http://hdl.handle.net/10.1080/00779954.2013.874395 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:48:y:2014:i:2:p:196-208




Template-Type: ReDIF-Article 1.0
Author-Name: Christopher Ball 
Author-X-Name-First: Christopher 
Author-X-Name-Last: Ball 
Title: Modelling retirement income in New Zealand 
Abstract:
 A microsimulation model is presented to project the fiscal impacts of
 retirement income policy in New Zealand, while extending the range of
 policies that can be evaluated. Socio-economic variables, such as income
 and education, are projected along with demographic variables, such as
 labour force participation and mortality, to provide a more comprehensive
 analysis of the impacts of pension reform in New Zealand. Mortality
 differentials are constructed based on socio-economic and demographic
 variables, and are used to derive future fiscal costs. The fiscal impact
 of four types of pension reform is presented. The reforms include an
 increase in the age of eligibility, a change in the annual adjustment
 process, a move to communal prefunding and a move to compulsory private
 savings with abatement.
Journal: New Zealand Economic Papers 
Pages: 209-225 
Issue: 2 
Volume: 48 
Year: 2014 
Month: 8 
X-DOI: 10.1080/00779954.2013.874402 
File-URL: http://hdl.handle.net/10.1080/00779954.2013.874402 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:48:y:2014:i:2:p:209-225




Template-Type: ReDIF-Article 1.0
Author-Name: Andrew Coleman 
Author-X-Name-First: Andrew 
Author-X-Name-Last: Coleman 
Title: The growth, equity, and risk implications of different retirement income policies 
Abstract:
 This paper evaluates four retirement income policies that could be adopted
 in response to increasing longevity in terms of their marginal effects on
 economic performance, equity, and risk. Compared to three alternative
 save-as-you-go funded retirement income policies (voluntary saving, a
 prefunded government superannuation scheme, or a supplementary mandatory
 saving scheme), a pay-as-you-go funded expansion of New Zealand
 Superannuation has disadvantages for all generations except currently
 middle-aged people. The other schemes provide different trade-offs between
 risk, economic growth, and equity. This paper considers arguments for the
 use of structured savings schemes in addition to New Zealand
 Superannuation.
Journal: New Zealand Economic Papers 
Pages: 226-239 
Issue: 2 
Volume: 48 
Year: 2014 
Month: 8 
X-DOI: 10.1080/00779954.2013.874390 
File-URL: http://hdl.handle.net/10.1080/00779954.2013.874390 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:48:y:2014:i:2:p:226-239




Template-Type: ReDIF-Article 1.0
Author-Name: Christopher Ball 
Author-X-Name-First: Christopher 
Author-X-Name-Last: Ball 
Author-Name: John Creedy 
Author-X-Name-First: John 
Author-X-Name-Last: Creedy 
Title: Tax policy with uncertain future costs: Some simple models 
Abstract:
 This paper considers the extent to which the standard argument, that the
 disproportionate excess burden of taxation suggests the use of tax
 smoothing in the face of future cost increases, is modified by uncertainty
 regarding the future. The role of uncertainty and risk aversion is
 examined using several highly simplified models involving a possible
 future contingency requiring an increase in tax-financed expenditure.
Journal: New Zealand Economic Papers 
Pages: 240-253 
Issue: 2 
Volume: 48 
Year: 2014 
Month: 8 
X-DOI: 10.1080/00779954.2013.874401 
File-URL: http://hdl.handle.net/10.1080/00779954.2013.874401 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:48:y:2014:i:2:p:240-253




Template-Type: ReDIF-Article 1.0
Author-Name: Saten Kumar 
Author-X-Name-First: Saten 
Author-X-Name-Last: Kumar 
Author-Name: Rahul Sen 
Author-X-Name-First: Rahul 
Author-X-Name-Last: Sen 
Author-Name: Sougata Poddar 
Author-X-Name-First: Sougata 
Author-X-Name-Last: Poddar 
Title: USM-AUT International Conference on Sustainable Economic Development: Policies and Strategies An introduction to the special issue 
Journal: New Zealand Economic Papers 
Pages: 255-256 
Issue: 3 
Volume: 48 
Year: 2014 
Month: 12 
X-DOI: 10.1080/00779954.2013.876602 
File-URL: http://hdl.handle.net/10.1080/00779954.2013.876602 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:48:y:2014:i:3:p:255-256




Template-Type: ReDIF-Article 1.0
Author-Name: Seyed Mehrshad Parvin Hosseini 
Author-X-Name-First: Seyed Mehrshad 
Author-X-Name-Last: Parvin Hosseini 
Title: Innovative capabilities among SMEs in Malaysian manufacturing: An analysis using firm-level data 
Abstract:
 SMEs are important in Malaysia because they form the bulk of all
 establishments in the country and are predominantly domestically owned and
 managed. The objective of this paper is to examine the innovative
 capabilities of SMEs and their level of innovation by applying an ordered
 probit model. The results suggest that for SMEs, competition is a key
 driver of innovation. In addition, younger and medium-sized firms tend to
 be more innovative relative to older, smaller firms.
Journal: New Zealand Economic Papers 
Pages: 257-268 
Issue: 3 
Volume: 48 
Year: 2014 
Month: 12 
X-DOI: 10.1080/00779954.2013.874398 
File-URL: http://hdl.handle.net/10.1080/00779954.2013.874398 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:48:y:2014:i:3:p:257-268




Template-Type: ReDIF-Article 1.0
Author-Name: Mohammad Abdul Hannan Pradhan 
Author-X-Name-First: Mohammad Abdul Hannan 
Author-X-Name-Last: Pradhan 
Author-Name: Jamalludin Sulaiman 
Author-X-Name-First: Jamalludin 
Author-X-Name-Last: Sulaiman 
Author-Name: Saidatulakmal Mohd 
Author-X-Name-First: Saidatulakmal 
Author-X-Name-Last: Mohd 
Title: An analysis of the millennium development goal 1: The case ofBangladesh 
Abstract:
 This article raises four questions: what progress has been made to achieve
 millennium development goal 1 (MDG1) targets in Bangladesh? What are the
 reasons for success, if any? What challenges remain? And what more should
 be done? To examine these questions, this article assesses the progress of
 MDG1 using the poverty and hunger index (PHI) to measure the net static
 and dynamic progress. It argues that Bangladesh is on track to achieve
 MDG1 targets. Social safety nets (SSNs) programs, per capita GDP growth,
 structural change, and remittance earning have been contributing to
 achieving MDG1 targets. However, some significant challenges such as a
 large number of poor people living in extreme poverty, inflation, high
 unemployment rate, and inequality are still prevailing. Thus, Bangladesh
 might give more attention on the expansion of SSNs for quick protection
 and promotion for the poor and vulnerable, the creation of local value
 chain, and inflation control.
Journal: New Zealand Economic Papers 
Pages: 269-284 
Issue: 3 
Volume: 48 
Year: 2014 
Month: 12 
X-DOI: 10.1080/00779954.2013.862197 
File-URL: http://hdl.handle.net/10.1080/00779954.2013.862197 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:48:y:2014:i:3:p:269-284




Template-Type: ReDIF-Article 1.0
Author-Name: Sakiru Adebola Solarin 
Author-X-Name-First: Sakiru Adebola 
Author-X-Name-Last: Solarin 
Author-Name: Elsadig Musa Ahmed 
Author-X-Name-First: Elsadig Musa 
Author-X-Name-Last: Ahmed 
Author-Name: Jauhari Dahalan 
Author-X-Name-First: Jauhari 
Author-X-Name-Last: Dahalan 
Title: Income convergence dynamics in ASEAN and SAARC blocs 
Abstract:
 This paper examines whether convergence of real income exists among the
 Association of South East Asian Nations (ASEAN) and South Asian
 Association for Regional Cooperation (SAARC) countries for the period
 covering 1970-2009. Univariate Lagrange Multiplier (LM) unit root tests
 with structural break(s) are employed to check for the incidence of
 stochastic convergence, which is necessary for conditional convergence as
 proposed in the neoclassical model. We further examine the presence of
 &beta;-convergence, which is considered as the sufficient requirement for
 conditional convergence. Test results suggest convergence among ASEAN
 members, with the absence of convergence in SAARC member countries.
Journal: New Zealand Economic Papers 
Pages: 285-300 
Issue: 3 
Volume: 48 
Year: 2014 
Month: 12 
X-DOI: 10.1080/00779954.2013.874399 
File-URL: http://hdl.handle.net/10.1080/00779954.2013.874399 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:48:y:2014:i:3:p:285-300




Template-Type: ReDIF-Article 1.0
Author-Name: Stephen G. Hall 
Author-X-Name-First: Stephen G. 
Author-X-Name-Last: Hall 
Author-Name: Mahyudin Ahmad 
Author-X-Name-First: Mahyudin 
Author-X-Name-Last: Ahmad 
Title: Revisiting the institutions-growth nexus in developing countries: The new evidence 
Abstract:
 In this paper we revisit the institutions-growth nexus in developing
 countries including the East Asian region. The region has in the past
 three decades not only achieved spectacular economic growth, but also
 experienced one of the worst financial crises, i.e. Asian financial crisis
 (AFC) in 1997-1998. Utilising the neoclassical growth framework augmented
 with institutional controls and latest estimation technique in panel data
 analysis, this study finds evidence of positive institutions effect on
 growth. Nonetheless, the evidence is limited to security of property
 rights only with no similar evidence on efficient bureaucracy and strong
 government. This study also uncovers the channel of the institutional
 effects on economic growth, i.e. via total factors productivity. This
 study adds to the literature of East Asian growth, which hitherto, to the
 best of our knowledge, has seen only two studies, namely Rodrik (1997)
 'TFPG controversies, institutions, and economic performance in East Asia'
 and Campos and Nugent (1999) 'Development performance and the institutions
 of governance: Evidence from East Asia and Latin America' that document
 the evidence of institutional importance on economic growth, and these
 studies are however for the period before the AFC.
Journal: New Zealand Economic Papers 
Pages: 301-312 
Issue: 3 
Volume: 48 
Year: 2014 
Month: 12 
X-DOI: 10.1080/00779954.2013.867795 
File-URL: http://hdl.handle.net/10.1080/00779954.2013.867795 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:48:y:2014:i:3:p:301-312




Template-Type: ReDIF-Article 1.0
Author-Name: Sampath Kehelwalatenna 
Author-X-Name-First: Sampath 
Author-X-Name-Last: Kehelwalatenna 
Author-Name: Gamini Premaratne 
Author-X-Name-First: Gamini 
Author-X-Name-Last: Premaratne 
Title: Intellectual capital performance and its long-run behavior: The US banking industry case 
Abstract:
 This paper examines the impact of intellectual capital (IC) on the
 corporate performance of banking firms listed on the New York Stock
 Exchange from 2000 to 2011 as an attempt to rectify observed modeling
 issues in the extant IC performance models. It also studies the long-run
 behavior of IC as a strategic asset in the value-creation process. We
 propose four dynamic models to estimate IC performance, and the evidence
 of these models concludes that IC has a positive influence on the
 performance of the sample firms. However, the IC level and the magnitude
 of its influence on corporate performance have deteriorated over the
 sample period, raising doubts about the appropriateness of using IC as a
 strategic asset in the long term.
Journal: New Zealand Economic Papers 
Pages: 313-333 
Issue: 3 
Volume: 48 
Year: 2014 
Month: 12 
X-DOI: 10.1080/00779954.2013.867796 
File-URL: http://hdl.handle.net/10.1080/00779954.2013.867796 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:48:y:2014:i:3:p:313-333




Template-Type: ReDIF-Article 1.0
Author-Name: Mark Holmes 
Author-X-Name-First: Mark 
Author-X-Name-Last: Holmes 
Title: Editor-in-Chief signing off 
Journal: New Zealand Economic Papers 
Pages: 336-336 
Issue: 3 
Volume: 48 
Year: 2014 
Month: 12 
X-DOI: 10.1080/00779954.2014.959638 
File-URL: http://hdl.handle.net/10.1080/00779954.2014.959638 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:48:y:2014:i:3:p:336-336




Template-Type: ReDIF-Article 1.0
Author-Name: Omar Aziz 
Author-X-Name-First: Omar 
Author-X-Name-Last: Aziz 
Author-Name: Nick Carroll 
Author-X-Name-First: Nick 
Author-X-Name-Last: Carroll 
Author-Name: John Creedy 
Author-X-Name-First: John 
Author-X-Name-Last: Creedy 
Title: An analysis of benefit flows in New Zealand using a social accounting framework 
Abstract:
 This paper presents a social accounting model to examine the entrants,
 exits and transitions of individuals among a wide range of benefit
 categories in New Zealand. Transition rates and flows are estimated
 separately for periods before the global financial crisis (GFC) and
 periods following the crisis. The data were obtained from the Benefit
 Dynamics Dataset maintained by the Ministry of Social Development. The
 model is used to examine, using simulations, the implications for the time
 profile of changes in the stock of benefit recipients under a range of
 counterfactual situations. It is suggested that the model can provide a
 useful tool for policy analysis.
Journal: New Zealand Economic Papers 
Pages: 1-21 
Issue: 1 
Volume: 49 
Year: 2015 
Month: 4 
X-DOI: 10.1080/00779954.2013.833886 
File-URL: http://hdl.handle.net/10.1080/00779954.2013.833886 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:49:y:2015:i:1:p:1-21




Template-Type: ReDIF-Article 1.0
Author-Name: Michael P. Cameron 
Author-X-Name-First: Michael P. 
Author-X-Name-Last: Cameron 
Author-Name: Steven Lim 
Author-X-Name-First: Steven 
Author-X-Name-Last: Lim 
Title: Recognising and building on freshman students' prior knowledge of economics 
Abstract:
 Could traditional economics principles courses be underserving students by
 failing to recognise their extant economics knowledge? In this paper, we
 describe an evidence-based approach that challenges the dominant paradigm
 in teaching first-year economics. We first show that incoming
 undergraduate students have higher than expected levels of economic
 literacy. We then describe extensions we have made to the breadth and
 depth of content coverage in our introductory economics course. Finally,
 we show using international comparisons that these changes were made
 without a substantial loss of learning of core economics topics, and
 without disadvantaging students who have no prior high school economics
 training.
Journal: New Zealand Economic Papers 
Pages: 22-32 
Issue: 1 
Volume: 49 
Year: 2015 
Month: 4 
X-DOI: 10.1080/00779954.2013.863721 
File-URL: http://hdl.handle.net/10.1080/00779954.2013.863721 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:49:y:2015:i:1:p:22-32




Template-Type: ReDIF-Article 1.0
Author-Name: Stephen Agnew 
Author-X-Name-First: Stephen 
Author-X-Name-Last: Agnew 
Title: Current trends in economics enrolments at secondary and tertiary level 
Abstract:
 The number of students studying economics in New Zealand secondary schools
 and universities has declined sharply in recent years. The introduction of
 the National Certificate of Educational Achievement (NCEA), which resulted
 in a far wider choice of subjects mirrored the experience in Australian
 schools in the 1990s when a range of more vocational subjects were
 introduced. Of immediate concern for economics departments around New
 Zealand is the recent introduction of business studies NCEA achievement
 standards in secondary schools. If the New Zealand experience mirrors that
 of the Australian experience, the introduction of business studies into
 secondary schools will lead to a substantive decrease in the number of
 students studying economics at the tertiary level.
Journal: New Zealand Economic Papers 
Pages: 33-43 
Issue: 1 
Volume: 49 
Year: 2015 
Month: 4 
X-DOI: 10.1080/00779954.2014.914428 
File-URL: http://hdl.handle.net/10.1080/00779954.2014.914428 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:49:y:2015:i:1:p:33-43




Template-Type: ReDIF-Article 1.0
Author-Name: Graeme J. Doole 
Author-X-Name-First: Graeme J. 
Author-X-Name-Last: Doole 
Title: Improving the profitability of Waikato dairy farms: Insights from a whole-farm optimisation model 
Abstract:
 High milk volumes are encouraged in the New Zealand dairy industry to
 promote market access and utilise processing capacity. A detailed,
 nonlinear optimisation model of a pasture-based dairy farm in the Waikato
 region is used to: (1) assess the implications of maximising operating
 profit, (2) evaluate the cost of maintaining a focus on producing high
 milk volumes, and (3) characterise general management practices that
 maximise operating profit. Maximising milk volume within the simulated
 farm system reduces operating profit by 12%-23%, due to higher production
 costs. Nine principles for profitable management are developed, based on
 model output. These focus on the use of a medium to medium-high stocking
 rate (3-3.7 cows ha-super- - 1) to promote the growth, quality,
 utilisation, and intake of pasture. Imported concentrate is valuable to
 augment production in mid-lactation, but it is best to avoid feeding cows
 to potential given the high cost of supplement.
Journal: New Zealand Economic Papers 
Pages: 44-61 
Issue: 1 
Volume: 49 
Year: 2015 
Month: 4 
X-DOI: 10.1080/00779954.2014.907863 
File-URL: http://hdl.handle.net/10.1080/00779954.2014.907863 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:49:y:2015:i:1:p:44-61




Template-Type: ReDIF-Article 1.0
Author-Name: Kamrul Hassan 
Author-X-Name-First: Kamrul 
Author-X-Name-Last: Hassan 
Author-Name: Ruhul Salim 
Author-X-Name-First: Ruhul 
Author-X-Name-Last: Salim 
Author-Name: Harry Bloch 
Author-X-Name-First: Harry 
Author-X-Name-Last: Bloch 
Title: Demographic transition and the real exchange rate in Australia: An empirical investigation 
Abstract:
 This article utilizes the empirical findings that age structure of the
 population affects saving, investment and capital flow and hypothesizes
 that age structure influences the real exchange rate. Based on this link,
 an empirical model is specified for Australia and estimated with annual
 data for the period 1970-2011. An autoregressive distributed lag model of
 cointegration indicates that Australia's real exchange rate is
 cointegrated with its productivity differential and the relative share of
 young dependents (0-14 years) in the population. Long-run estimates show
 that young cohort has an appreciating influence on the real exchange rate.
 Also, the short-run adjustment is substantial, with more than 65% of the
 disequilibrium corrected in a year.
Journal: New Zealand Economic Papers 
Pages: 62-77 
Issue: 1 
Volume: 49 
Year: 2015 
Month: 4 
X-DOI: 10.1080/00779954.2013.851016 
File-URL: http://hdl.handle.net/10.1080/00779954.2013.851016 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:49:y:2015:i:1:p:62-77




Template-Type: ReDIF-Article 1.0
Author-Name: Mohsen Bahmani-Oskooee 
Author-X-Name-First: Mohsen 
Author-X-Name-Last: Bahmani-Oskooee 
Author-Name: Hanafiah Harvey 
Author-X-Name-First: Hanafiah 
Author-X-Name-Last: Harvey 
Author-Name: Scott W. Hegerty 
Author-X-Name-First: Scott W. 
Author-X-Name-Last: Hegerty 
Title: Exchange-rate volatility and commodity trade between the USA and Indonesia 
Abstract:
 Since the introduction of the current system of floating exchange-rate
 regimes, the empirical literature on its implications has grown, with
 various studies exploring the effects of exchange-rate volatility using
 different data selection and modeling techniques. Most of these results
 have been mixed, finding that risk can have positive, negative, or
 insignificant effects on export and import flows. This study extends the
 empirical literature by focusing on the role of exchange-rate volatility
 on trade between the USA and Indonesia. We use disaggregated trade data by
 commodity and investigate 108 US export industries to Indonesia and 32 US
 import industries. Our results show that more than half of export and
 import industries are affected by real exchange-rate volatility in the
 short run. However, only a third of the export and import industries
 register long-run effects. We find that, for large industries, exports and
 imports behave similarly, but that far more small Indonesian exporters see
 their trade reduced by increased risk.
Journal: New Zealand Economic Papers 
Pages: 78-102 
Issue: 1 
Volume: 49 
Year: 2015 
Month: 4 
X-DOI: 10.1080/00779954.2014.901136 
File-URL: http://hdl.handle.net/10.1080/00779954.2014.901136 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:49:y:2015:i:1:p:78-102




Template-Type: ReDIF-Article 1.0
Author-Name: Michael Donadelli 
Author-X-Name-First: Michael 
Author-X-Name-Last: Donadelli 
Title: Asian stock markets, US economic policy uncertainty and US macro-shocks 
Abstract:
 This paper studies the relationship between changes in the US
 macroeconomic conditions and the excess return of 10 Asian stock markets
 (China, India, Indonesia, Korea, Malaysia, Pakistan, Philippines, Sri
 Lanka, Taiwan, Thailand). My main empirical findings are as follows.
 First, I find no evidence of a causal relationship (in Granger's sense)
 between macroeconomic conditions in the US and Asian stock market excess
 returns. Second, in a vector autoregressive (VAR) framework, I find that
 bull Asian stock markets reduce US economic policy uncertainty. Last, I
 show that negative US credit and industrial production uncertainty shocks,
 and positive US stock market volatility shocks have generated a short-run
 drop in Asian stock markets' performances in the post-subprime crisis era.
Journal: New Zealand Economic Papers 
Pages: 103-133 
Issue: 2 
Volume: 49 
Year: 2015 
Month: 8 
X-DOI: 10.1080/00779954.2014.890024 
File-URL: http://hdl.handle.net/10.1080/00779954.2014.890024 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:49:y:2015:i:2:p:103-133




Template-Type: ReDIF-Article 1.0
Author-Name: Lisa Doyle 
Author-X-Name-First: Lisa 
Author-X-Name-Last: Doyle 
Author-Name: Ilan Noy 
Author-X-Name-First: Ilan 
Author-X-Name-Last: Noy 
Title: The short-run nationwide macroeconomic effects of the Canterbury earthquakes 
Abstract:
 We examine the short-run impact of the two Canterbury earthquakes
 (4/9/2010 and 22/2/2011) on the New Zealand economy using vector
 autoregressive models. Maybe surprisingly, we find little evidence of a
 pronounced impact on the aggregate economy. Our results suggest that the
 earthquakes reduced consumer price index inflation moderately, and the
 first earthquake had a small but short-lived, adverse effect on the real
 gross domestic product growth. At the very worse, it appears that policies
 (by the government and the Reserve Bank) have been successful in
 mitigating any serious adverse macroeconomic impact. The more significant
 impact of the earthquakes is to be found at the regional level.
Journal: New Zealand Economic Papers 
Pages: 134-156 
Issue: 2 
Volume: 49 
Year: 2015 
Month: 8 
X-DOI: 10.1080/00779954.2014.885379 
File-URL: http://hdl.handle.net/10.1080/00779954.2014.885379 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:49:y:2015:i:2:p:134-156




Template-Type: ReDIF-Article 1.0
Author-Name: David Chamberlain 
Author-X-Name-First: David 
Author-X-Name-Last: Chamberlain 
Author-Name: Andrea Kutinova Menclova 
Author-X-Name-First: Andrea Kutinova 
Author-X-Name-Last: Menclova 
Title: The effects of unemployment rate fluctuations on private health insurance coverage in New Zealand 
Abstract:
 In this paper, we estimate the effect of changes in the unemployment rate
 on private health insurance coverage of New Zealanders using quarterly
 national data from 1999 to 2009. A 1 percentage point increase in the
 unemployment rate is associated with a decrease of 9843 lives covered by
 private health insurance or a 0.32 percentage point decrease in the
 coverage rate of the total New Zealand population - representing a change
 of 0.7%-1.0% from the baseline. We also find some evidence of a stronger
 effect on men and the elderly and of an asymmetric effect on new insurance
 contracts vs. terminations.
Journal: New Zealand Economic Papers 
Pages: 157-170 
Issue: 2 
Volume: 49 
Year: 2015 
Month: 8 
X-DOI: 10.1080/00779954.2013.876699 
File-URL: http://hdl.handle.net/10.1080/00779954.2013.876699 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:49:y:2015:i:2:p:157-170




Template-Type: ReDIF-Article 1.0
Author-Name: Hakan Berument 
Author-X-Name-First: Hakan 
Author-X-Name-Last: Berument 
Author-Name: Richard T. Froyen 
Author-X-Name-First: Richard T. 
Author-X-Name-Last: Froyen 
Title: Monetary policy and interest rates under inflation targeting in Australia and New Zealand 
Abstract:
 One advantage cited for formal inflation targeting is that by anchoring
 inflationary expectations this policy framework would aid in the pricing
 of long-term securities. Long-term interest rates would become less
 sensitive to temporary shocks to the economy including policy-induced
 changes in short-term interest rates. This paper examines the experience
 in this regard of New Zealand and Australia, two countries that have been
 inflation targeters for many years. Our results are consistent with
 inflationary expectations having become more firmly anchored after the
 move to inflation targeting in each country. There is no evidence that the
 credibility of the inflation-targeting regime in either country weakened
 during the recent world financial crisis.
Journal: New Zealand Economic Papers 
Pages: 171-188 
Issue: 2 
Volume: 49 
Year: 2015 
Month: 8 
X-DOI: 10.1080/00779954.2014.929608 
File-URL: http://hdl.handle.net/10.1080/00779954.2014.929608 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:49:y:2015:i:2:p:171-188




Template-Type: ReDIF-Article 1.0
Author-Name: John Creedy 
Author-X-Name-First: John 
Author-X-Name-Last: Creedy 
Author-Name: Norman Gemmell 
Author-X-Name-First: Norman 
Author-X-Name-Last: Gemmell 
Title: Revenue-maximising tax rates and elasticities of taxable income inNew Zealand 
Abstract:
 The empirical literature on the elasticity of taxable income (ETI)
 sometimes questions whether estimated values are consistent with being on
 the revenue-increasing section of the Laffer curve, usually in the context
 of a single rate tax system or for top marginal rates. This paper obtains
 expressions for this 'Laffer-maximum' or revenue-maximising ETI which can
 be applied to any tax rate in a multi-rate system. For the New Zealand
 income tax system in 2010, it is found that a wide range of
 revenue-maximising ETI values can be expected across individual taxpayers,
 across tax brackets and in aggregate. The paper also simulates the effect
 of multi-rate tax reforms on these revenue-maximising ETIs.
Journal: New Zealand Economic Papers 
Pages: 189-206 
Issue: 2 
Volume: 49 
Year: 2015 
Month: 8 
X-DOI: 10.1080/00779954.2014.893860 
File-URL: http://hdl.handle.net/10.1080/00779954.2014.893860 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:49:y:2015:i:2:p:189-206




Template-Type: ReDIF-Article 1.0
Author-Name: Omar A. Aziz 
Author-X-Name-First: Omar A. 
Author-X-Name-Last: Aziz 
Author-Name: Christopher Ball 
Author-X-Name-First: Christopher 
Author-X-Name-Last: Ball 
Author-Name: John Creedy 
Author-X-Name-First: John 
Author-X-Name-Last: Creedy 
Author-Name: Jesse Eedrah 
Author-X-Name-First: Jesse 
Author-X-Name-Last: Eedrah 
Title: The distributional impact of population ageing in New Zealand 
Abstract:
 This paper examines the potential distributional impacts of demographic
 change, particularly population ageing, and changes to labour force
 participation that are projected to arise over the next 50&nbsp;years. The
 approach involves calibration weighting of the Treasury's microsimulation
 model, Taxwell, based on the New Zealand Household Economic Survey. The
 weights are adjusted for each projection year to ensure that a range of
 population aggregates (by age and gender) match the projected values
 provided by Statistics New Zealand. Measures of income inequality and
 poverty, along with the incidence of income tax, goods and services tax
 and a number of components of government spending (namely health and
 education) across age groups, are obtained. The results suggest that
 population ageing and expected changes in labour force participation, in
 isolation, do not have a significant impact on population-level measures
 of income inequality.
Journal: New Zealand Economic Papers 
Pages: 207-226 
Issue: 3 
Volume: 49 
Year: 2015 
Month: 8 
X-DOI: 10.1080/00779954.2014.890023 
File-URL: http://hdl.handle.net/10.1080/00779954.2014.890023 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:49:y:2015:i:3:p:207-226




Template-Type: ReDIF-Article 1.0
Author-Name: John Creedy 
Author-X-Name-First: John 
Author-X-Name-Last: Creedy 
Title: The elasticity of taxable income, welfare changes and optimal tax rates 
Abstract:
 This paper provides a technical introduction to the use of the elasticity
 of taxable income in welfare comparisons and optimal tax discussions. It
 draws together, using a consistent framework and notation, a number of
 established results concerning marginal welfare changes and optimal taxes.
 Particular attention is given to the way value judgements can be specified
 when using this approach, and results are illustrated using the New
 Zealand income tax. In addition, some new results, particularly in terms
 of non-marginal tax changes, are presented.
Journal: New Zealand Economic Papers 
Pages: 227-248 
Issue: 3 
Volume: 49 
Year: 2015 
Month: 8 
X-DOI: 10.1080/00779954.2014.923087 
File-URL: http://hdl.handle.net/10.1080/00779954.2014.923087 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:49:y:2015:i:3:p:227-248




Template-Type: ReDIF-Article 1.0
Author-Name: Tinh Doan 
Author-X-Name-First: Tinh 
Author-X-Name-Last: Doan 
Author-Name: David Mar� 
Author-X-Name-First: David 
Author-X-Name-Last: Mar� 
Author-Name: Kris Iyer 
Author-X-Name-First: Kris 
Author-X-Name-Last: Iyer 
Title: Productivity spillovers from foreign direct investment in New Zealand 
Abstract:
 This paper examines whether foreign direct investment (FDI) has spillover
 effects on the productivity of domestic firms. Three types of potential
 spillovers are considered: horizontal (within industry), backward
 (foreign-owned customers) and forward (foreign-owned suppliers). The study
 uses data on a 10-year panel of firms and covers almost all business
 sectors in the New Zealand economy from 2000 to 2010. Panel methods are
 used to control for firm heterogeneity and the endogeneity of FDI.
 Separate estimates are obtained by industry group and by firm size. We
 find little evidence of substantial positive spillover effects from FDI to
 local firms' productivity. The presence of foreign-owned customers lifts
 productivity among small domestic firms and those in the primary sector,
 though the effects are small.
Journal: New Zealand Economic Papers 
Pages: 249-275 
Issue: 3 
Volume: 49 
Year: 2015 
Month: 8  
X-DOI: 10.1080/00779954.2014.945229 
File-URL: http://hdl.handle.net/10.1080/00779954.2014.945229 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:49:y:2015:i:3:p:249-275




Template-Type: ReDIF-Article 1.0
Author-Name: Matthew Ryan 
Author-X-Name-First: Matthew 
Author-X-Name-Last: Ryan 
Author-Name: Fl�vio Menezes 
Author-X-Name-First: Fl�vio 
Author-X-Name-Last: Menezes 
Title: Public-private partnerships for transport infrastructure: Some efficiency risks 
Abstract:
 This paper models a public-private partnership (PPP) to construct a
 highway. It captures some of the key features of the Transmission Gully
 PPP. The winner of the tender recovers its costs (including capital costs)
 via an availability payment rather than toll revenue. While the
 availability payment eliminates demand risk, the winner of the tender
 faces cost risk: maintenance costs are only learned after construction is
 complete. The winning firm can make investments during the construction
 phase that reduce subsequent maintenance costs. As the Government faces
 transaction costs to replace the successful bidder, firms use debt
 strategically to pass on some of the cost risk to the Government. This
 distorts incentives to invest in maintenance cost reduction. Private
 financing therefore undermines some of the benefits from bundling
 construction and maintenance, which is often mentioned as an important
 advantage of PPPs.
Journal: New Zealand Economic Papers 
Pages: 276-295 
Issue: 3 
Volume: 49 
Year: 2015 
Month: 8 
X-DOI: 10.1080/00779954.2014.955625 
File-URL: http://hdl.handle.net/10.1080/00779954.2014.955625 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:49:y:2015:i:3:p:276-295




Template-Type: ReDIF-Article 1.0
Author-Name: Laura Meriluoto 
Author-X-Name-First: Laura 
Author-X-Name-Last: Meriluoto 
Author-Name: Rachel Webb 
Author-X-Name-First: Rachel 
Author-X-Name-Last: Webb 
Author-Name: Annick Masselot 
Author-X-Name-First: Annick 
Author-X-Name-Last: Masselot 
Author-Name: Sussie Morrish 
Author-X-Name-First: Sussie 
Author-X-Name-Last: Morrish 
Author-Name: Gillian Abel 
Author-X-Name-First: Gillian 
Author-X-Name-Last: Abel 
Title: Safety in the New Zealand sex industry 
Abstract:
 The paper uses 2006 survey data to examine sex workers' safety in the
 post-decriminalised sex industry in New Zealand. We use probit analysis to
 examine institutional and individual factors that affect the likelihood of
 sex workers experiencing physical and sexual violence, theft and threats
 by clients. We find that alcohol and/or drug dependency more than doubles
 the risk of violence across the three sectors within the industry. After
 controlling for individual factors, including alcohol and drug use, we
 find no significant sectorial differences for the probability of violence,
 while the street sector has more theft and threats than the other sectors.
Journal: New Zealand Economic Papers 
Pages: 296-317 
Issue: 3 
Volume: 49 
Year: 2015 
Month: 8 
X-DOI: 10.1080/00779954.2015.1041548 
File-URL: http://hdl.handle.net/10.1080/00779954.2015.1041548 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:49:y:2015:i:3:p:296-317




Template-Type: ReDIF-Article 1.0
Author-Name: Arthur Grimes 
Author-X-Name-First: Arthur 
Author-X-Name-Last: Grimes 
Author-Name: Gail Pacheco 
Author-X-Name-First: Gail 
Author-X-Name-Last: Pacheco 
Title: Introduction to the special issue 
Journal: New Zealand Economic Papers 
Pages: 1-2 
Issue: 1 
Volume: 50 
Year: 2016 
Month: 4 
X-DOI: 10.1080/00779954.2015.1122350 
File-URL: http://hdl.handle.net/10.1080/00779954.2015.1122350 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:50:y:2016:i:1:p:1-2




Template-Type: ReDIF-Article 1.0
Author-Name: Mark Vink 
Author-X-Name-First: Mark 
Author-X-Name-Last: Vink 
Title: Intergenerational developments in household saving behaviour 
Abstract:
 This paper examines the saving behaviour of different generations of
 households in New Zealand over the period 1984--2010 using data from the
 Household Economic Survey. The paper employs a life-cycle framework to
 estimate regression models that identify the influence of age and birth
 year on household saving rates. The results show that household saving
 rates exhibit a hump shape over the life cycle and that, from the baby
 boomers onward, the average saving rates of each generation exceed those
 of the generation preceding it. These findings suggest that the movement
 of the baby boomers into their higher saving years has contributed
 positively to aggregate saving rates, but that future effects of
 population ageing are likely to be negative. However, it is possible that
 the lift in saving rates over recent generations will provide an ongoing
 positive contribution to aggregate saving rates throughout the projection
 period ending 2030.
Journal: New Zealand Economic Papers 
Pages: 3-28 
Issue: 1 
Volume: 50 
Year: 2016 
Month: 4 
X-DOI: 10.1080/00779954.2015.1040829 
File-URL: http://hdl.handle.net/10.1080/00779954.2015.1040829 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:50:y:2016:i:1:p:3-28




Template-Type: ReDIF-Article 1.0
Author-Name: David Law 
Author-X-Name-First: David 
Author-X-Name-Last: Law 
Title: Retirement income policy and national savings 
Abstract:
 This paper examines the implications for national savings of three
 retirement income policy options designed to improve the fiscal
 sustainability of New Zealand Superannuation (NZS). A simple model is
 developed that employs population and longevity projections allowing
 estimation of the contributions that many overlapping age cohorts might
 make to national savings in response to policy change. Government
 contributions to national savings, resulting primarily from reduced NZS
 payments, are also considered. Results suggest that even seemingly modest
 changes to retirement income policies could lead to substantial cumulative
 changes in national savings by 2061.
Journal: New Zealand Economic Papers 
Pages: 29-50 
Issue: 1 
Volume: 50 
Year: 2016 
Month: 4 
X-DOI: 10.1080/00779954.2015.1080753 
File-URL: http://hdl.handle.net/10.1080/00779954.2015.1080753 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:50:y:2016:i:1:p:29-50




Template-Type: ReDIF-Article 1.0
Author-Name: Andrew Coleman 
Author-X-Name-First: Andrew 
Author-X-Name-Last: Coleman 
Title: Pension payments and receipts by New Zealand birth cohorts, 1916--1986 
Abstract:
 This paper analyses how demographic change has affected the costs and
 benefits that New Zealand's pay-as-you-go retirement income scheme has
 provided or will provide to cohorts born between 1916 and 1986. The
 analysis is based on historic data and Statistics New Zealand projections
 of future population trends. The results show that previous rapid
 population growth means cohorts born prior to 1980 can expect to pay half
 as much as they can expect to get in retirement benefits, but the costs of
 the scheme are getting larger and larger for subsequent cohorts.
Journal: New Zealand Economic Papers 
Pages: 51-70 
Issue: 1 
Volume: 50 
Year: 2016 
Month: 4 
X-DOI: 10.1080/00779954.2015.1095787 
File-URL: http://hdl.handle.net/10.1080/00779954.2015.1095787 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:50:y:2016:i:1:p:51-70




Template-Type: ReDIF-Article 1.0
Author-Name: Henk Berkman 
Author-X-Name-First: Henk 
Author-X-Name-Last: Berkman 
Author-Name: Randall Clement 
Author-X-Name-First: Randall 
Author-X-Name-Last: Clement 
Author-Name: Annie Zhang 
Author-X-Name-First: Annie 
Author-X-Name-Last: Zhang 
Title: KiwiSaver risk indicators 
Abstract:
 In a recent proposal, the New Zealand Financial Markets Authority promotes
 the synthetic risk and reward indicator used in the European Union as a
 way to standardise the risk classification of KiwiSaver funds. Our study
 shows that KiwiSaver providers generally correctly indicate the risk
 category of their funds, but there are some important exceptions. We also
 show that historical fund volatility is the best predictor of future
 volatility, and propose an easy-to-understand risk indicator that
 outperforms the SRRI.
Journal: New Zealand Economic Papers 
Pages: 71-87 
Issue: 1 
Volume: 50 
Year: 2016 
Month: 4 
X-DOI: 10.1080/00779954.2015.1035670 
File-URL: http://hdl.handle.net/10.1080/00779954.2015.1035670 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:50:y:2016:i:1:p:71-87




Template-Type: ReDIF-Article 1.0
Author-Name: Ryan Greenaway-McGrevy 
Author-X-Name-First: Ryan 
Author-X-Name-Last: Greenaway-McGrevy 
Author-Name: Peter C.B. Phillips 
Author-X-Name-First: Peter C.B. 
Author-X-Name-Last: Phillips 
Title: Hot property in New Zealand: Empirical evidence of housing bubbles in the metropolitan centres 
Abstract:
 Using recently developed statistical methods for testing and dating
 exuberant behaviour in asset prices we document evidence of episodic
 bubbles in the New Zealand property market over the past two decades. The
 results show clear evidence of a broad-based New Zealand housing bubble
 that began in 2003 and collapsed over mid-2007 to early 2008 with the
 onset of the worldwide recession and the financial crisis. New methods of
 analysing market contagion are also developed and are used to examine
 spillovers from the Auckland property market to the other metropolitan
 centres. Evidence from the latest data reveals that the greater Auckland
 metropolitan area is currently experiencing a new property bubble that
 began in 2013. But there is no evidence yet of any contagion effect of
 this bubble on the other centres, in contrast to the earlier bubble over
 2003--2008 for which there is evidence of transmission of the housing
 bubble from Auckland to the other centres. One of our primary conclusions
 is that the expensive nature of New Zealand real estate relative to
 potential earnings in rents is partly due to the sustained market
 exuberance that produced the broad-based bubble in house prices during the
 last decade and that has continued through the most recent bubble
 experienced in the Auckland region since 2013.
Journal: New Zealand Economic Papers 
Pages: 88-113 
Issue: 1 
Volume: 50 
Year: 2016 
Month: 4 
X-DOI: 10.1080/00779954.2015.1065903 
File-URL: http://hdl.handle.net/10.1080/00779954.2015.1065903 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:50:y:2016:i:1:p:88-113




Template-Type: ReDIF-Article 1.0
Author-Name: Christopher Ball 
Author-X-Name-First: Christopher 
Author-X-Name-Last: Ball 
Author-Name: John Creedy 
Author-X-Name-First: John 
Author-X-Name-Last: Creedy 
Author-Name: Michael Ryan 
Author-X-Name-First: Michael 
Author-X-Name-Last: Ryan 
Title: Food expenditure and GST in New Zealand 
Abstract:
 This paper investigates the welfare effects on New Zealand households of
 zero-rating food in a goods and services tax (GST). The detailed effects,
 for a range of household types, are investigated using Household Economic
 Survey data. Demand responses to consumer price changes are estimated and
 welfare changes, in terms of equivalent variations, are obtained.
 Comparisons are also made across clusters, consisting of groups of
 households with similar characteristics. A tax change is found to produce
 a very small amount of progressivity in the GST. Redistribution is from
 households without children and with high total expenditure to households
 with children and low total expenditure, and towards older households.
Journal: New Zealand Economic Papers 
Pages: 115-128 
Issue: 2 
Volume: 50 
Year: 2016 
Month: 8 
X-DOI: 10.1080/00779954.2014.971480 
File-URL: http://hdl.handle.net/10.1080/00779954.2014.971480 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:50:y:2016:i:2:p:115-128




Template-Type: ReDIF-Article 1.0
Author-Name: John Creedy 
Author-X-Name-First: John 
Author-X-Name-Last: Creedy 
Author-Name: Jesse Eedrah 
Author-X-Name-First: Jesse 
Author-X-Name-Last: Eedrah 
Title: Income redistribution and changes in inequality in New Zealand from 2007 to 2011: Alternative distributions and value judgements 
Abstract:
 This paper illustrates the effects of using different distributions and
 summary measures, using New Zealand data for the period 2007--2011. Using
 an annual accounting period, alternative welfare metrics and units of
 analysis are investigated. In addition, the sensitivity to assumptions
 about economies of scale within households is examined, and changes in
 inequality are decomposed into those arising from population and tax
 structure changes. When considering the period 2007--2010, all measures
 agree that inequality fell, although the extent of the reduction varies.
 For the period 2007--2011 (after the tax reforms of 2010) the answer to
 the question of whether inequality in New Zealand has risen or fallen
 depends crucially on the combination of welfare metric, income unit, adult
 equivalent scale and inequality measure used. In empirical studies, it is
 therefore important to explore a wide range of alternative approaches,
 providing information for readers to make their own judgements.
Journal: New Zealand Economic Papers 
Pages: 129-152 
Issue: 2 
Volume: 50 
Year: 2016 
Month: 8 
X-DOI: 10.1080/00779954.2014.997455 
File-URL: http://hdl.handle.net/10.1080/00779954.2014.997455 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:50:y:2016:i:2:p:129-152




Template-Type: ReDIF-Article 1.0
Author-Name: Samuel A. Richardson 
Author-X-Name-First: Samuel A. 
Author-X-Name-Last: Richardson 
Title: Does stadium construction create jobs and boost incomes? The realised economic impacts of sports facilities in New Zealand 
Abstract:
 Government involvement in facility construction is typically justified on
 the basis of ex-ante predictions of economic impact resulting from events
 hosted at the new or upgraded facility. This paper examines the impact of
 facility construction on construction sector employment and real GDP
 across 15 New Zealand cities between 1997 and 2009. Results from static
 and dynamic models indicate that certain types of facilities had
 short-term (during construction) positive impacts on construction sector
 employment growth, although only stadium projects generated positive
 post-construction employment impacts. There is also little in the way of
 empirical evidence to suggest that new or upgraded facilities had any
 significant impact on local area real GDP either during or
 post-construction.
Journal: New Zealand Economic Papers 
Pages: 153-176 
Issue: 2 
Volume: 50 
Year: 2016 
Month: 8 
X-DOI: 10.1080/00779954.2015.1043932 
File-URL: http://hdl.handle.net/10.1080/00779954.2015.1043932 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:50:y:2016:i:2:p:153-176




Template-Type: ReDIF-Article 1.0
Author-Name: John Creedy 
Author-X-Name-First: John 
Author-X-Name-Last: Creedy 
Title: Interpreting inequality measures and changes in inequality 
Abstract:
 This paper explores, in the context of the Atkinson inequality measure,
 attempts to make interpretations of orders of magnitude transparent. One
 suggestion is that the analogy of sharing a cake among a very small number
 of people provides a useful intuitive description for people who want some
 idea of what an inequality measure &#x2018;actually means&#x2019;. In
 contrast with the Gini measure, for which a simple
 &#x2018;cake-sharing&#x2019; result is available, the Atkinson measure
 requires a nonlinear equation to be solved. Comparisons of &#x2018;excess
 shares&#x2019; (the share obtained by the richer person in excess of the
 arithmetic mean) for a range of assumptions are provided. The implications
 for the &#x2018;leaky bucket&#x2019; experiments are also examined. An
 additional approach is to obtain the &#x2018;pivotal income&#x2019;, above
 which a small increase for any individual increases inequality. The
 properties of this measure for the Atkinson index are also explored.
Journal: New Zealand Economic Papers 
Pages: 177-192 
Issue: 2 
Volume: 50 
Year: 2016 
Month: 8 
X-DOI: 10.1080/00779954.2015.1045929 
File-URL: http://hdl.handle.net/10.1080/00779954.2015.1045929 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:50:y:2016:i:2:p:177-192




Template-Type: ReDIF-Article 1.0
Author-Name: Andrea Kutinova Menclova 
Author-X-Name-First: Andrea Kutinova 
Author-X-Name-Last: Menclova 
Author-Name: Rachel Susan Webb 
Author-X-Name-First: Rachel Susan 
Author-X-Name-Last: Webb 
Title: The effects of home heating on asthma: evidence from New Zealand 
Abstract:
 New Zealand, along with the USA and Australia, has one of the highest
 asthma rates among developed countries and previous analyses attribute
 this partly to insufficient home heating in certain neighbourhoods.
 International public health and medical studies corroborate this link but
 strong evidence of causality is lacking. In this paper, we empirically
 investigate the effect of home heating on hospital asthma admissions using
 panel data techniques and controlling for endogeneity. The hypothesis that
 higher electricity prices (via less adequate heating) increase hospital
 asthma admissions is tested and receives strong empirical support across a
 number of model specifications and datasets used.
Journal: New Zealand Economic Papers 
Pages: 193-211 
Issue: 2 
Volume: 50 
Year: 2016 
Month: 8 
X-DOI: 10.1080/00779954.2015.1055509 
File-URL: http://hdl.handle.net/10.1080/00779954.2015.1055509 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:50:y:2016:i:2:p:193-211




Template-Type: ReDIF-Article 1.0
Author-Name: Paul Walker 
Author-X-Name-First: Paul 
Author-X-Name-Last: Walker 
Title: From complete to incomplete (contracts): A survey of the mainstream approach to the theory of privatisation 
Abstract:
 Privatisation is a common, yet controversial, policy in many countries
 around the world, including New Zealand. In this essay, we survey the
 literature on the theory of privatisation to see what insights it provides
 to the privatisation debate. We divide the literature into two periods
 defined by their relationship to the theory of the firm. In the period up
 to 1990, the literature followed the theory of the firm in using a
 complete or comprehensive contracting modelling framework. By the end of
 the 1980s, the ownership neutrality theorems highlighted a major weakness
 with this approach. The contemporary (post-1990) literature took advantage
 of incomplete contracting models to explain the difference in the
 behaviour of state and privately owned firms.
Journal: New Zealand Economic Papers 
Pages: 212-229 
Issue: 2 
Volume: 50 
Year: 2016 
Month: 8 
X-DOI: 10.1080/00779954.2015.1059876 
File-URL: http://hdl.handle.net/10.1080/00779954.2015.1059876 
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers. 
Handle: RePEc:taf:nzecpp:v:50:y:2016:i:2:p:212-229




Template-Type: ReDIF-Article 1.0
Author-Name: Luís Cabral
Author-X-Name-First: Luís
Author-X-Name-Last: Cabral
Title: Competition policy in the global era
Abstract: 
 I discuss some of the implications of globalization to the design and application of competition policy. My analysis is divided into three different areas: price fixing, mergers and abuse of dominant position. I also consider the importance of China as an emergent player in the global competition policy arena.
Journal: New Zealand Economic Papers
Pages: 100-108
Issue: 2
Volume: 51
Year: 2017
Month: 5
X-DOI: 10.1080/00779954.2016.1188847
File-URL: http://hdl.handle.net/10.1080/00779954.2016.1188847
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:51:y:2017:i:2:p:100-108




Template-Type: ReDIF-Article 1.0
Author-Name: Lilla Csorgo
Author-X-Name-First: Lilla
Author-X-Name-Last: Csorgo
Author-Name: Harshal Chitale
Author-X-Name-First: Harshal
Author-X-Name-Last: Chitale
Title: Targeted  evaluations in a data-poor world
Abstract: 
 Competition agencies have faced increased pressure to demonstrate their worth by showing they have positively contributed to consumer surplus or market efficiency. As a result, there has been increased interest in carrying out ex post reviews of cleared mergers, seeking to determine whether prices have increased. A demonstration whether prices rose and whether that increase can be attributed to the merger may tell us something about the correctness of the decision in that transaction but not about decisions in other transactions more generally. The New Zealand Commerce Commission, as a result of this and the paucity of data that would allow for a difference-in-difference approach to ex post merger evaluation, has changed its approach. Rather than seeking to determine the veracity of a decision, the Commission seeks to determine whether anticipated market developments that were key to its decision, such as entry or increased imports, did in fact take place and if not, why not. This is done across a wide number of transactions with the goal of determining which techniques and types of evidence best serve its purpose so as to improve on them. This paper outlines this ex post methodology and presents learnings to date.
Journal: New Zealand Economic Papers
Pages: 136-147
Issue: 2
Volume: 51
Year: 2017
Month: 5
X-DOI: 10.1080/00779954.2017.1298661
File-URL: http://hdl.handle.net/10.1080/00779954.2017.1298661
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:51:y:2017:i:2:p:136-147




Template-Type: ReDIF-Article 1.0
Author-Name: Lydia Cheung
Author-X-Name-First: Lydia
Author-X-Name-Last: Cheung
Title: Brand-level diversion ratios from product-level data
Abstract: 
 The diversion ratio is a key ingredient for merger analysis, as mentioned in the new Horizontal Merger Guidelines (2010) in the US and similar documents abroad. It is a measure of substitutability between merging goods, which determines the potential for price increase post-merger. This paper derives ready-to-use expressions for brand-level aggregated elasticities and diversion ratios, to be used with product-level data. I use the nested logit model and consider three different ways that nested products are grouped into brands, because most brands contain many individual goods, some of which form nests of higher similarity. While rich high-frequency data on the product level become increasingly available, a lot of relevant antitrust analyses, such as merger price effects, are conducted at the brand level. This paper fills a gap in the practitioner's toolkit, valuing ease of use without sacrificing richness of micro-data.
Journal: New Zealand Economic Papers
Pages: 177-192
Issue: 2
Volume: 51
Year: 2017
Month: 5
X-DOI: 10.1080/00779954.2017.1298662
File-URL: http://hdl.handle.net/10.1080/00779954.2017.1298662
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:51:y:2017:i:2:p:177-192




Template-Type: ReDIF-Article 1.0
Author-Name: Tim Hazledine
Author-X-Name-First: Tim
Author-X-Name-Last: Hazledine
Title: Mixed pricing in monopoly and oligopoly: theory and implications for merger analysis
Abstract: 
 Mixed pricing is when firms supplying an input to other firms charge some customers a fixed, take-it-or-leave-it (ToL) price, whilst other customers are allowed to bargain for a special (lower) price. The practice appears to be almost ubiquitous in business-to-business markets. The paper analyses how monopoly or non-cooperative oligopoly sellers will optimally choose which customers to bargain with, and will choose the ToL price to be paid by other customers. In the model, average revenues and thus profits increase as the number of competitors gets smaller, but this is achieved without the restriction of output predicted by standard price theory. Implications for merger analysis and policy are drawn out.
Journal: New Zealand Economic Papers
Pages: 122-135
Issue: 2
Volume: 51
Year: 2017
Month: 5
X-DOI: 10.1080/00779954.2017.1299198
File-URL: http://hdl.handle.net/10.1080/00779954.2017.1299198
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:51:y:2017:i:2:p:122-135




Template-Type: ReDIF-Article 1.0
Author-Name: Richard Meade
Author-X-Name-First: Richard
Author-X-Name-Last: Meade
Author-Name: Arthur Grimes
Author-X-Name-First: Arthur
Author-X-Name-Last: Grimes
Title: Welfare costs of coordinated infrastructure investments: the case of competing transport modes
Abstract: 
 Infrastructure investments such as in rail and road networks are often undertaken by different parties that have differing degrees of vertical integration into downstream rolling stock (i.e. train and truck) investments. We analyse the impacts on freight transport and welfare outcomes of different institutional approaches to investment coordination across multiple freight modes (rail and road) in the presence of upstream and downstream cost-reducing investments in each mode. We show that welfare is reduced when a profit-maximising transport infrastructure investor correctly anticipates the advent of a future competing infrastructure. This is because myopically failing to anticipate future competition results in welfare-enhancing over-investment. We further show that presciently anticipating inter-modal competition is not solely responsible for reduced welfare, with additional vertical and horizontal coordination issues also at work. Our model can be applied to a range of applications that deal with multiple competing infrastructure investments.
Journal: New Zealand Economic Papers
Pages: 109-121
Issue: 2
Volume: 51
Year: 2017
Month: 5
X-DOI: 10.1080/00779954.2017.1301540
File-URL: http://hdl.handle.net/10.1080/00779954.2017.1301540
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:51:y:2017:i:2:p:109-121




Template-Type: ReDIF-Article 1.0
Author-Name: Rogério Mazali
Author-X-Name-First: Rogério
Author-X-Name-Last: Mazali
Title: How are industry concentration and risk factors related? Evidence from Brazilian stock markets
Abstract: 
 We isolate the two factors pointed out by previous literature as potential causes for the documented relation between returns and industry concentration: innovation risk (Creative Destruction Hypothesis, Dominant Replacement Effect Hypothesis) and distress risk (Market Power Hypothesis). Brazilian law allows us to isolate the two effects. Using data from Brazilian firms listed in BOVESPA, we estimate a regression model that uses State-Controlled Enterprises as a control group to separate the concentration/returns trade-off in two risk components. We find little evidence of the existence of a relation between industry concentration and stock returns. However, we do find evidence of the existence of innovation and market power effects. Oligopolistic firms are responsible for most of the investment ininnovation. Our findings do not support the Creative Destruction Hypothesis. They support the Dominant Replacement Effect Hypothesis.
Journal: New Zealand Economic Papers
Pages: 148-176
Issue: 2
Volume: 51
Year: 2017
Month: 5
X-DOI: 10.1080/00779954.2017.1314317
File-URL: http://hdl.handle.net/10.1080/00779954.2017.1314317
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:51:y:2017:i:2:p:148-176




Template-Type: ReDIF-Article 1.0
Author-Name: Simona Fabrizi
Author-X-Name-First: Simona
Author-X-Name-Last: Fabrizi
Author-Name: Steffen Lippert
Author-X-Name-First: Steffen
Author-X-Name-Last: Lippert
Author-Name: John Panzar
Author-X-Name-First: John
Author-X-Name-Last: Panzar
Title: Introduction to the Special Issue on Advances in Competition Policy and Regulation
Journal: New Zealand Economic Papers
Pages: 97-99
Issue: 2
Volume: 51
Year: 2017
Month: 5
X-DOI: 10.1080/00779954.2017.1317655
File-URL: http://hdl.handle.net/10.1080/00779954.2017.1317655
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:51:y:2017:i:2:p:97-99




Template-Type: ReDIF-Article 1.0
Author-Name: Viv B. Hall
Author-X-Name-First: Viv B.
Author-X-Name-Last: Hall
Author-Name: Peter Thomson
Author-X-Name-First: Peter
Author-X-Name-Last: Thomson
Author-Name: Stuart McKelvie
Author-X-Name-First: Stuart
Author-X-Name-Last: McKelvie
Title: On the robustness of stylised business cycle facts for contemporary New Zealand
Abstract: 
 We assess the robustness of stylised business cycle facts for contemporary New Zealand, traditionally computed from HP1600 trend-filtered data. The merits of these HP1600 estimates are considered, relative to those computed from two loess (local regression) trend filtering methods, one (loess11) chosen to exhibit greater fidelity and the other (loess47) to show more pronounced smoothness. The robustness of our key business cycle facts is further evaluated in terms of simple robust standard error estimates of measures of time-invariant volatility and correlation. Time-varying estimates of these quantities are also investigated. Statistically significant bivariate correlations are established for key real expenditure variables, labour market, fiscal and monetary policy, and some inflation variables, with almost all loess47 absolute magnitudes being somewhat greater than HP1600 magnitudes. Their pro- or counter-cyclicality and their lead/lag relationships are robust across HP1600 and loess47 trend filtering, though not for CPI and non-tradables price level variables.
Journal: New Zealand Economic Papers
Pages: 193-216
Issue: 3
Volume: 51
Year: 2017
Month: 9
X-DOI: 10.1080/00779954.2016.1189956
File-URL: http://hdl.handle.net/10.1080/00779954.2016.1189956
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:51:y:2017:i:3:p:193-216




Template-Type: ReDIF-Article 1.0
Author-Name: Miles Parker
Author-X-Name-First: Miles
Author-X-Name-Last: Parker
Title: Price-setting behaviour in New Zealand
Abstract: 
 New evidence from a large survey of over 5300 New Zealand firms provides insight into the causes and extent of price rigidity. There is a large degree of heterogeneity between, and within, sectors. The median number of price reviews is twice per year, but the median number of changes is just one. Multi-product firms reset prices more frequently, even accounting for other firm characteristics. Explicit and implicit contracts and strategic complementarity are the most widely recognised causes of price rigidity. Menu costs and sticky information are not widely recognised.
Journal: New Zealand Economic Papers
Pages: 217-236
Issue: 3
Volume: 51
Year: 2017
Month: 9
X-DOI: 10.1080/00779954.2016.1189957
File-URL: http://hdl.handle.net/10.1080/00779954.2016.1189957
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:51:y:2017:i:3:p:217-236




Template-Type: ReDIF-Article 1.0
Author-Name: John Creedy
Author-X-Name-First: John
Author-X-Name-Last: Creedy
Author-Name: Grant Scobie
Author-X-Name-First: Grant
Author-X-Name-Last: Scobie
Title: Debt projections and fiscal sustainability with feedback effects
Abstract: 
 This paper analyses long-term fiscal sustainability with a model which incorporates a number of feedback effects. When fiscal policy responds to ensure long-term sustainability, these feedback effects can potentially modify the intended outcomes by either enhancing or dampening the results of the policy interventions. The feedbacks include the effect on labour supply in response to changes in tax rates, changes in the country risk premium in response to higher public debt ratios, and endogenous changes in the rate of productivity growth and savings that respond to interest rates. A model of government revenue, expenditure and public debt which incorporates these feedbacks is used to simulate the outcome of a range of fiscal policy responses. In addition, the effects of population ageing and productivity growth are explored.
Journal: New Zealand Economic Papers
Pages: 237-261
Issue: 3
Volume: 51
Year: 2017
Month: 9
X-DOI: 10.1080/00779954.2016.1191528
File-URL: http://hdl.handle.net/10.1080/00779954.2016.1191528
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:51:y:2017:i:3:p:237-261




Template-Type: ReDIF-Article 1.0
Author-Name: David Law
Author-X-Name-First: David
Author-X-Name-Last: Law
Author-Name: Lisa Meehan
Author-X-Name-First: Lisa
Author-X-Name-Last: Meehan
Author-Name: Grant M. Scobie
Author-X-Name-First: Grant M.
Author-X-Name-Last: Scobie
Title: KiwiSaver: an evaluation of a new retirement savings scheme
Abstract: 
 This paper provides an evaluation of the performance of KiwiSaver, a subsidised voluntary savings scheme aimed at increasing the retirement wealth of a target population. Four key dimensions of performance are assessed using a variety of empirical techniques drawing on data from a national survey of 825 people conducted in 2010. Results suggest that only one-third of contributions to KiwiSaver represent additional savings. Regression analysis finds no relationship between KiwiSaver membership and expected retirement income outcomes. Examination of standard measures of programme efficacy such as target effectiveness and leakage suggests that KiwiSaver has been only modestly successful in reaching the target population and that leakage to the non-target population was high, at 93%. Finally, the scheme's possible effect on national saving was examined. In the long run, the effect on net national saving appears marginal at best.
Journal: New Zealand Economic Papers
Pages: 262-280
Issue: 3
Volume: 51
Year: 2017
Month: 9
X-DOI: 10.1080/00779954.2016.1196719
File-URL: http://hdl.handle.net/10.1080/00779954.2016.1196719
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:51:y:2017:i:3:p:262-280




Template-Type: ReDIF-Article 1.0
Author-Name: Mimi Liu
Author-X-Name-First: Mimi
Author-X-Name-Last: Liu
Author-Name: Jeremy Clark
Author-X-Name-First: Jeremy
Author-X-Name-Last: Clark
Title: The effect of the price or rental cost of housing on family size: a theoretical analysis with reference to New Zealand
Abstract: 
 We investigate the effect of higher house prices or rental costs on family size. We provide a static model of a household's choice of family size assuming constant elasticity of substitution preferences between children, leisure, and other goods, and Cobb–Douglas household production of children using parental time and housing. We then explore the wealth and substitution effects that changing house prices or rental costs have on desired family size. Renters are predicted to have fewer children in response to higher rents. Home owners are predicted to have more children in response to higher house prices only if they have sufficient initial housing and low substitution between family size and other consumption, and fewer children otherwise. Finally, we provide exploratory correlations between the change in lagged house prices or rental costs and the change in number of children born to women using aggregated census units in New Zealand. We find weak negative correlations in both cases.
Journal: New Zealand Economic Papers
Pages: 281-301
Issue: 3
Volume: 51
Year: 2017
Month: 9
X-DOI: 10.1080/00779954.2016.1199591
File-URL: http://hdl.handle.net/10.1080/00779954.2016.1199591
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:51:y:2017:i:3:p:281-301




Template-Type: ReDIF-Article 1.0
Author-Name: David C. Maré
Author-X-Name-First: David C.
Author-X-Name-Last: Maré
Author-Name: Dean R. Hyslop
Author-X-Name-First: Dean R.
Author-X-Name-Last: Hyslop
Author-Name: Richard Fabling
Author-X-Name-First: Richard
Author-X-Name-Last: Fabling
Title: Firm productivity growth and skill
Abstract: 
 This paper examines firm multifactor productivity (mfp) growth and changing skill levels of labour in New Zealand, using NZ microdata for 2001–2012. Strong employment growth for lower skilled workers lowered average skill by 1.8% over the period, with declining unobserved skill (−3.6%) outweighing increasing observed skill (1.8%). Consequently, skill-adjusted mfp growth (0.24% pa) was higher than unadjusted growth (0.14% pa). The impact of skill adjustment was almost entirely due to changing skill composition within continuing firms. Skill dilution was strongest pre-global financial crisis (GFC), and was reversed when employment contracted in 2009 and 2010. Adjusting for skill dilution reveals stronger procyclical variation in mfp.
Journal: New Zealand Economic Papers
Pages: 302-326
Issue: 3
Volume: 51
Year: 2017
Month: 9
X-DOI: 10.1080/00779954.2016.1203815
File-URL: http://hdl.handle.net/10.1080/00779954.2016.1203815
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:51:y:2017:i:3:p:302-326




Template-Type: ReDIF-Article 1.0
Author-Name: Arthur Grimes
Author-X-Name-First: Arthur
Author-X-Name-Last: Grimes
Title: Citation for David Teece to mark his Distinguished Fellow award by the New Zealand Association of Economists
Journal: New Zealand Economic Papers
Pages: 327-328
Issue: 3
Volume: 51
Year: 2017
Month: 9
X-DOI: 10.1080/00779954.2016.1209871
File-URL: http://hdl.handle.net/10.1080/00779954.2016.1209871
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:51:y:2017:i:3:p:327-328




Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Editorial board
Journal: New Zealand Economic Papers
Pages: ebi-ebi
Issue: 3
Volume: 51
Year: 2017
Month: 9
X-DOI: 10.1080/00779954.2017.1378477
File-URL: http://hdl.handle.net/10.1080/00779954.2017.1378477
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:51:y:2017:i:3:p:ebi-ebi




Template-Type: ReDIF-Article 1.0
Author-Name: Robert A. Buckle
Author-X-Name-First: Robert A.
Author-X-Name-Last: Buckle
Author-Name: John Creedy
Author-X-Name-First: John
Author-X-Name-Last: Creedy
Title: Fifty years of : 1966 to 2015
Abstract: 
 New Zealand Economic Papers was launched in 1966, seven years after the New Zealand Association of Economists was established. This paper discusses the journal's development including challenges of establishing and editing it. We examine the nature of the contributions, the contributors, their origins, and the gender distribution of authors. We assess whether the growth in joint authorship evident in other fields of research is displayed in NZEP. We also examine how research has evolved over the life of the journal. The evolution of the content of the journal is related to economic developments and events in New Zealand and globally, and to developments in the economics profession. The journal continues to reflect contemporary New Zealand issues, which was one of the original aims of establishing the journal. It also displays an increasing use of theoretical and empirical techniques, joint authorship and contributions from overseas authors.
Journal: New Zealand Economic Papers
Pages: 234-260
Issue: 3
Volume: 50
Year: 2016
Month: 9
X-DOI: 10.1080/00779954.2015.1116022
File-URL: http://hdl.handle.net/10.1080/00779954.2015.1116022
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:50:y:2016:i:3:p:234-260




Template-Type: ReDIF-Article 1.0
Author-Name: Christopher Ball
Author-X-Name-First: Christopher
Author-X-Name-Last: Ball
Author-Name: John Creedy
Author-X-Name-First: John
Author-X-Name-Last: Creedy
Title: Inequality in New Zealand 1983/84 to 2012/13
Abstract: 
 This paper provides an empirical analysis of annual income and expenditure inequality in New Zealand over a 30-year period from the early 1980s. The extent of redistribution through the tax and benefit system is also explored. Household Economic Survey data are used for each year from 1983/84 to 1997/98 inclusive, 2000/01 and 2003/04, and for each year from 2006/07.Survey calibration methods are used to examine inequality on the assumption that a range of (approximately 50) population characteristics remain constant over the period. Furthermore, decomposition methods are used to examine the separate contributions to changing inequality of population ageing, changes in labour force participation and household structure.
Journal: New Zealand Economic Papers
Pages: 323-342
Issue: 3
Volume: 50
Year: 2016
Month: 9
X-DOI: 10.1080/00779954.2015.1128963
File-URL: http://hdl.handle.net/10.1080/00779954.2015.1128963
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:50:y:2016:i:3:p:323-342




Template-Type: ReDIF-Article 1.0
Author-Name: Viv B. Hall
Author-X-Name-First: Viv B.
Author-X-Name-Last: Hall
Author-Name: C. John McDermott
Author-X-Name-First: C. John
Author-X-Name-Last: McDermott
Title: Recessions and recoveries in New Zealand's post-Second World War business cycles
Abstract: 
 We present preferred classical business cycle turning points for New Zealand's post-Second World War economy, using the Bry-Broshan dating algorithm on a long term quarterly time series of real GDP. From these, we identify nine recessions and their associated recovery paths for a period approaching 70 years and provide evidence on their key characteristics. Two key specific findings are as follows: (1) on average, real GDP and employment cycles have been associated around 90 per cent of the time and (2) the strength of New Zealand's business cycle recoveries has been independent of the depth, duration, or severity of the preceding recession.
Journal: New Zealand Economic Papers
Pages: 261-280
Issue: 3
Volume: 50
Year: 2016
Month: 9
X-DOI: 10.1080/00779954.2015.1129358
File-URL: http://hdl.handle.net/10.1080/00779954.2015.1129358
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:50:y:2016:i:3:p:261-280




Template-Type: ReDIF-Article 1.0
Author-Name: Geoffrey Brooke
Author-X-Name-First: Geoffrey
Author-X-Name-Last: Brooke
Author-Name: Anthony Endres
Author-X-Name-First: Anthony
Author-X-Name-Last: Endres
Author-Name: Alan Rogers
Author-X-Name-First: Alan
Author-X-Name-Last: Rogers
Title: Does New Zealand economics have a useful past? The example of trade policy and economic development
Abstract: 
 We examine the history of economic thought on trade policy in New Zealand from the 1920s to the early 1980s. The focus is upon the different doctrinal perspectives taken by academic economists in New Zealand. Throughout the period under review policymakers supported an inward-looking trade and development regime buttressed by extensive interventionist trade policy. Appeals to the employment argument for industrialization through import substitution lent their policies a veneer of economic respectability. Most economists were not persuaded; they argued against quantitative import controls, discriminatory tariffs and cumbersome export incentive schemes and offered, in vain, constructive alternatives that relied on price signals rather than administrative rules. One of our main findings is that most of the early work exposited here anticipated the rent seeking explanation for the configuration of trade policy.
Journal: New Zealand Economic Papers
Pages: 281-302
Issue: 3
Volume: 50
Year: 2016
Month: 9
X-DOI: 10.1080/00779954.2016.1147058
File-URL: http://hdl.handle.net/10.1080/00779954.2016.1147058
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:50:y:2016:i:3:p:281-302




Template-Type: ReDIF-Article 1.0
Author-Name: Nicholas Barr
Author-X-Name-First: Nicholas
Author-X-Name-Last: Barr
Title: A few hares to chase: the life and economics of Bill Phillips, by Alan Bollard
Journal: New Zealand Economic Papers
Pages: 362-363
Issue: 3
Volume: 50
Year: 2016
Month: 9
X-DOI: 10.1080/00779954.2016.1187512
File-URL: http://hdl.handle.net/10.1080/00779954.2016.1187512
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:50:y:2016:i:3:p:362-363




Template-Type: ReDIF-Article 1.0
Author-Name: Michelle Lewis
Author-X-Name-First: Michelle
Author-X-Name-Last: Lewis
Author-Name: C. John McDermott
Author-X-Name-First: C. John
Author-X-Name-Last: McDermott
Title: New Zealand's experience with changing its inflation target and the impact on inflation expectations
Abstract: 
 We document the experience of the Reserve Bank of New Zealand in changing its inflation target, particularly the effects on inflation expectations. First, the Reserve Bank of New Zealand's dynamic stochastic general equilibrium model is used to highlight expectation formation in the transmission following a change in the inflation target. Second, a Nelson–Siegel model is used to combine a number of inflation expectation surveys into a continuous curve where expectations can be plotted as a function of the forecast horizon. Using estimates of long-run inflation expectations derived from the Nelson–Siegel model, we find that numerical changes in the inflation target result in an immediate change in inflation expectations.
Journal: New Zealand Economic Papers
Pages: 343-361
Issue: 3
Volume: 50
Year: 2016
Month: 9
X-DOI: 10.1080/00779954.2016.1191529
File-URL: http://hdl.handle.net/10.1080/00779954.2016.1191529
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:50:y:2016:i:3:p:343-361




Template-Type: ReDIF-Article 1.0
Author-Name: Arthur Grimes
Author-X-Name-First: Arthur
Author-X-Name-Last: Grimes
Author-Name: Eyal Apatov
Author-X-Name-First: Eyal
Author-X-Name-Last: Apatov
Author-Name: Larissa Lutchman
Author-X-Name-First: Larissa
Author-X-Name-Last: Lutchman
Author-Name: Anna Robinson
Author-X-Name-First: Anna
Author-X-Name-Last: Robinson
Title: Eighty years of urban development in New Zealand: impacts of economic and natural factors
Abstract: 
 We analyse impacts of economic and other factors on long-run urban growth in New Zealand. Growing cities must have preferred attributes (such as natural characteristics, social amenities and transport infrastructures) relative to other cities. We outline a theoretical model that includes distance-related effects on individual utility and thence population location. We test the model over 1926 to 2006 across 56 New Zealand towns using instruments dating from 1880 to deal with potential endogeneity. Three factors – land-use capability, sunshine hours and proximity to Auckland – are found to influence settlements’ long-run population growth. In addition, the proportion of population that is Māori is negatively correlated with population growth over the second half of the sample period. Supplementary evidence suggests that this variable relates to the importance of human capital for the growth of settlements over recent decades.
Journal: New Zealand Economic Papers
Pages: 303-322
Issue: 3
Volume: 50
Year: 2016
Month: 9
X-DOI: 10.1080/00779954.2016.1193554
File-URL: http://hdl.handle.net/10.1080/00779954.2016.1193554
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:50:y:2016:i:3:p:303-322




Template-Type: ReDIF-Article 1.0
Author-Name: Gary Hawke
Author-X-Name-First: Gary
Author-X-Name-Last: Hawke
Title: Introduction to  Special Issue
Journal: New Zealand Economic Papers
Pages: 231-233
Issue: 3
Volume: 50
Year: 2016
Month: 9
X-DOI: 10.1080/00779954.2016.1221687
File-URL: http://hdl.handle.net/10.1080/00779954.2016.1221687
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:50:y:2016:i:3:p:231-233




Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Editorial Board
Journal: New Zealand Economic Papers
Pages: ebi-ebi
Issue: 3
Volume: 50
Year: 2016
Month: 9
X-DOI: 10.1080/00779954.2016.1240580
File-URL: http://hdl.handle.net/10.1080/00779954.2016.1240580
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:50:y:2016:i:3:p:ebi-ebi




Template-Type: ReDIF-Article 1.0
Author-Name: Mohsen Bahmani-Oskooee
Author-X-Name-First: Mohsen
Author-X-Name-Last: Bahmani-Oskooee
Author-Name: Jia Xu
Author-X-Name-First: Jia
Author-X-Name-Last: Xu
Author-Name: Sujata Saha
Author-X-Name-First: Sujata
Author-X-Name-Last: Saha
Title: Commodity trade between the US and Korea and the J-curve effect
Abstract: 
 Several studies have investigated the impact of currency depreciation on Korean trade balance with the rest of the world and have found no significant effects. Suspecting that these studies could suffer from aggregation bias, another group has disaggregated the Korean trade flows by its trading partners and has investigated the response of the Korean trade balance to depreciation using bilateral trade data between Korea and each of its trading partners. Again, in most instances, they have found no significant effect. In this paper, we concentrate on the bilateral trade between Korea and the US and disaggregate their trade flows further by industry. We investigate the response of the trade balance of 69 industries to currency depreciation and find that the trade balance of 48 industries are affected significantly by changes in the real exchange rate in the short run. However, short-run effects translate to long-run favorable effects only in 24 industries.
Journal: New Zealand Economic Papers
Pages: 1-14
Issue: 1
Volume: 51
Year: 2017
Month: 1
X-DOI: 10.1080/00779954.2015.1095786
File-URL: http://hdl.handle.net/10.1080/00779954.2015.1095786
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:51:y:2017:i:1:p:1-14




Template-Type: ReDIF-Article 1.0
Author-Name: John Gibson
Author-X-Name-First: John
Author-X-Name-Last: Gibson
Author-Name: Riccardo Scarpa
Author-X-Name-First: Riccardo
Author-X-Name-Last: Scarpa
Author-Name: Halahingano Rohorua
Author-X-Name-First: Halahingano
Author-X-Name-Last: Rohorua
Title: Estimating the willingness to pay for Warmer and Drier Homes
Abstract: 
 New Zealand is one of several countries to use subsidies for retrofitting insulation and installing improved heating devices such as heat pumps. The valuation of these devices by the affected populations remains unknown. We investigate willingness to pay for such devices, using a choice experiment with a sample of Pacific Islanders in the upper North Island. This is a high-risk group for respiratory disease, who typically rent crowded and inadequately heated dwellings. Using both conditional logit and panel mixed logit models, we find reasonably precise estimates of the willingness to pay for four improved heating and humidity control devices, which would cover the capital costs of two of the devices, and about three-quarters of the cost of the other two devices.
Journal: New Zealand Economic Papers
Pages: 15-27
Issue: 1
Volume: 51
Year: 2017
Month: 1
X-DOI: 10.1080/00779954.2015.1108356
File-URL: http://hdl.handle.net/10.1080/00779954.2015.1108356
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:51:y:2017:i:1:p:15-27




Template-Type: ReDIF-Article 1.0
Author-Name: Jian Z. Yeo
Author-X-Name-First: Jian Z.
Author-X-Name-Last: Yeo
Author-Name: Sholeh A. Maani
Author-X-Name-First: Sholeh A.
Author-X-Name-Last: Maani
Title: Educational mismatches and earnings in the New Zealand labour market
Abstract: 
 Mismatch of educational skills in the labour market is an emerging topic in the field of labour economics, partly due to its link to labour productivity. In this paper, we examine the incidence of educational mismatch and its earnings effects in the New Zealand labour market. Using micro-data drawn from the Household Labour Force Survey and the New Zealand Income Supplement (HLFS/NZIS) for the years 2004–2007, we find a noteworthy incidence of both over- and under-education in New Zealand – approximately half of workers in some occupations were well matched to their jobs. We also find that earnings returns to required years of education exceeded the returns with over- and under-education, with a greater earnings penalty associated with under-education. We test hypotheses on three alternative models of educational mismatch. Our results imply that public spending on education is not wasteful. However, better allocation of workers to jobs may be needed to increase overall labour productivity.
Journal: New Zealand Economic Papers
Pages: 28-48
Issue: 1
Volume: 51
Year: 2017
Month: 1
X-DOI: 10.1080/00779954.2015.1114959
File-URL: http://hdl.handle.net/10.1080/00779954.2015.1114959
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:51:y:2017:i:1:p:28-48




Template-Type: ReDIF-Article 1.0
Author-Name: R. John Irwin
Author-X-Name-First: R. John
Author-X-Name-Last: Irwin
Author-Name: Timothy C. Irwin
Author-X-Name-First: Timothy C.
Author-X-Name-Last: Irwin
Title: Stability of an exponential distribution for New Zealand taxable personal income
Abstract: 
 This paper examines the distribution of taxable personal income in New Zealand during 2000–2012 and finds that it is approximately exponential. Although the exponential Lorenz curve is parameter free (and implies a Gini coefficient of exactly 0.5), it, nevertheless, describes the distribution over the period surprisingly well, despite changes in the economy, tax rates, and the definition of taxable income; observed Gini coefficients are all in the interval (0.493, 0.528). Although the exponential could in principle be explained by a simple process, such as additive shocks to wages, no such account appears plausible or consistent with the diversity of the sources of taxable personal income. The exponential distribution is, however, the most likely distribution to arise (i.e. has maximum entropy) subject only to the constraints that incomes are positive and have a given mean.
Journal: New Zealand Economic Papers
Pages: 49-59
Issue: 1
Volume: 51
Year: 2017
Month: 1
X-DOI: 10.1080/00779954.2015.1130739
File-URL: http://hdl.handle.net/10.1080/00779954.2015.1130739
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:51:y:2017:i:1:p:49-59




Template-Type: ReDIF-Article 1.0
Author-Name: John Creedy
Author-X-Name-First: John
Author-X-Name-Last: Creedy
Author-Name: Penny Mok
Author-X-Name-First: Penny
Author-X-Name-Last: Mok
Title: Labour supply in New Zealand and the 2010 tax and transfer changes
Abstract: 
 This paper examines the simulated labour supply responses to the personal tax and transfer policy changes introduced in New Zealand in 2010, and the implications for revenue and income distribution. The main changes examined are the increase in the Goods and Services Tax (GST) rate from 12.5% to 15%, along with reductions in personal income tax rates and increases in the main benefit payments and assistance to families with children, to compensate for the rise in the GST. The simulated labour supply responses were obtained using the Treasury's behavioural microsimulation model, TaxWell-B. The 2009/10 Household Economic Survey was used. The combined effect of all policy changes is to increase average labour supply slightly for all demographic groups, with a weighted average increase of 0.10 hours per person. The average hours increase is the largest for single parents, at 0.33 hours per person. Labour force participation of sole parents is simulated to increase by 0.86 percentage points. In considering separate components, the change in income tax rates is found to have the largest effect on labour supply. This is not surprising, given that it affected a large proportion of the population while the changes to the benefit system and assistance to families with children apply only to certain groups. The reforms are found to be approximately distribution neutral, in terms of the Gini inequality measure of after-tax income per adult equivalent person.
Journal: New Zealand Economic Papers
Pages: 60-78
Issue: 1
Volume: 51
Year: 2017
Month: 1
X-DOI: 10.1080/00779954.2015.1136675
File-URL: http://hdl.handle.net/10.1080/00779954.2015.1136675
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:51:y:2017:i:1:p:60-78




Template-Type: ReDIF-Article 1.0
Author-Name: Elizabeth Webster
Author-X-Name-First: Elizabeth
Author-X-Name-Last: Webster
Title: The source of wealth
Journal: New Zealand Economic Papers
Pages: 79-85
Issue: 1
Volume: 51
Year: 2017
Month: 1
X-DOI: 10.1080/00779954.2016.1150573
File-URL: http://hdl.handle.net/10.1080/00779954.2016.1150573
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:51:y:2017:i:1:p:79-85




Template-Type: ReDIF-Article 1.0
Author-Name: John Creedy
Author-X-Name-First: John
Author-X-Name-Last: Creedy
Title: A note on inequality-preserving distributional changes
Abstract: 
 This note considers the problem of distributing a fixed amount of money (‘income’) among a given number of people, such that inequality (measured by either the Gini or Atkinson measure) takes a specified value. It is well known that simultaneous equations admit of many solutions where the number of variables exceeds that of equations (constraints). However, the approach examines cases where there are just one or two degrees of freedom, clarifying the resulting range of distributions. The properties of simultaneous disequalising and equalising transfers are discussed.
Journal: New Zealand Economic Papers
Pages: 86-95
Issue: 1
Volume: 51
Year: 2017
Month: 1
X-DOI: 10.1080/00779954.2016.1192215
File-URL: http://hdl.handle.net/10.1080/00779954.2016.1192215
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:51:y:2017:i:1:p:86-95




Template-Type: ReDIF-Article 1.0
Author-Name: Stephen G. Cecchetti
Author-X-Name-First: Stephen G.
Author-X-Name-Last: Cecchetti
Title: Monetary, prudential and fiscal policy: how much coordination is needed?
Abstract: 
 Prior to the crisis, central bankers, prudential authorities and fiscal policy-makers had clearly defined roles with little or no conflict. The crisis revealed a variety of overlaps, where policies seem to overlap in important ways. Does this mean that three policy realms can no longer remain separate? I address the question by examining the relationship of monetary policy to financial stability, the potential role for prudential policy in macroeconomic stabilization, and the importance of monetary and fiscal policy coordination. My conclusion is that the pre-crisis consensus largely holds. Each policy authority continues to have a distinct job. Monetary policy tools should retain their focus on price stability. Prudential authorities should retain their focus on financial stability. Similarly, in almost all instances, fiscal policy should retain their traditional focus on providing public goods and social insurance.
Journal: New Zealand Economic Papers
Pages: 251-276
Issue: 3
Volume: 52
Year: 2018
Month: 9
X-DOI: 10.1080/00779954.2017.1326517
File-URL: http://hdl.handle.net/10.1080/00779954.2017.1326517
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:52:y:2018:i:3:p:251-276




Template-Type: ReDIF-Article 1.0
Author-Name: Özer Karagedikli
Author-X-Name-First: Özer
Author-X-Name-Last: Karagedikli
Author-Name: C. John McDermott
Author-X-Name-First: C. John
Author-X-Name-Last: McDermott
Title: Inflation expectations and low inflation in New Zealand
Abstract: 
 This paper finds that the changing behaviour of inflation expectations can explain much of the unusually low inflation in New Zealand. Across several empirical specifications of the Phillips curve, we observe that inflation expectations have become more backward-looking. We also find that the speed of adjustment in inflation expectations, proxied by the spread between short- and longer-term inflation expectations, can explain the unusually low inflation.
Journal: New Zealand Economic Papers
Pages: 277-288
Issue: 3
Volume: 52
Year: 2018
Month: 9
X-DOI: 10.1080/00779954.2017.1348386
File-URL: http://hdl.handle.net/10.1080/00779954.2017.1348386
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:52:y:2018:i:3:p:277-288




Template-Type: ReDIF-Article 1.0
Author-Name: Tim Hazledine
Author-X-Name-First: Tim
Author-X-Name-Last: Hazledine
Author-Name: Max Rashbrooke
Author-X-Name-First: Max
Author-X-Name-Last: Rashbrooke
Title: The New Zealand rich list twenty years on
Abstract: 
 Recent years have seen renewed interest in the dynamics of wealth accumulation and concentration. Questions arise as to how wealth is generated, held and perpetuated, and, following Piketty (2014), whether pre-existing wealth will grow more quickly than that generated out of the current economy. These questions have implications for the distribution of wealth (and income) and intergenerational mobility. To that end, this paper updates the analysis in Hazledine and Siegfried (1997) of the 1996 New Zealand ‘Rich List’ with analysis of the 2005 and 2015 Lists. We find that the wealth held by the richest 0.01% of the New Zealand population has risen from 6% of annual GDP in 1996 to more than 21% in 2015. There is some evidence that this wealth has persisted or will persist across multiple generations. However, there is also significant turnover in the make-up of the top 0.01%, and most of the fortunes are generated in industries deemed competitive.
Journal: New Zealand Economic Papers
Pages: 289-303
Issue: 3
Volume: 52
Year: 2018
Month: 9
X-DOI: 10.1080/00779954.2017.1354907
File-URL: http://hdl.handle.net/10.1080/00779954.2017.1354907
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:52:y:2018:i:3:p:289-303




Template-Type: ReDIF-Article 1.0
Author-Name: Hyun Chan Kim
Author-X-Name-First: Hyun Chan
Author-X-Name-Last: Kim
Author-Name: Diana Kusumastuti
Author-X-Name-First: Diana
Author-X-Name-Last: Kusumastuti
Author-Name: Alan Nicholson
Author-X-Name-First: Alan
Author-X-Name-Last: Nicholson
Title: Modal shift for New Zealand shippers for various policy scenarios
Abstract: 
 Increasing transport problems caused by high dependency on road transport, has brought us to investigate various policy scenarios to promote a greater use of rail and coastal transport for freight transport in New Zealand. For this, we examined how factors associated with freight transport (e.g. cost and reliability) influenced the transport decisions of shippers with various operation types. Online stated preference surveys were developed and mixed-logit models were estimated from the data provided by 233 shippers. These models were used to calculate the base mode shares, and subsequently, to test various hypothetical policy options for promoting greater use of rail and coastal transport. The results show that a substantial improvement in reliability of both the rail and coastal freight transport services will lead to a substantial decline in the share of road transport, especially for shippers with short-haul and long-haul operations, transporting either large or small shipment volume.
Journal: New Zealand Economic Papers
Pages: 304-322
Issue: 3
Volume: 52
Year: 2018
Month: 9
X-DOI: 10.1080/00779954.2017.1359659
File-URL: http://hdl.handle.net/10.1080/00779954.2017.1359659
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:52:y:2018:i:3:p:304-322




Template-Type: ReDIF-Article 1.0
Author-Name: John Creedy
Author-X-Name-First: John
Author-X-Name-Last: Creedy
Author-Name: Penny Mok
Author-X-Name-First: Penny
Author-X-Name-Last: Mok
Title: The marginal welfare cost of personal income taxation in New Zealand
Abstract: 
 This present paper reports estimates of welfare changes and the marginal welfare cost of income taxation for a wide range of income and demographic groups in New Zealand, in the context of a uniform increase in all marginal income tax rates. The results are obtained using enhancements to the NZ Treasury's behavioural microsimulation model, TaxWell-B, which uses discrete hours modelling to examine the labour supply responses of all individuals to an income tax change. Considerable variation is found in the marginal welfare costs for different groups, with an overall value of 12 cents per extra dollar raised. The paper also demonstrates the use of a money metric utility measure in a social welfare function evaluation. A smaller reduction in ‘social welfare’ is obtained compared with the use of net incomes.
Journal: New Zealand Economic Papers
Pages: 323-338
Issue: 3
Volume: 52
Year: 2018
Month: 9
X-DOI: 10.1080/00779954.2017.1363274
File-URL: http://hdl.handle.net/10.1080/00779954.2017.1363274
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:52:y:2018:i:3:p:323-338




Template-Type: ReDIF-Article 1.0
Author-Name: Norman Gemmell
Author-X-Name-First: Norman
Author-X-Name-Last: Gemmell
Author-Name: Derek Gill
Author-X-Name-First: Derek
Author-X-Name-Last: Gill
Author-Name: Loc Nguyen
Author-X-Name-First: Loc
Author-X-Name-Last: Nguyen
Title: Modelling public expenditure growth in New Zealand, 1972–2015
Abstract: 
 Historical data on various measures of the economic size of the public sector in New Zealand suggest considerable short-term variability and hint at a number of possible longer-term trends. Focusing on a public expenditure measure, this paper asks how far established models of government size can ‘explain’ those changes in New Zealand since the 1970s? Based on three separate strands in the international public finance, public choice and public administration literatures, we specify and test three distinct econometric models. We then combine those to consider whether any one model dominates or a more eclectic explanation finds support. Our empirical testing over 1972–2015 reveals that both public finance and public choice variables offer insight into changes in government expenditure in New Zealand. Additionally, suitably capturing short-term dynamics turns out to be important for reliable estimation of longer-term trends in government expenditure.
Journal: New Zealand Economic Papers
Pages: 215-244
Issue: 3
Volume: 53
Year: 2019
Month: 9
X-DOI: 10.1080/00779954.2018.1458330
File-URL: http://hdl.handle.net/10.1080/00779954.2018.1458330
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:53:y:2019:i:3:p:215-244




Template-Type: ReDIF-Article 1.0
Author-Name: Kirdan Lees
Author-X-Name-First: Kirdan
Author-X-Name-Last: Lees
Title: Quantifying the costs of land use regulation: evidence from New Zealand
Abstract: 
 Land use regulations vary in the restrictions and enforcement that applies across time and space. That variation makes it difficult to determine when land use regulations hinder the flexibility of housing supply using a single time series method, so a range of approaches and country case studies may be most appropriate to test impacts. We use four methods to test for impacts of land use regulation in New Zealand utilising unit record data on house sales. We find: (i) house prices outstrip construction prices in many New Zealand cities; (ii) the extensive price of land is typically 5–6 times the intensive price of land; (iii) density and house prices are only weakly correlated; (iv) apartment and townhouses outstrip construction prices. All four results suggest land use regulations play a material role in constraining housing supply, driving up house prices.
Journal: New Zealand Economic Papers
Pages: 245-269
Issue: 3
Volume: 53
Year: 2019
Month: 9
X-DOI: 10.1080/00779954.2018.1473470
File-URL: http://hdl.handle.net/10.1080/00779954.2018.1473470
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:53:y:2019:i:3:p:245-269




Template-Type: ReDIF-Article 1.0
Author-Name: Robert A. Buckle
Author-X-Name-First: Robert A.
Author-X-Name-Last: Buckle
Author-Name: John Creedy
Author-X-Name-First: John
Author-X-Name-Last: Creedy
Title: An evaluation of metrics used by the Performance-based Research Fund process in New Zealand
Abstract: 
 The New Zealand Performance-based Research Fund applies a set of metrics to assess researchers and rank disciplines and universities. The process involves giving a total weighted score (based on three components) to individuals and then assigning them to one of four Quality Categories (QCs), used to derive Average Quality Scores (AQS). This paper evaluates the properties of these metrics and argues that QC thresholds influence the final distribution of scores. The paper also demonstrates that the derivation of AQSs depends on the weights assigned to each QC and the distribution of portfolios. The method used to determine raw scores also has an independent effect on the distribution of scores. The paper compares how research rankings of New Zealand universities would vary if alternative summary measures, based on the total weighted scores rather than QCs, were used to evaluate performance.
Journal: New Zealand Economic Papers
Pages: 270-287
Issue: 3
Volume: 53
Year: 2019
Month: 9
X-DOI: 10.1080/00779954.2018.1480054
File-URL: http://hdl.handle.net/10.1080/00779954.2018.1480054
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:53:y:2019:i:3:p:270-287




Template-Type: ReDIF-Article 1.0
Author-Name: Jun Chen
Author-X-Name-First: Jun
Author-X-Name-Last: Chen
Author-Name: Bart Frijns
Author-X-Name-First: Bart
Author-X-Name-Last: Frijns
Author-Name: Ivan Indriawan
Author-X-Name-First: Ivan
Author-X-Name-Last: Indriawan
Author-Name: Haodong Ren
Author-X-Name-First: Haodong
Author-X-Name-Last: Ren
Title: Turn of the Month effect in the New Zealand stock market
Abstract: 
 We examine the Turn of the Month effect in the New Zealand stock market and find that returns on the last three days of the calendar month are, on average, positive and significantly higher than on other days of the month. This Turn of the Month effect is robust to various stock characteristics, such as company size, trading activity, year- and firm-level fixed effects, and is robust over time, i.e. before and after the Global Financial Crisis. We examine various explanations for the Turn of the Month effect, such as dividend payments, price pressures, and window dressing, but none of these explain the observed Turn of the Month effect. Hence, this effect remains a puzzle that can potentially be exploited in a trading strategy.
Journal: New Zealand Economic Papers
Pages: 288-306
Issue: 3
Volume: 53
Year: 2019
Month: 9
X-DOI: 10.1080/00779954.2018.1513058
File-URL: http://hdl.handle.net/10.1080/00779954.2018.1513058
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:53:y:2019:i:3:p:288-306




Template-Type: ReDIF-Article 1.0
Author-Name: John Creedy
Author-X-Name-First: John
Author-X-Name-Last: Creedy
Title: A note on sugar taxes and changes in total calorie consumption
Abstract: 
 This paper demonstrates the potential importance, when considering total calorie intake, of allowing for the substitution effects of imposing a selective tax on a commodity having a high sugar content, when non-taxed commodities exist and also have relatively high calorie content. A framework is presented which allows the elasticity of calorie consumption with respect to a price change to be derived. This brings out the role of relative budget shares, relative calorie content of goods and relative prices to be clearly seen, along with own- and cross-price elasticities. Their absolute values for each commodity group are not required. It is demonstrated that the focus of attention needs to be much wider than a simple concentration on the own-price elasticity of demand for the commodity group for which a sumptuary tax is envisaged.
Journal: New Zealand Economic Papers
Pages: 307-314
Issue: 3
Volume: 53
Year: 2019
Month: 9
X-DOI: 10.1080/00779954.2018.1516232
File-URL: http://hdl.handle.net/10.1080/00779954.2018.1516232
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:53:y:2019:i:3:p:307-314




Template-Type: ReDIF-Article 1.0
Author-Name: Mark J. Holmes
Author-X-Name-First: Mark J.
Author-X-Name-Last: Holmes
Title: Citation for Stephen Jenkins to mark his Distinguished Fellow award by the New Zealand Association of Economists
Journal: New Zealand Economic Papers
Pages: 315-316
Issue: 3
Volume: 53
Year: 2019
Month: 9
X-DOI: 10.1080/00779954.2019.1653555
File-URL: http://hdl.handle.net/10.1080/00779954.2019.1653555
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:53:y:2019:i:3:p:315-316




Template-Type: ReDIF-Article 1.0
Author-Name: Benjamin Bridgman
Author-X-Name-First: Benjamin
Author-X-Name-Last: Bridgman
Author-Name: Ryan Greenaway-McGrevy
Author-X-Name-First: Ryan
Author-X-Name-Last: Greenaway-McGrevy
Title: The fall (and rise) of labour share in New Zealand
Abstract: 
 The share of national income going to labour in New Zealand fell substantially between the 1970s and the end of the century. Approximately half of this decline was then recovered in the following decade. In this paper, we argue that the decline from the mid-1980s onwards is due to public sector reforms. Corporatisation re-orientated the public trading enterprises away from a broad range of social and trading objectives towards generating profits, while increased fiscal discipline in non-market government departments reduced payroll costs. Consistent with this hypothesis, we show that most of the decline in aggregate labour share from the mid-1980s onwards can be attributed to a significant fall in the labour share of the public sector. To more formally analyse the effects of the reforms, we build a simple model of structural transition. The model yields several predictions that are consistent with observed trends in sectoral labour share. First, there is a large and permanent decline in public sector labour share after the reforms. Second, there is a smaller, short-run decline in private sector labour share that is reversed over the long run. The model can, therefore, explain not only the decline in aggregate labour share from the mid-1980s onwards; it can also explain the partial recovery in labour share beginning in 2002.
Journal: New Zealand Economic Papers
Pages: 109-130
Issue: 2
Volume: 52
Year: 2018
Month: 5
X-DOI: 10.1080/00779954.2016.1219763
File-URL: http://hdl.handle.net/10.1080/00779954.2016.1219763
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:52:y:2018:i:2:p:109-130




Template-Type: ReDIF-Article 1.0
Author-Name: Thakshila Gunaratna
Author-X-Name-First: Thakshila
Author-X-Name-Last: Gunaratna
Author-Name: Robert Kirkby
Author-X-Name-First: Robert
Author-X-Name-Last: Kirkby
Title: Business cycle accounting for New Zealand
Abstract: 
 Business cycle accounting is performed to identify the kinds of macroeconomic models that best explain economic fluctuations in New Zealand. We estimate four wedges and then create counterfactuals to distinguish the wedges that are important in accounting for fluctuations. The labour wedge plays the main role in explaining output and hours worked, while the net export wedge remains largely irrelevant. An existing equivalence result relates different kinds of macroeconomic dynamic stochastic general equilibrium models to the different wedges. Models that incorporate foreign shocks in the standard manner are equivalent to the wedge relating to net exports. The implication is that while foreign shocks may be important in explaining New Zealand's economic fluctuations, macroeconomists need to move away from modelling them in ways that work via the net export wedge.
Journal: New Zealand Economic Papers
Pages: 131-149
Issue: 2
Volume: 52
Year: 2018
Month: 5
X-DOI: 10.1080/00779954.2016.1252941
File-URL: http://hdl.handle.net/10.1080/00779954.2016.1252941
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:52:y:2018:i:2:p:131-149




Template-Type: ReDIF-Article 1.0
Author-Name: John Forster
Author-X-Name-First: John
Author-X-Name-Last: Forster
Author-Name: Helen Higgs
Author-X-Name-First: Helen
Author-X-Name-Last: Higgs
Title: Artwork characteristics and prices in the New Zealand secondary art market, 1988–2011
Abstract: 
 Using hedonic pricing, prices realised at auction are estimated against artwork characteristics for New Zealand for over 27,000 artworks by over 1600 artists. The data-set is larger and more representative of an art market, especially for lower prices, than all other art price studies. The number of works by each artist auctioned over the entire period is a measure of each artist's market presence. Sample selection bias created by unsold artworks is corrected using the Heckit method. Estimation results including the creation of the first New Zealand art price index are presented and interpreted.
Journal: New Zealand Economic Papers
Pages: 150-169
Issue: 2
Volume: 52
Year: 2018
Month: 5
X-DOI: 10.1080/00779954.2016.1254674
File-URL: http://hdl.handle.net/10.1080/00779954.2016.1254674
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:52:y:2018:i:2:p:150-169




Template-Type: ReDIF-Article 1.0
Author-Name: Kenny Ka Yin Chan
Author-X-Name-First: Kenny Ka Yin
Author-X-Name-Last: Chan
Author-Name: Li Chen
Author-X-Name-First: Li
Author-X-Name-Last: Chen
Author-Name: Norman Wong
Author-X-Name-First: Norman
Author-X-Name-Last: Wong
Title: New Zealand State-owned enterprises: is state-ownership detrimental to firm performance?
Abstract: 
 This study examines the performance of State-owned enterprises by conducting a contemporary examination in the New Zealand environment. Applying both a cross-sectional and time-series approach, we document significant and consistent evidence that state ownership is negatively associated with firm profitability compared to private ownership. We also find evidence suggesting that state ownership is positively associated with asset turnover and labour intensity, but not associated with labour turnover. This implies that SOEs on average experience a higher asset turnover due to excessive labour employment, compared to private firms.
Journal: New Zealand Economic Papers
Pages: 170-184
Issue: 2
Volume: 52
Year: 2018
Month: 5
X-DOI: 10.1080/00779954.2016.1272626
File-URL: http://hdl.handle.net/10.1080/00779954.2016.1272626
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:52:y:2018:i:2:p:170-184




Template-Type: ReDIF-Article 1.0
Author-Name: John Creedy
Author-X-Name-First: John
Author-X-Name-Last: Creedy
Author-Name: Norman Gemmell
Author-X-Name-First: Norman
Author-X-Name-Last: Gemmell
Author-Name: Josh Teng
Author-X-Name-First: Josh
Author-X-Name-Last: Teng
Title: Income effects and the elasticity of taxable income
Abstract: 
 This paper examines income effects in regression estimates of the elasticity of taxable income (ETI). One previous approach involves the proportional change in the average net-of-tax rate. It is shown that this specification can be derived from a direct utility function. Alternatively, income effects have been examined using the proportional change in virtual income. Estimation of the ETI must deal with endogeneity because observed marginal tax rates and taxable incomes are jointly determined. This paper suggests that where data are available to allow ‘no reform’ income dynamics to be estimated, they can be used to obtain the required counterfactual change in taxable income. This enables OLS to be used with an exogenous counterfactual ‘expected (marginal) tax rate’ proxy. The two specifications were estimated for New Zealand, and suggest that income effects are, at most, relatively small. They are statistically significant, and negative, only when using the change in virtual income. Importantly, the size of the ETI (which varies when income effects are present) is different depending on the specification used.
Journal: New Zealand Economic Papers
Pages: 185-203
Issue: 2
Volume: 52
Year: 2018
Month: 5
X-DOI: 10.1080/00779954.2017.1293140
File-URL: http://hdl.handle.net/10.1080/00779954.2017.1293140
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:52:y:2018:i:2:p:185-203




Template-Type: ReDIF-Article 1.0
Author-Name: Geoffrey T. F. Brooke
Author-X-Name-First: Geoffrey T. F.
Author-X-Name-Last: Brooke
Author-Name: Anthony M. Endres
Author-X-Name-First: Anthony M.
Author-X-Name-Last: Endres
Author-Name: Alan J. Rogers
Author-X-Name-First: Alan J.
Author-X-Name-Last: Rogers
Title: The economists and New Zealand population: problems and policies 1900–1980s
Abstract: 
 We examine contrasting modalities of economic thought by economists on population problems and policies in NZ, 1900–1980s. Since the early 1900s, NZ economists have been concerned with interactions between economic and demographic outcomes. During the inter-war period, Malthusian concerns became muted because NZ's population growth rate slowed appreciably in the 1930s. A ‘laissez-faire’ position was articulated among some economists in terms of external migration flows; others debated the implications of a stationary population. The post-WWII era ushered in a doctrine of ‘stable population Keynesianism’ based on optimistic neo-Malthusianism that perspective clashed with contemporary views on population expansion and the promotion of immigration coextensive with the policy of planned industrialization. An intellectual void became apparent in the early 1980s, perhaps because concern with the dynamics of population change in a small, liberalized, open economy seemed misplaced. Lessons are drawn from this intellectual history that may inform modern debate on population policy, broadly conceived.
Journal: New Zealand Economic Papers
Pages: 204-226
Issue: 2
Volume: 52
Year: 2018
Month: 5
X-DOI: 10.1080/00779954.2017.1305983
File-URL: http://hdl.handle.net/10.1080/00779954.2017.1305983
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:52:y:2018:i:2:p:204-226




Template-Type: ReDIF-Article 1.0
Author-Name: Jason Gush
Author-X-Name-First: Jason
Author-X-Name-Last: Gush
Author-Name: Adam Jaffe
Author-X-Name-First: Adam
Author-X-Name-Last: Jaffe
Author-Name: Victoria Larsen
Author-X-Name-First: Victoria
Author-X-Name-Last: Larsen
Author-Name: Athene Laws
Author-X-Name-First: Athene
Author-X-Name-Last: Laws
Title: The effect of public funding on research output: the New Zealand Marsden Fund
Abstract: 
 We estimate the impact of the NZ Marsden Fund on research success, by comparing the subsequent performance of funded and unfunded researchers. We control for selection bias using the Marsden panel rankings. We find that funding is associated with a 6%–15% increase in publications and an 11%–22% increase in citation-weighted papers for research teams. We attempt to pin down the dynamic structure of this effect by looking at the research trajectories of individual researchers, but this model yields inconsistent results. We find no systematic evidence that Marsden panel rankings are predictive of subsequent success.
Journal: New Zealand Economic Papers
Pages: 227-248
Issue: 2
Volume: 52
Year: 2018
Month: 5
X-DOI: 10.1080/00779954.2017.1325921
File-URL: http://hdl.handle.net/10.1080/00779954.2017.1325921
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:52:y:2018:i:2:p:227-248




Template-Type: ReDIF-Article 1.0
Author-Name: Arthur Grimes
Author-X-Name-First: Arthur
Author-X-Name-Last: Grimes
Title: Citation for John Gibson to mark his Distinguished Fellow Award by the New Zealand Association of Economists
Journal: New Zealand Economic Papers
Pages: 249-250
Issue: 2
Volume: 52
Year: 2018
Month: 5
X-DOI: 10.1080/00779954.2017.1359660
File-URL: http://hdl.handle.net/10.1080/00779954.2017.1359660
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:52:y:2018:i:2:p:249-250




Template-Type: ReDIF-Article 1.0
Author-Name: David J. Teece
Author-X-Name-First: David J.
Author-X-Name-Last: Teece
Title: A capability theory of the firm: an economics and (Strategic) management perspective
Abstract: 
 The business enterprise is the prime institution in economic development and growth; yet, until recently, mainstream economics has mostly treated firms as homogeneous black boxes managed by untrustworthy agents. Using economic principles, the field of strategic management has developed a nuanced approach to understanding how firms are created, organized, and grow; how they innovate and compete; and how managers manage. That approach has yielded a theoretical framework known as &#x2018;dynamic capabilities&#x2019;. Contrasts are drawn between dynamic capabilities and other approaches to the theory of the firm, including transaction cost economics and agency theory. The application of capability theory allows intellectual blinders to be removed and an understanding of differential firm-level resource allocation and performance to emerge. This brings a richer conceptual understanding of the nature of the business enterprise and its management consistent with evolutionary and behavioural economics. Policy insights into governance, inequality, economic development, and the wealth of nations follow.
Journal: New Zealand Economic Papers
Pages: 1-43
Issue: 1
Volume: 53
Year: 2019
Month: 1
X-DOI: 10.1080/00779954.2017.1371208
File-URL: http://hdl.handle.net/10.1080/00779954.2017.1371208
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:53:y:2019:i:1:p:1-43




Template-Type: ReDIF-Article 1.0
Author-Name: Somi Shin
Author-X-Name-First: Somi
Author-X-Name-Last: Shin
Title: Expertise: is it a gift or a curse? Evidence from the New Zealand health care sector
Abstract: 
 This study investigates whether highly skilled health care providers are at a disadvantage because they attract difficult cases, by examining all publicly funded patient discharges in New Zealand over 1999&#x2013;2011. Using a patient's transfer status and the complication and co-morbidity level as the measures of task difficulty, the effects of task difficulty on three performance indicators commonly used in practice, the length of hospital stay and the probabilities of 30-day mortality and readmission, are calculated. The results confirm that the disadvantage does exist, but certain providers do better in the presence of such disadvantage. Even among highly skilled providers, the variance in performance is large. The results also suggest that specialisation may be beneficial, as transferred cases treated by highly skilled providers have better outcomes. In particular, the provider treating the most complex cases in the country achieves the best outcomes for transferred patients.
Journal: New Zealand Economic Papers
Pages: 44-62
Issue: 1
Volume: 53
Year: 2019
Month: 1
X-DOI: 10.1080/00779954.2017.1373694
File-URL: http://hdl.handle.net/10.1080/00779954.2017.1373694
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:53:y:2019:i:1:p:44-62




Template-Type: ReDIF-Article 1.0
Author-Name: Mohsen Bahmani-Oskooee
Author-X-Name-First: Mohsen
Author-X-Name-Last: Bahmani-Oskooee
Author-Name: Hanafiah Harvey
Author-X-Name-First: Hanafiah
Author-X-Name-Last: Harvey
Title: The J-curve and bilateral trade balances of Indonesia with its major partners: are there asymmetric effects?
Abstract: 
 With advances in econometric methodologies, old concepts are now receiving a renewed attention and the J-curve is no exception. Previous research that tested the phenomenon assumed that the effects of exchange rate changes on the trade balance are symmetric. Asymmetry analysis and asymmetry cointegration is the new direction that is currently being considered. We add to this later literature by considering the asymmetric effects of exchange rate changes on the bilateral trade balances of Indonesia with each of her major trading partners after accounting for Asian Financial Crisis of 1997 and Global Financial Crisis of 2008. We find support for short-run asymmetric effects in almost all the cases, short-run cumulative or impact asymmetric effects in the trade with five partners and long-run significant asymmetric effects in five bilateral models.
Journal: New Zealand Economic Papers
Pages: 63-76
Issue: 1
Volume: 53
Year: 2019
Month: 1
X-DOI: 10.1080/00779954.2017.1371207
File-URL: http://hdl.handle.net/10.1080/00779954.2017.1371207
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:53:y:2019:i:1:p:63-76




Template-Type: ReDIF-Article 1.0
Author-Name: John Creedy
Author-X-Name-First: John
Author-X-Name-Last: Creedy
Title: Optimal tax enforcement and the income tax rate: the role of taxable income inequality
Abstract: 
 This paper considers the problem of jointly determining the optimal income tax rate and the optimal degree of enforcement by the authorities. It extends the analysis of Keen and Slemrod, who combine the well-known elasticity of taxable income with an enforcement elasticity of taxable income. The model is extended to the many-person context with both differing wages and preferences, and with a tax and transfer system along with the desire for redistribution on the part of the government. The effect of inequality, defined in terms of an equally-distributed-equivalent taxable income measure, is explored. There is also government expenditure on a pure public good. The model is also extended to allow for a direct effect on labour supply of tax enforcement, and the implications for the optimal enforcement gap.
Journal: New Zealand Economic Papers
Pages: 77-88
Issue: 1
Volume: 53
Year: 2019
Month: 1
X-DOI: 10.1080/00779954.2017.1394904
File-URL: http://hdl.handle.net/10.1080/00779954.2017.1394904
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:53:y:2019:i:1:p:77-88




Template-Type: ReDIF-Article 1.0
Author-Name: Kamakshi Singh
Author-X-Name-First: Kamakshi
Author-X-Name-Last: Singh
Author-Name: Tim Maloney
Author-X-Name-First: Tim
Author-X-Name-Last: Maloney
Title: Using validated measures of high school academic achievement to predict university success
Abstract: 
 Administrative data from a New Zealand university are used to validate the National Certificate of Educational Achievement (NCEA) Rank Score used in university admissions and scholarship decisions. We find no statistical evidence to corroborate the specific weighting scheme used in this index. For example, our regression analysis suggests that too much weight is attached to the lowest category of credits in predicting both successful completion outcomes and letter grades. To show the potential importance of this validated measure of high school achievement, we run several simulations on these first-year student outcomes at this university. We show that the use of an alternative, empirically-validated measure of NCEA results to select students would lead to only slight improvements in course completion rates and letter grades. These higher entry standards would lead to declines in the proportions of Pacifica students, but minimal impacts on the proportion of M&#x101;ori students enrolled at this university.
Journal: New Zealand Economic Papers
Pages: 89-106
Issue: 1
Volume: 53
Year: 2019
Month: 1
X-DOI: 10.1080/00779954.2017.1419502
File-URL: http://hdl.handle.net/10.1080/00779954.2017.1419502
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:53:y:2019:i:1:p:89-106




Template-Type: ReDIF-Article 1.0
Author-Name: Arthur Grimes
Author-X-Name-First: Arthur
Author-X-Name-Last: Grimes
Title: Citation for Julia Lane to mark her distinguished fellow award by the New Zealand association of economists
Journal: New Zealand Economic Papers
Pages: 107-108
Issue: 1
Volume: 53
Year: 2019
Month: 1
X-DOI: 10.1080/00779954.2018.1501128
File-URL: http://hdl.handle.net/10.1080/00779954.2018.1501128
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:53:y:2019:i:1:p:107-108




Template-Type: ReDIF-Article 1.0
Author-Name: The Editors
Title: Correction
Journal: New Zealand Economic Papers
Pages: iii-iii
Issue: 1
Volume: 53
Year: 2019
Month: 1
X-DOI: 10.1080/00779954.2018.1532660
File-URL: http://hdl.handle.net/10.1080/00779954.2018.1532660
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:53:y:2019:i:1:p:iii-iii




Template-Type: ReDIF-Article 1.0
Author-Name: Mohammad Jaforullah
Author-X-Name-First: Mohammad
Author-X-Name-Last: Jaforullah
Author-Name: Alan King
Author-X-Name-First: Alan
Author-X-Name-Last: King
Title: The demand for imported oil: New Zealand's post-deregulation experience
Abstract: 
 Oil is the single most important energy source within the New Zealand economy and is also the source of a significant fraction of its greenhouse gas emissions. We model New Zealand's demand for imported oil over the period following the deregulation of its market for petroleum products in 1988. The income elasticity estimate we obtain (1.35) is larger than those reported for most countries and indicates that continued economic growth will make the government's emission targets increasingly difficult to achieve. However, we also find demand is sufficiently price-sensitive (−0.46) for fuel taxes to be reasonably effective at curbing oil demand.
Journal: New Zealand Economic Papers
Pages: 40-52
Issue: 1
Volume: 52
Year: 2018
Month: 1
X-DOI: 10.1080/00779954.2016.1207199
File-URL: http://hdl.handle.net/10.1080/00779954.2016.1207199
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:52:y:2018:i:1:p:40-52




Template-Type: ReDIF-Article 1.0
Author-Name: Bart Frijns
Author-X-Name-First: Bart
Author-X-Name-Last: Frijns
Author-Name: Ivan Indriawan
Author-X-Name-First: Ivan
Author-X-Name-Last: Indriawan
Title: Behavioural heterogeneity in the New Zealand stock market
Abstract: 
 We examine the dynamics of the New Zealand stock market using an asset pricing model with heterogeneous agents. Applying the model to historical data from 1899 to 2015, we identify both fundamentalist and trend-following (chartist) behaviours of investors. In addition, we document that investors switch between fundamentalist and chartist rules when either of these rules has been more profitable in the recent past. Both behaviours contribute to large fluctuations of stock prices relative to their fundamental value and can explain some of the dynamics around bubbles and crashes.
Journal: New Zealand Economic Papers
Pages: 53-71
Issue: 1
Volume: 52
Year: 2018
Month: 1
X-DOI: 10.1080/00779954.2016.1217915
File-URL: http://hdl.handle.net/10.1080/00779954.2016.1217915
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:52:y:2018:i:1:p:53-71




Template-Type: ReDIF-Article 1.0
Author-Name: Eric Tong
Author-X-Name-First: Eric
Author-X-Name-Last: Tong
Title: Collateral crises and unemployment
Abstract: 
 Inspired by the sudden devaluation of ‘safe’ assets at the dawn of crisis, I build a model that features collateralisation in the financial market, and search frictions between employers and workers in the labour market. The model identifies a collateral quality threshold, below which banks switch from unconditional lending to lending contingent on receiving good collateral. The switch explains why a small shock in the collateralised market may lead to sharp losses in job vacancies, such as that seen in the 2008 Great Recession. A trade-off is identified between the proximity and severity of a collateral crisis. Policymakers may manipulate the trade-off, but they cannot eliminate it.
Journal: New Zealand Economic Papers
Pages: 72-90
Issue: 1
Volume: 52
Year: 2018
Month: 1
X-DOI: 10.1080/00779954.2016.1230642
File-URL: http://hdl.handle.net/10.1080/00779954.2016.1230642
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:52:y:2018:i:1:p:72-90




Template-Type: ReDIF-Article 1.0
Author-Name: David Law
Author-X-Name-First: David
Author-X-Name-Last: Law
Author-Name: Grant M. Scobie
Author-X-Name-First: Grant M.
Author-X-Name-Last: Scobie
Title: KiwiSaver and the accumulation of net wealth
Abstract: 
 The objective of this paper is to analyse the extent to which membership of KiwiSaver has been associated with greater accumulations of net wealth. The paper utilises two linked sources of data which cover the period 2002–2010: Statistics New Zealand's Survey of Family, Income and Employment and Inland Revenue Department administrative data on KiwiSaver membership. Two approaches are employed: difference-in-differences (where the outcomes of interest are changes in net wealth) and various panel regression techniques. Results appear consistent with earlier evaluations of KiwiSaver. Neither approach suggests KiwiSaver membership has been associated with any positive effect on net wealth accumulation.
Journal: New Zealand Economic Papers
Pages: 1-20
Issue: 1
Volume: 52
Year: 2018
Month: 1
X-DOI: 10.1080/00779954.2016.1239650
File-URL: http://hdl.handle.net/10.1080/00779954.2016.1239650
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:52:y:2018:i:1:p:1-20




Template-Type: ReDIF-Article 1.0
Author-Name: Simon James Greenwood
Author-X-Name-First: Simon James
Author-X-Name-Last: Greenwood
Author-Name: Andrea Kutinova Menclova
Author-X-Name-First: Andrea Kutinova
Author-X-Name-Last: Menclova
Title: Analysing the extent and effects of occupational regulation in New Zealand
Abstract: 
 This study is the first to our knowledge to document the extent and correlates of occupational regulation in New Zealand. Using data from the Census and the Survey of Working Life, we estimate that 28% of workers’ primary jobs are affected by occupational regulation. This is lower than the 35% reported for the US but identical to UK estimates of 28%. Furthermore, we find that holding observable factors constant, occupational regulation is associated with a wage premium of 5%. This is lower than the 18% licensing premium found for the US but within the range of estimates for the UK.
Journal: New Zealand Economic Papers
Pages: 21-39
Issue: 1
Volume: 52
Year: 2018
Month: 1
X-DOI: 10.1080/00779954.2016.1247291
File-URL: http://hdl.handle.net/10.1080/00779954.2016.1247291
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:52:y:2018:i:1:p:21-39




Template-Type: ReDIF-Article 1.0
Author-Name: Paul Dalziel
Author-X-Name-First: Paul
Author-X-Name-Last: Dalziel
Author-Name: Caroline Saunders
Author-X-Name-First: Caroline
Author-X-Name-Last: Saunders
Title: Treasury's refreshed views on New Zealand's economic strategy: a review article
Abstract: 
 At the 2014 election, the New Zealand Treasury's briefing papers included a document containing the Treasury's refreshed views on New Zealand's economic performance and strategy. This paper tests the evidence, analysis and strategic perspectives presented in that document, some of which are not well-founded. The paper builds on the Treasury's analysis of prosperity, sustainability and inclusiveness, but advocates a strategic objective of ‘value-added growth’ rather than ‘export-led growth’. A major theme is that New Zealand's economic strategy must be grounded in its own particular geography, history and resources to take advantage of specific opportunities in the global economy.
Journal: New Zealand Economic Papers
Pages: 91-107
Issue: 1
Volume: 52
Year: 2018
Month: 1
X-DOI: 10.1080/00779954.2016.1268196
File-URL: http://hdl.handle.net/10.1080/00779954.2016.1268196
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:52:y:2018:i:1:p:91-107




Template-Type: ReDIF-Article 1.0
Author-Name: Rohan Best
Author-X-Name-First: Rohan
Author-X-Name-Last: Best
Author-Name: Paul J. Burke
Author-X-Name-First: Paul J.
Author-X-Name-Last: Burke
Title: Fuel prices and road accident outcomes in New Zealand
Abstract: 
 Recent years have seen a spike in New Zealand's road death toll, a phenomenon also seen in some other countries such as Australia. This paper analyses the short-run impact of fuel prices on road accident outcomes in New Zealand, including the numbers of road deaths, accidents, and injuries. Using data for the period 1989–2017, we find a negative relationship between fuel prices and key road-risk outcome variables, including the number of road deaths. There are similar results for models in levels and first differences. The number of serious injuries to cyclists tends to increase when fuel prices are high, however. Lower fuel prices appear to have contributed to New Zealand's recent uptick in road accidents, pushing against the long-term trend of improved road safety.
Journal: New Zealand Economic Papers
Pages: 109-124
Issue: 2
Volume: 53
Year: 2019
Month: 5
X-DOI: 10.1080/00779954.2018.1549093
File-URL: http://hdl.handle.net/10.1080/00779954.2018.1549093
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:53:y:2019:i:2:p:109-124




Template-Type: ReDIF-Article 1.0
Author-Name: John Creedy
Author-X-Name-First: John
Author-X-Name-Last: Creedy
Author-Name: Penny Mok
Author-X-Name-First: Penny
Author-X-Name-Last: Mok
Title: Labour supply elasticities in New Zealand
Abstract: 
 The aim of this paper is to explore alternative labour supply elasticity concepts in cross-sectional contexts and to present empirical results for New Zealand. Emphasis is placed on the elasticity of hours worked with respect to a change in the gross wage rate, though it is shown that the gross wage elasticity is usually sufficient when considering labour supply responses to effective marginal tax rate changes. The elasticities presented here, for both intensive and extensive margins and for a range of demographic groups, are based on simulated labour supply responses to a proportional change in gross wage rates using the New Zealand Treasury's behavioural microsimulation model, Taxwell-B. This uses a discrete-hours random-utility specification of preferences. Comparisons are made with the only previous estimates for NZ. As for other countries, elasticities at the extensive margin are found to be larger than at the intensive margin.
Journal: New Zealand Economic Papers
Pages: 125-143
Issue: 2
Volume: 53
Year: 2019
Month: 5
X-DOI: 10.1080/00779954.2017.1423509
File-URL: http://hdl.handle.net/10.1080/00779954.2017.1423509
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:53:y:2019:i:2:p:125-143




Template-Type: ReDIF-Article 1.0
Author-Name: Robert A. Buckle
Author-X-Name-First: Robert A.
Author-X-Name-Last: Buckle
Author-Name: John Creedy
Author-X-Name-First: John
Author-X-Name-Last: Creedy
Title: The evolution of research quality in New Zealand universities as measured by the performance-based research fund process
Abstract: 
 This paper examines how research quality of New Zealand university staff has evolved since introduction in 2003 of the Performance-based Research Fund (PBRF). The analysis uses a database consisting of an anonymous ‘quality category’ (QC) for each individual assessed in each of the three PBRF rounds. Emphasis is on evaluation of organisational changes. The paper examines the extent to which each university's average quality score (AQS) changed as a result of changes in QCs of existing staff over time and from staff exit and entry. The data also include information about the age of staff evaluated in PBRF. This is used to assess changes in the age distribution of researchers across universities, and ages of those making transitions within universities and between grades. A number of hypotheses regarding organisation change in response to the introduction of PBRF are discussed and tested by comparing universities with different patterns of change.
Journal: New Zealand Economic Papers
Pages: 144-165
Issue: 2
Volume: 53
Year: 2019
Month: 5
X-DOI: 10.1080/00779954.2018.1429486
File-URL: http://hdl.handle.net/10.1080/00779954.2018.1429486
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:53:y:2019:i:2:p:144-165




Template-Type: ReDIF-Article 1.0
Author-Name: Ying Fang Lu
Author-X-Name-First: Ying Fang
Author-X-Name-Last: Lu
Author-Name: Christopher Gan
Author-X-Name-First: Christopher
Author-X-Name-Last: Gan
Author-Name: Baiding Hu
Author-X-Name-First: Baiding
Author-X-Name-Last: Hu
Author-Name: Moau Yong Toh
Author-X-Name-First: Moau Yong
Author-X-Name-Last: Toh
Author-Name: David A Cohen
Author-X-Name-First: David A
Author-X-Name-Last: Cohen
Title: Bank efficiency in New Zealand: a stochastic frontier approach
Abstract: 
 A parametric stochastic frontier analysis approach is employed to examine the cost and profit efficiency of banks in New Zealand over the study period of 2002–2011. Our result shows that foreign banks exhibit higher average cost and profit efficiency than domestic banks. We further document that Australian-owned banks operate more efficiently than foreign banks from other nations, supporting the limited global advantage hypothesis. Other distinguishing determinants of banks’ cost and profit efficiencies are bank size, equity ratio, asset quality, market concentration, interest rate, inflation and unemployment level. Lincoln University (LU).
Journal: New Zealand Economic Papers
Pages: 166-183
Issue: 2
Volume: 53
Year: 2019
Month: 5
X-DOI: 10.1080/00779954.2018.1455728
File-URL: http://hdl.handle.net/10.1080/00779954.2018.1455728
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:53:y:2019:i:2:p:166-183




Template-Type: ReDIF-Article 1.0
Author-Name: Kabir Dasgupta
Author-X-Name-First: Kabir
Author-X-Name-Last: Dasgupta
Title: Youth response to state cyberbullying laws
Abstract: 
 This study examines the relationship between state cyberbullying laws (which require schools to enact effective guidelines to address cyberbullying) and the reporting behavior of youth. The analysis utilizes nationally representative samples of high-school adolescents from the Youth Risk Behavior Surveys and incorporates state-time variation in the implementation of cyberbullying laws in a difference-in-differences framework. Key results indicate that adoption of a cyberbullying law is related to statistically significant increases in the likelihood that students report experiences of being victimized by electronic bullying as well as various forms physical bullying at school. Further empirical analyses signal that the increase in students’ reporting of victimization experiences is likely to be driven by the laws’ intended increase in victims’ reporting rather than by a potential rise in incidence of cyberbullying (and school violence) in the post-implementation period. The regression estimates are robust to the inclusion of multiple sensitivity checks.
Journal: New Zealand Economic Papers
Pages: 184-202
Issue: 2
Volume: 53
Year: 2019
Month: 5
X-DOI: 10.1080/00779954.2018.1467959
File-URL: http://hdl.handle.net/10.1080/00779954.2018.1467959
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:53:y:2019:i:2:p:184-202




Template-Type: ReDIF-Article 1.0
Author-Name: William Wright
Author-X-Name-First: William
Author-X-Name-Last: Wright
Author-Name: P Brown
Author-X-Name-First: P
Author-X-Name-Last: Brown
Title: Succession and investment in New Zealand farming
Abstract: 
 Farms in New Zealand are traditionally run as family businesses in which land and capital are handed down from one generation to the next. Such family businesses have time horizons that are measured in generations rather than years, and the identification of a successor encourages long-term planning that farms without successors cannot justify. Simultaneously, farms that invest in productive capital have higher future earnings potential, ceteris paribus, and therefore be more attractive to potential successors. Both of these relationships imply a correlation between succession planning and investment. In this paper we separate the causal effect succession planning has on investment using two-stage ordered probit regression with instrumental variables, namely, the extent farmers report they farm due to family tradition and the number of generations that the family has farmed in New Zealand. Our results show that the presence of a successor does in fact raise investment.
Journal: New Zealand Economic Papers
Pages: 203-214
Issue: 2
Volume: 53
Year: 2019
Month: 5
X-DOI: 10.1080/00779954.2017.1419501
File-URL: http://hdl.handle.net/10.1080/00779954.2017.1419501
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:53:y:2019:i:2:p:203-214




Template-Type: ReDIF-Article 1.0
Author-Name: Caitlin Davies
Author-X-Name-First: Caitlin
Author-X-Name-Last: Davies
Author-Name: Prasanna Gai
Author-X-Name-First: Prasanna
Author-X-Name-Last: Gai
Title: The New Zealand financial cycle 1968–2017
Abstract: 
 This paper identifies a financial cycle for New Zealand over the period 1968–2017 using spectral analysis and band-pass filter methods. We report the main characteristics of the financial cycle and examine the extent to which it is synchronised with the business cycle in New Zealand and the financial cycle in the United States. Our results suggest that the median length of the financial cycle in New Zealand is 8 years, and its duration has increased substantially (from 4.75 to 9.75 years) following the economic reforms of the mid-eighties. There appears to be a strong relationship between financial cycle contractions and real economic outcomes, with 83% of financial cycle contractions preceding a recession by a median of 2.5 years. We also find a strong degree of synchronicity between the New Zealand and US financial cycles.
Journal: New Zealand Economic Papers
Pages: 1-15
Issue: 1
Volume: 54
Year: 2020
Month: 1
X-DOI: 10.1080/00779954.2018.1552984
File-URL: http://hdl.handle.net/10.1080/00779954.2018.1552984
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:54:y:2020:i:1:p:1-15




Template-Type: ReDIF-Article 1.0
Author-Name: King Yoong Lim
Author-X-Name-First: King Yoong
Author-X-Name-Last: Lim
Title: Equity Market Performance and Public Debt: An Empirical Investigation
Abstract: 
 While the empirical relationship between public debt and economic growth has been well-researched, there is a gap in terms of understanding the relationship between equity market performance and public debt. Based on propositions derived from a theoretical model and using a quarterly unbalanced panel dataset of 56 economies in the period 1995–2017, we examine this nexus by first estimating a threshold value of public debt above which equity market performance is adversely affected by a change in public debt. After that, the dynamics of equity market performance and change in public debt are examined. We estimate the threshold level to be approximately 17.97 percent of GDP. The short-run and long-run multipliers of a one-percent increase in public debt on equity market returns are 11.57–37.59 and 27.51–78.72 percentage points. These dynamics appear to be different between the economies that are below and above the estimated debt threshold.
Journal: New Zealand Economic Papers
Pages: 16-38
Issue: 1
Volume: 54
Year: 2020
Month: 1
X-DOI: 10.1080/00779954.2019.1567574
File-URL: http://hdl.handle.net/10.1080/00779954.2019.1567574
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:54:y:2020:i:1:p:16-38




Template-Type: ReDIF-Article 1.0
Author-Name: Lisa Meehan
Author-X-Name-First: Lisa
Author-X-Name-Last: Meehan
Title: Productivity in New Zealand: the role of resource allocation among firms
Abstract: 
 This paper analyses the role of resource allocation in New Zealand's productivity performance by applying a three-factor revenue productivity measure of within-industry misallocation to firm-level data. It finds that if all market distortions were eliminated, total factor productivity could increase by more than a third. However, resource allocation has improved somewhat over the 2000s due to improvements in the manufacturing and service sectors, while allocation has worsened in the primary and utilities sectors. This paper is the first to use a three-factor decomposition method to examine which distortions have contributed to changes in allocative efficiency over time. These decompositions show that the worsening resource allocation in the primary and utilities sectors mainly reflects increased distortions in the allocation of capital. The results also suggest that many small firms are larger than their optimal size given their low productivity levels, which is consistent with previous research showing a comparatively poor ‘up-or-out’ dynamic among New Zealand firms.
Journal: New Zealand Economic Papers
Pages: 39-66
Issue: 1
Volume: 54
Year: 2020
Month: 1
X-DOI: 10.1080/00779954.2019.1573846
File-URL: http://hdl.handle.net/10.1080/00779954.2019.1573846
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:54:y:2020:i:1:p:39-66




Template-Type: ReDIF-Article 1.0
Author-Name: Mario A. Fernandez
Author-X-Name-First: Mario A.
Author-X-Name-Last: Fernandez
Title: A matching simulation to assess additional housing capacity in Auckland
Abstract: 
 The current policy focus to improve housing affordability in New Zealand is reflected in the National Policy Statement on Urban Development Capacity (NPSUDC), which prescribes that local governments must ensure there is sufficient housing capacity to meet demand. Though some households may benefit because of better purchase conditions, additional capacity may not have a significant impact on improving affordability. In this paper, I explore how additional housing capacity is matched with demand by setting up a housing allocation model to simulate competition between potential buyers as they bid for any additional unit. I found that rate of take-up differs across scenarios, and households that manage to buy a house have median incomes that are more than double than the median household income in Auckland. Hence, overall affordability does not improve for medium or low-income households. The model and results provide insights about the outcomes of the NPSUDC and support the development of other housing programs.
Journal: New Zealand Economic Papers
Pages: 67-88
Issue: 1
Volume: 54
Year: 2020
Month: 1
X-DOI: 10.1080/00779954.2019.1585386
File-URL: http://hdl.handle.net/10.1080/00779954.2019.1585386
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:54:y:2020:i:1:p:67-88




Template-Type: ReDIF-Article 1.0
Author-Name: Michael Rehm
Author-X-Name-First: Michael
Author-X-Name-Last: Rehm
Author-Name: Ka Shing Cheung
Author-X-Name-First: Ka Shing
Author-X-Name-Last: Cheung
Author-Name: Olga Filippova
Author-X-Name-First: Olga
Author-X-Name-Last: Filippova
Author-Name: Dipesh Patel
Author-X-Name-First: Dipesh
Author-X-Name-Last: Patel
Title: Stigma, risk perception and the remediation of leaky homes in New Zealand
Abstract: 
 Stigma has been identified as perceived risks in subsiding the value of properties which are actually or potentially defective. Legal claims are often made under the assumption that remediation itself invokes a form of stigma. This study aims to determine whether this purported post-remediation stigma is a genuine phenomenon or not. In New Zealand, ‘leaky homes’ are defective properties suffering from systemic weathertightness failures. These properties are strongly associated with particular architectural features such as monolithic cladding. These cladding systems attract the general market stigma, which stereotypes all monolithic-clad dwellings, irrespective of leaks or remediation. Using hedonic pricing models, we find that the value of remediated leaky homes is on par with unaffected dwellings. The results stay robust under different model specifications with various counterfactuals used. This challenges the assertion that remediation is a source of stigma.
Journal: New Zealand Economic Papers
Pages: 89-105
Issue: 1
Volume: 54
Year: 2020
Month: 1
X-DOI: 10.1080/00779954.2019.1631878
File-URL: http://hdl.handle.net/10.1080/00779954.2019.1631878
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:54:y:2020:i:1:p:89-105




Template-Type: ReDIF-Article 1.0
Author-Name: Robert A. Buckle
Author-X-Name-First: Robert A.
Author-X-Name-Last: Buckle
Author-Name: John Creedy
Author-X-Name-First: John
Author-X-Name-Last: Creedy
Title: The ‘disciplinary effect’ of the performance-based research fund process in New Zealand
Abstract: 
 This paper examines how the research quality of academic disciplines within New Zealand universities has evolved since the Performance-based Research Fund (PBRF) began in 2003. It uses a database consisting of an anonymous ‘quality category’ (QC) for each person in the 2003 and 2012 assessment rounds. Individuals are assigned to nine discipline groups and the paper measures the distribution of researchers across disciplines within universities. There has been little change in the distribution and their concentration within and across universities. Exceptions are increases in the shares of medicine and agriculture, and a reduction in the share of education. Average Quality Scores are derived for each discipline. All groups substantially increased their scores. Transition matrices show that there are significant differences in the dynamics of disciplines during the PBRF process. Changes in the discipline composition of universities explains little of the proportional improvement of research quality among New Zealand universities.
Journal: New Zealand Economic Papers
Pages: 107-126
Issue: 2
Volume: 54
Year: 2020
Month: 5
X-DOI: 10.1080/00779954.2019.1636122
File-URL: http://hdl.handle.net/10.1080/00779954.2019.1636122
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:54:y:2020:i:2:p:107-126




Template-Type: ReDIF-Article 1.0
Author-Name: David Fielding
Author-X-Name-First: David
Author-X-Name-Last: Fielding
Author-Name: Viktoria Kahui
Author-X-Name-First: Viktoria
Author-X-Name-Last: Kahui
Author-Name: Dennis Wesselbaum
Author-X-Name-First: Dennis
Author-X-Name-Last: Wesselbaum
Title: Visual imagination and the performance of undergraduate economics students
Abstract: 
 There is known to be substantial variation in the quality of individuals’ visual imagery, but little is known about the effects of this variation on student learning outcomes. This is of particular concern in subjects such as economics that involve extensive use of graphical or pictorial representations. We present the results of a study comparing the quality of visual imagery with undergraduate examination performance. The quality of visual imagery was significantly associated with overall examination performance, but this result was driven entirely by the associations for male participants. Among males, the association was significantly larger for graphical questions than for mathematical questions, and a high mathematical question grade was associated with a significantly smaller association between the quality of visual imagery and the graphical question grade. Poor visual imagery can impair performance in undergraduate economics, at least among male students.
Journal: New Zealand Economic Papers
Pages: 127-137
Issue: 2
Volume: 54
Year: 2020
Month: 5
X-DOI: 10.1080/00779954.2019.1708433
File-URL: http://hdl.handle.net/10.1080/00779954.2019.1708433
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:54:y:2020:i:2:p:127-137




Template-Type: ReDIF-Article 1.0
Author-Name: Ryan Greenaway-McGrevy
Author-X-Name-First: Ryan
Author-X-Name-Last: Greenaway-McGrevy
Author-Name: Cameron Haworth
Author-X-Name-First: Cameron
Author-X-Name-Last: Haworth
Title: Loss aversion in New Zealand housing
Abstract: 
 We examine whether New Zealand home sellers are loss averse. Our empirical method is based on a large dataset of residential real estate transactions that exploits the most recent substantive housing downturn of 2007–2009. Consistent with loss aversion, we find that houses predicted to sell at a nominal loss realised a premium compared to houses predicted to sell at a nominal gain. We show how this finding causes house price indices to be ‘downward sticky’, preventing house price indices from falling by an additional two and a half percentage points during the downturn.
Journal: New Zealand Economic Papers
Pages: 138-160
Issue: 2
Volume: 54
Year: 2020
Month: 5
X-DOI: 10.1080/00779954.2019.1631877
File-URL: http://hdl.handle.net/10.1080/00779954.2019.1631877
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:54:y:2020:i:2:p:138-160




Template-Type: ReDIF-Article 1.0
Author-Name: Kuntal K. Das
Author-X-Name-First: Kuntal K.
Author-X-Name-Last: Das
Author-Name: Laura Meriluoto
Author-X-Name-First: Laura
Author-X-Name-Last: Meriluoto
Author-Name: Amy Rice
Author-X-Name-First: Amy
Author-X-Name-Last: Rice
Title: Export tax and import-tariff avoidance: evidence from the trade data discrepancy in the China-New Zealand trade
Abstract: 
 We analyse discrepancy in the trade data between China and New Zealand, where what China reports as its exports to New Zealand and what New Zealand reports as its imports from China reached an alarming level of US$2.5 billion in 2014. We investigate the roles that export-tax and import-tariff avoidance play in explaining this discrepancy. We find strong evidence of export-tax avoidance for China’s exports to New Zealand that explains 11–27% of the missing exports, equivalent to 3.9–8.8% of true export value. We find only weak evidence of import-tariff avoidance in either direction.
Journal: New Zealand Economic Papers
Pages: 161-189
Issue: 2
Volume: 54
Year: 2020
Month: 5
X-DOI: 10.1080/00779954.2019.1624598
File-URL: http://hdl.handle.net/10.1080/00779954.2019.1624598
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:54:y:2020:i:2:p:161-189




Template-Type: ReDIF-Article 1.0
Author-Name: Geoffrey Brooke
Author-X-Name-First: Geoffrey
Author-X-Name-Last: Brooke
Author-Name: Lydia Cheung
Author-X-Name-First: Lydia
Author-X-Name-Last: Cheung
Title: Male height and wellbeing in nineteenth century New Zealand: an analysis of the Boer War contingents
Abstract: 
 We report on the heights and physical characteristics of New Zealand soldiers who served in the Second Boer War. Adult heights are widely used as evidence of the standard of living. The adult NZ-born soldiers had a mean height of over 68 in., which is tall for the period and consistent with NZ having a high standard of living at the turn of the twentieth century. To explore the implications of using self-reported ages, we match soldiers to their birth records to establish their true age. We document a tendency for young soldiers to over-state their age. When we use self-reported ages, the youngest adult cohort are a statistically significant 0.35 in. shorter than the base cohort. When we use true ages, they are a statistically insignificant 0.18 in. shorter. This suggests that greater care is needed in the use and interpretation of historical enlistment data for estimating adult heights.
Journal: New Zealand Economic Papers
Pages: 190-209
Issue: 2
Volume: 54
Year: 2020
Month: 5
X-DOI: 10.1080/00779954.2020.1716835
File-URL: http://hdl.handle.net/10.1080/00779954.2020.1716835
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:54:y:2020:i:2:p:190-209




Template-Type: ReDIF-Article 1.0
Author-Name: Stephen P. Jenkins
Author-X-Name-First: Stephen P.
Author-X-Name-Last: Jenkins
Title: Better off? Distributional comparisons for ordinal data about personal well-being
Abstract: 
 How to undertake distributional comparisons when personal well-being is measured using income is well-established. But what if personal well-being is measured using subjective well-being indicators such as life satisfaction or self-assessed health status? Has average well-being increased or well-being inequality decreased? How does the distribution of well-being in New Zealand compare with that in Australia, or between young and old people in New Zealand? This paper addresses questions such as these, stimulated by the increasing weight put on subjective well-being measures by international agencies such as the OECD and national governments including New Zealand’s. The paper reviews the methods appropriate for distributional comparisons in the ordinal data context, comparing them with those routinely used for comparisons of income distributions. The methods are illustrated using data from the World Values Survey.
Journal: New Zealand Economic Papers
Pages: 211-238
Issue: 3
Volume: 54
Year: 2020
Month: 9
X-DOI: 10.1080/00779954.2019.1697729
File-URL: http://hdl.handle.net/10.1080/00779954.2019.1697729
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:54:y:2020:i:3:p:211-238




Template-Type: ReDIF-Article 1.0
Author-Name: Roger Douglas
Author-X-Name-First: Roger
Author-X-Name-Last: Douglas
Author-Name: Robert MacCulloch
Author-X-Name-First: Robert
Author-X-Name-Last: MacCulloch
Title: A welfare reform for New Zealand: mandatory savings not taxation
Abstract: 
 Many nations are seeking to reform their welfare states so that costs to the government can be reduced and the quality of outcomes improved. In this paper we show how mandatory savings accounts can be established in order to turn a publicly funded welfare system into one that relies more heavily on individuals funding welfare payments out of their own accounts. To our knowledge, showing how a tax and welfare reform can be jointly designed to enable this transition to occur in a way that minimizes any effect on the current disposable incomes of workers has not been done before. The paper takes a new unified approach to the funding of health, retirement and risk-cover, using New Zealand as a case study. Our proposed reform relieves the fiscal pressures which an ageing population is forecast to place on the government budget in the coming decades.
Journal: New Zealand Economic Papers
Pages: 239-273
Issue: 3
Volume: 54
Year: 2020
Month: 9
X-DOI: 10.1080/00779954.2019.1659846
File-URL: http://hdl.handle.net/10.1080/00779954.2019.1659846
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:54:y:2020:i:3:p:239-273




Template-Type: ReDIF-Article 1.0
Author-Name: Richard Penny
Author-X-Name-First: Richard
Author-X-Name-Last: Penny
Title: Modelling income data with exogenous measurement factors
Abstract: 
 With the increasing use of administrative data for analysis it is necessary to understand possible measurement artefacts that can arise from the way the administrative data is collected and recorded. One possibility is when the period covered by the data does not conform to a standard time period. Data collected on a weekly or fortnightly basis but reported monthly is a common pattern, the supply of employee earnings data to the New Zealand tax department being an example. In this case the month to month changes in the reported time series do not reflect true changes in monthly earnings. It is possible to extend time series models to identify the pay period used by a business and potentially adjust the data to take account of this measurement effect.
Journal: New Zealand Economic Papers
Pages: 274-284
Issue: 3
Volume: 54
Year: 2020
Month: 9
X-DOI: 10.1080/00779954.2020.1791938
File-URL: http://hdl.handle.net/10.1080/00779954.2020.1791938
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:54:y:2020:i:3:p:274-284




Template-Type: ReDIF-Article 1.0
Author-Name: R. I. D. Harris
Author-X-Name-First: R. I. D.
Author-X-Name-Last: Harris
Title: The importance of frontier firms in total factor productivity in New Zealand, 2001–2016
Abstract: 
 Using firm-level panel data and estimating production functions for 37 industries, covering the 2001–16 period, this paper finds little evidence of major changes in frontier TFP over 2001–16, and limited evidence of catching-up; that is, it seems very likely that New Zealand firms at the national frontier are not keeping pace with global frontier firms. The most important conclusion from this study is that while there is some evidence of a failure of productivity-enhancing technologies to diffuse from firms operating at the national productivity frontier, the major problem is failure of productivity-enhancing technologies to diffuse from firms operating at the global productivity frontier. New Zealand’s major problem is that frontier firms are underperforming because of their characteristics (e.g. small and lacking international connections) while productivity is overall adversely affected by a lack of competition, which generally creates barriers to exiting and insufficient reallocation of market shares from lower- to higher-productivity firms.
Journal: New Zealand Economic Papers
Pages: 285-311
Issue: 3
Volume: 54
Year: 2020
Month: 9
X-DOI: 10.1080/00779954.2020.1806339
File-URL: http://hdl.handle.net/10.1080/00779954.2020.1806339
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:54:y:2020:i:3:p:285-311




Template-Type: ReDIF-Article 1.0
Author-Name: Viv B. Hall
Author-X-Name-First: Viv B.
Author-X-Name-Last: Hall
Author-Name: C. John McDermott
Author-X-Name-First: C. John
Author-X-Name-Last: McDermott
Title: The business cycle and monetary policy: what changed after the GFC?
Abstract: 
 To examine changes in the nature of the business cycle and its interaction with monetary policy we estimate a small open economy New Keynesian model using two time periods, one prior to the Global Financial Crisis (GFC) of 2007–2009 and one post the financial crisis. The model has the standard features of sticky prices and monopolistic competition. To fit the data the model also allows for households with a degree of habit persistence and a proportion of firms whose pricing decisions are simply to index to past inflation. Our results indicate the main difference pre- and post-GFC is that the economy has become less interest rate sensitive. Therefore, to stabilize the output and inflation, monetary policy actions need to be stronger than they were prior to the GFC. Moreover, the reduction in neutral interest rates post-GFC has resulted in additional transitional dynamics that have lowered inflation and output.
Journal: New Zealand Economic Papers
Pages: 312-326
Issue: 3
Volume: 54
Year: 2020
Month: 9
X-DOI: 10.1080/00779954.2020.1817135
File-URL: http://hdl.handle.net/10.1080/00779954.2020.1817135
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:54:y:2020:i:3:p:312-326




Template-Type: ReDIF-Article 1.0
Author-Name: Ryan Greenaway-McGrevy
Author-X-Name-First: Ryan
Author-X-Name-Last: Greenaway-McGrevy
Author-Name: Peter C. B. Phillips
Author-X-Name-First: Peter C. B.
Author-X-Name-Last: Phillips
Title: House prices and affordability
Journal: New Zealand Economic Papers
Pages: 1-6
Issue: 1
Volume: 55
Year: 2021
Month: 01
X-DOI: 10.1080/00779954.2021.1878328
File-URL: http://hdl.handle.net/10.1080/00779954.2021.1878328
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:55:y:2021:i:1:p:1-6




Template-Type: ReDIF-Article 1.0
Author-Name: Arthur Grimes
Author-X-Name-First: Arthur
Author-X-Name-Last: Grimes
Author-Name: Kade Sorensen
Author-X-Name-First: Kade
Author-X-Name-Last: Sorensen
Author-Name: Chris Young
Author-X-Name-First: Chris
Author-X-Name-Last: Young
Title: Repeat sales house price indices: comparative properties under alternative data generation processes
Abstract: 
 Accurate analysis of housing markets requires the use of an appropriate house price index. We compare the properties of two common repeat sales house price indices [Bailey, Muth and Nourse (BMN) and Case-nd Shiller (CS)] with those of Gao and Wang’s unbalanced panel (UP) approach. Using data across three differing housing markets within New Zealand, the three indices produce similar measures of house price movements. When evaluated using separate training and testing sub-samples of the data, none of the three measures is unambiguously superior to the others. When we test properties using simulated data with alternative data generation processes, a clear result emerges: The CS method is clearly superior when relative house prices follow an actual or near random walk; otherwise the UP method is (slightly) superior. Thus researchers should consider the time series properties of their data when choosing a method of house price index construction.
Journal: New Zealand Economic Papers
Pages: 7-18
Issue: 1
Volume: 55
Year: 2021
Month: 1
X-DOI: 10.1080/00779954.2019.1612937
File-URL: http://hdl.handle.net/10.1080/00779954.2019.1612937
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:55:y:2021:i:1:p:7-18




Template-Type: ReDIF-Article 1.0
Author-Name: G.C.K. Cooper
Author-X-Name-First: G.C.K.
Author-X-Name-Last: Cooper
Author-Name: K. Namit
Author-X-Name-First: K.
Author-X-Name-Last: Namit
Title: City with a billion dollar view
Abstract: 
 The growth and intensification of many urban areas has meant city governments increasingly face pressure to limit development to preserve iconic city views. This is frequently achieved through ‘viewshafts’ or ‘sight lines’ that regulate development height across vast urban landscapes. While prevalent in many planning rule books, these policies are rarely subjected to rigorous economic appraisal, despite the large costs they can impose on local areas. We use a regression discontinuity to evaluate one such policy in Auckland, New Zealand which bifurcates the central business district (CBD). We find that the net cost of the policy to the local area is NZ$1.366 billion, or 16% of private land value in the CBD. At the margin, the constraint reduces land values by 40%. While removing these policies is not always easy or necessarily desirable, there may be value in optimization. One theoretical viewshaft alignment could reduce the net cost by 43%.
Journal: New Zealand Economic Papers
Pages: 19-37
Issue: 1
Volume: 55
Year: 2021
Month: 1
X-DOI: 10.1080/00779954.2018.1509110
File-URL: http://hdl.handle.net/10.1080/00779954.2018.1509110
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:55:y:2021:i:1:p:19-37




Template-Type: ReDIF-Article 1.0
Author-Name: Imad Rherrad
Author-X-Name-First: Imad
Author-X-Name-Last: Rherrad
Author-Name: Jean-Louis Bago
Author-X-Name-First: Jean-Louis
Author-X-Name-Last: Bago
Author-Name: Mardochée Mokengoy
Author-X-Name-First: Mardochée
Author-X-Name-Last: Mokengoy
Title: Real estate bubbles and contagion: new empirical evidence from Canada
Abstract: 
 This paper investigates the presence of bubbles in the new housing market and resale housing market of four Canadian census metropolitan areas (CMAs): Vancouver, Toronto, Victoria and Hamilton, and whether the bubbles are contagious. The GSADF test developed by Phillips, Shi, and Yu (2015) is applied on a monthly price-to-rent ratio from January 1988 to December 2018 to date-stamp episodes of bubbles in these markets. Our results suggest that among the four CMAs, only the resale housing market of Victoria was exuberant, while for the new housing market, both Victoria and Vancouver experienced exuberance. Subsequently, using a non-parametric model with time-varying coefficients performed by Greenaway-McGrevy and Phillips (2016), we find the evidence of bubbles migration from the new housing and resale housing markets within and between these CMAs.
Journal: New Zealand Economic Papers
Pages: 38-51
Issue: 1
Volume: 55
Year: 2021
Month: 01
X-DOI: 10.1080/00779954.2020.1791940
File-URL: http://hdl.handle.net/10.1080/00779954.2020.1791940
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:55:y:2021:i:1:p:38-51




Template-Type: ReDIF-Article 1.0
Author-Name: Xinghua Liu
Author-X-Name-First: Xinghua
Author-X-Name-Last: Liu
Author-Name: Qiang Li
Author-X-Name-First: Qiang
Author-X-Name-Last: Li
Author-Name: Satish Chand
Author-X-Name-First: Satish
Author-X-Name-Last: Chand
Author-Name: Keiran Sharpe
Author-X-Name-First: Keiran
Author-X-Name-Last: Sharpe
Title: Effects of air quality on house prices: evidence from China’s Huai River Policy
Abstract: 
 We employ a regression discontinuity (RD) design to estimate the impact of air pollution on house prices across a river that demarcates regions with and without coal-fired heating resulting from the Huai River Policy. This policy was decreed by the Chinese government in the 1950s and mandated the burning of coal for indoor heating at subsidised prices north of the Huai River. Employing quasi-experimental variation in particulate matter of 10 micrometres or less in aerodynamic diameter (PM10) generated by this arbitrary policy and a regression discontinuity (RD) design based on distance from Huai River, we estimate the local average treatment effect (LATE) to provide new evidence on the capitalisation of PM10 air pollution into house values. By using panel data covering 30 large cities on either side of the river for the period 2006–2015, we found that 1 µg/m3 (micrograms per cubic metre) reduction in average PM10 is associated with an approximately 1% increase in house prices. The results are robust to using parametric and nonparametric estimation methods, adjustment to a rich set of covariates, and using a subsample excluding first-tier cities.
Journal: New Zealand Economic Papers
Pages: 52-65
Issue: 1
Volume: 55
Year: 2021
Month: 01
X-DOI: 10.1080/00779954.2020.1827014
File-URL: http://hdl.handle.net/10.1080/00779954.2020.1827014
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:55:y:2021:i:1:p:52-65




Template-Type: ReDIF-Article 1.0
Author-Name: Peter Nunns
Author-X-Name-First: Peter
Author-X-Name-Last: Nunns
Title: The causes and economic consequences of rising regional housing prices in New Zealand
Abstract: 
 This paper explores the causes and economic consequences of recent increases and divergences in regional house prices in New Zealand. It identifies large and increasing ‘wedges’ between house prices and underlying supply costs. These house price distortions arise from the collision of rising demand for housing with housing supply constraints, including zoning rules that limit new subdivision and redevelopment of existing sites. Regions with larger starting price distortions appear to have experienced larger increases in house prices and rents in response to migration shocks. This results in large economic costs due to misallocation of labour away from high-productivity regions in New Zealand and increased net migration to Australia. A calibrated spatial equilibrium model is used to investigate what would have happened if house price distortions had increased at a slower rate in recent decades due to relaxation of supply constraints. This model implies that comprehensively removing constraints to housing supply would have increased New Zealand’s total economic output by up to 8.4%, increased per-worker output by 0.9%, and eliminated recent net migration outflows to Australia. More plausible counterfactual scenarios would result in smaller, but still economically meaningful, gains on the order of one to five percent of gross domestic product.
Journal: New Zealand Economic Papers
Pages: 66-104
Issue: 1
Volume: 55
Year: 2021
Month: 01
X-DOI: 10.1080/00779954.2020.1791939
File-URL: http://hdl.handle.net/10.1080/00779954.2020.1791939
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:55:y:2021:i:1:p:66-104




Template-Type: ReDIF-Article 1.0
Author-Name: Efthymios Pavlidis
Author-X-Name-First: Efthymios
Author-X-Name-Last: Pavlidis
Author-Name: Ivan Paya
Author-X-Name-First: Ivan
Author-X-Name-Last: Paya
Author-Name: Alexandros Skouralis
Author-X-Name-First: Alexandros
Author-X-Name-Last: Skouralis
Title: House prices, (un)affordability and systemic risk
Abstract: 
 This is the first paper to examine the role of the real estate sector and housing unaffordability in the determination of systemic risk. We measure the systemic risk of the UK by employing the 
 $\Delta {\rm CoVaR} $ΔCoVaR method developed by Adrian and Brunnermeier [(2016). CoVaR. American Economic Review, 106(7), 1705–1741] and we explore both its cross-sectional and time series behaviour. Regarding the former, we show that when the real estate sector is under distress the tail risk of the entire financial system increases significantly. With respect to the latter, the findings of our dynamic model suggest that sustainable house prices positively contribute to the stability of the financial sector; whilst house price exuberance and rapid increases in housing unaffordability amplify systemic risk. Finally, we examine the conjecture that the banking sector comprises a transmission channel from the housing market to systemic risk. Our empirical results are in line with this argument and highlight the key role of housing unaffordability.
Journal: New Zealand Economic Papers
Pages: 105-123
Issue: 1
Volume: 55
Year: 2021
Month: 1
X-DOI: 10.1080/00779954.2020.1718185
File-URL: http://hdl.handle.net/10.1080/00779954.2020.1718185
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:55:y:2021:i:1:p:105-123




Template-Type: ReDIF-Article 1.0
Author-Name: Lipeng Chen
Author-X-Name-First: Lipeng
Author-X-Name-Last: Chen
Author-Name: Liang Jiang
Author-X-Name-First: Liang
Author-X-Name-Last: Jiang
Author-Name: Sock-Yong Phang
Author-X-Name-First: Sock-Yong
Author-X-Name-Last: Phang
Author-Name: Jun Yu
Author-X-Name-First: Jun
Author-X-Name-Last: Yu
Title: Housing equity and household consumption in retirement: evidence from the Singapore Life Panel©
Abstract: 
 Housing affordability for elderly homeowners involves an entirely different set of issues as compared to housing affordability for first-time homeowners. To afford to ‘age-in-place’ may require homeowners to access channels that enable them to withdraw their housing equity to finance consumption in retirement. We utilize data from the Singapore Life Panel© survey to empirically investigate the impact of housing equity on the consumption of elderly households. Based on panel analysis, we find housing equity value has no significant impact on non-durable consumption for elderly people. The conclusion holds for a battery of robustness checks. Moreover, heterogeneity analyses based on subsamples by the health condition, the age of household head, the house type, and the number of properties owned also show no significant impact of housing equity on consumption. Finally, we use scenario analysis to study the Lease Buyback Scheme (LBS), a novel housing equity monetization scheme that allows elderly households to unlock housing equity for retirement financing. An individual scenario analysis reveals positive but negligible effects, which may explain the low take-up rate for the LBS.
Journal: New Zealand Economic Papers
Pages: 124-140
Issue: 1
Volume: 55
Year: 2021
Month: 01
X-DOI: 10.1080/00779954.2020.1842794
File-URL: http://hdl.handle.net/10.1080/00779954.2020.1842794
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:55:y:2021:i:1:p:124-140




Template-Type: ReDIF-Article 1.0
Author-Name: Mario A. Fernandez
Author-X-Name-First: Mario A.
Author-X-Name-Last: Fernandez
Author-Name: Gonzalo E. Sánchez
Author-X-Name-First: Gonzalo E.
Author-X-Name-Last: Sánchez
Author-Name: Santiago Bucaram
Author-X-Name-First: Santiago
Author-X-Name-Last: Bucaram
Title: Price effects of the special housing areas in Auckland
Abstract: 
 Housing prices in Auckland have persistently increased in the last decade. To fast-track development of housing, Special Housing Areas (SHAs) were created in September 2013 as a measure to improve affordability. It is not clear the extent of the success (or failure) of SHAs as they were disestablished by May 2017. This paper investigates the causal effects of the SHAs programme on housing prices and the implications on affordability. We used a dataset comprising more than 170 thousand sales transactions between 2011 and 2016 in Auckland. Our approach consists of a Difference-in-Difference approach where the treatment consists of tranches of land designated as SHAs. Our results indicate that the SHAs caused an average price increase of approximately 5% and did not contribute to increases in the likelihood of affordable transactions. These findings are robust across several specifications and question the effectiveness of the SHAs on improving affordability.
Journal: New Zealand Economic Papers
Pages: 141-154
Issue: 1
Volume: 55
Year: 2021
Month: 1
X-DOI: 10.1080/00779954.2019.1588916
File-URL: http://hdl.handle.net/10.1080/00779954.2019.1588916
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:55:y:2021:i:1:p:141-154




Template-Type: ReDIF-Article 1.0
Author-Name: Richard Watt
Author-X-Name-First: Richard
Author-X-Name-Last: Watt
Title: The 2020 Nobel Memorial Prize in economics: the Canterbury connection
Abstract: 
 The 2020 Nobel Memorial Prize in Economics (officially known as The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel), was awarded to two professors from Stanford University, Paul Milgrom and Robert Wilson, ‘for improvements to auction theory and inventions of new auction formats’. What is probably less well-known is the notable impact made by two New Zealand economists, both economics graduates from the University of Canterbury, in shaping the theory of auctions for which the prize was awarded. This paper looks at the ‘web of influence’ among the two New Zealand economists and the two new Nobel prize winners in as far as the development of auction theory is concerned.
Journal: New Zealand Economic Papers
Pages: 166-172
Issue: 2
Volume: 55
Year: 2021
Month: 05
X-DOI: 10.1080/00779954.2021.1950200
File-URL: http://hdl.handle.net/10.1080/00779954.2021.1950200
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:55:y:2021:i:2:p:166-172




Template-Type: ReDIF-Article 1.0
Author-Name: Isabelle Bouchard
Author-X-Name-First: Isabelle
Author-X-Name-Last: Bouchard
Author-Name: Lydia Cheung
Author-X-Name-First: Lydia
Author-X-Name-Last: Cheung
Author-Name: Gail Pacheco
Author-X-Name-First: Gail
Author-X-Name-Last: Pacheco
Title: Evaluating the impact of 20 hours free early childhood education on mothers’ labour force participation and earnings
Abstract: 
 New Zealand introduced a substantial childcare subsidy just over a decade ago, providing 20 hours free early childhood education (ECE) to all three- and four-year-olds. We evaluate the impact of this policy shift on mothers’ labour market participation and earnings. Using a difference-in-differences strategy and population-wide administrative panel data, we follow mothers’ quarterly earnings from pre-pregnancy to six years post-childbirth. The estimated impact of the ECE reform varies depending on the number of children eligible. For mothers with one child, there is some evidence of a drop in labour market participation and earnings, which potentially indicates this group is using the savings in ECE expenditure, a gain in real income, to consume more non-work time. For mothers with two eligible children, there is an increase in labour market participation, potentially because these households find it more worthwhile to increase ECE consumption and return to work when there are two children who benefit from the policy.
Journal: New Zealand Economic Papers
Pages: 188-202
Issue: 2
Volume: 55
Year: 2021
Month: 05
X-DOI: 10.1080/00779954.2020.1791941
File-URL: http://hdl.handle.net/10.1080/00779954.2020.1791941
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:55:y:2021:i:2:p:188-202




Template-Type: ReDIF-Article 1.0
Author-Name: Kartik Anand
Author-X-Name-First: Kartik
Author-X-Name-Last: Anand
Author-Name: Prasanna Gai
Author-X-Name-First: Prasanna
Author-X-Name-Last: Gai
Title: The safe asset frontier
Abstract: 
 We identify the frontier between safe and unsafe assets and show how the growth rate of the economy and its fiscal capacity interact with differences of opinion amongst investors to determine the safe asset equilibrium. Multiple equilibria emerge in our set-up due to strategic complementarities across counterparties, and the safety of the bond depends on the extent to which investors' opinions diverge from the credit rating of the asset.
Journal: New Zealand Economic Papers
Pages: 155-165
Issue: 2
Volume: 55
Year: 2021
Month: 5
X-DOI: 10.1080/00779954.2019.1688469
File-URL: http://hdl.handle.net/10.1080/00779954.2019.1688469
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:55:y:2021:i:2:p:155-165




Template-Type: ReDIF-Article 1.0
Author-Name: Stephanié Rossouw
Author-X-Name-First: Stephanié
Author-X-Name-Last: Rossouw
Author-Name: Talita Greyling
Author-X-Name-First: Talita
Author-X-Name-Last: Greyling
Title: Inequality in South Africa: what does a composite index of well-being reveal?
Abstract: 
 In this paper, we construct a multidimensional composite well-being measure for South Africa at a micro-level. This allows us to compare the inequalities in well-being in 2008 and 2017. Additionally, we determine the factors, which are significantly related to the inequality in well-being at these two points in time, using recentered influence function (RIF) regressions. Lastly, we use the Blinder–Oaxaca decomposition technique to determine if the change in well-being inequality, is mainly due to an endowment – or a coefficient effect. The RIF results show factors increasing well-being inequality are demographic but also extends to knowledge and skills in the technology sector, access to financial markets, transport and living outside of urban centres. Blinder–Oaxaca decomposition results indicate the difference in well-being inequality is mainly due to the coefficient effect. Policies should not only endeavour to attain a more equal spread of endowments but should also consider the elasticities of these endowments.
Journal: New Zealand Economic Papers
Pages: 221-243
Issue: 2
Volume: 55
Year: 2021
Month: 05
X-DOI: 10.1080/00779954.2021.1904439
File-URL: http://hdl.handle.net/10.1080/00779954.2021.1904439
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:55:y:2021:i:2:p:221-243




Template-Type: ReDIF-Article 1.0
Author-Name: John Creedy
Author-X-Name-First: John
Author-X-Name-Last: Creedy
Author-Name: Norman Gemmell
Author-X-Name-First: Norman
Author-X-Name-Last: Gemmell
Author-Name: Athene Laws
Author-X-Name-First: Athene
Author-X-Name-Last: Laws
Title: Relative income dynamics of individuals in New Zealand
Abstract: 
 This paper reports estimates of simple models of income dynamics, using longitudinal income data for 1994 to 2012 from New Zealand Inland Revenue. Income changes are described using a simple autoregressive stochastic process in which Galtonian regression is combined with serial correlation in the stochastic term. The parameters of the model have convenient interpretations. Substantial regression towards the mean combined with negative serial correlation is observed, with remarkable parameter stability over the whole period. The estimates imply that, on average, relatively high income individuals have lower proportional increases in income from year to year compared with lower income individuals, and those with large increases in one year are more likely to experience decreases the following year. These dynamics are shown to be sufficient to ensure that cross-sectional indices of inequality fall as the accounting period increases.
Journal: New Zealand Economic Papers
Pages: 203-220
Issue: 2
Volume: 55
Year: 2021
Month: 5
X-DOI: 10.1080/00779954.2019.1665574
File-URL: http://hdl.handle.net/10.1080/00779954.2019.1665574
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:55:y:2021:i:2:p:203-220




Template-Type: ReDIF-Article 1.0
Author-Name: Viv B. Hall
Author-X-Name-First: Viv B.
Author-X-Name-Last: Hall
Author-Name: C. John McDermott
Author-X-Name-First: C. John
Author-X-Name-Last: McDermott
Title: Changes in New Zealand's business insolvency rates after the GFC
Abstract: 
 We examine the question of whether the rate of business insolvencies in New Zealand is related to overall macroeconomic conditions. In particular, our interest is in whether the rate of business insolvencies changed in the wake of the Global Financial Crisis (GFC). We find that there was a large increase in insolvencies in New Zealand following the onset of the GFC in 2008. We also find that the timing of the change did not occur uniformly over the country but occurred at different times in four key regional centres. Sharply rising relative costs were the most important macroeconomic factor influencing corporate insolvencies in New Zealand, Auckland, Waikato and Wellington, but have been immaterial in determining New Zealand's total personal insolvencies. It is employment growth and house price inflation that have been significant in explaining total personal insolvencies.
Journal: New Zealand Economic Papers
Pages: 173-187
Issue: 2
Volume: 55
Year: 2021
Month: 5
X-DOI: 10.1080/00779954.2019.1703792
File-URL: http://hdl.handle.net/10.1080/00779954.2019.1703792
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:55:y:2021:i:2:p:173-187




Template-Type: ReDIF-Article 1.0
Author-Name: Andrew Besuyen
Author-X-Name-First: Andrew
Author-X-Name-Last: Besuyen
Author-Name: Tom Coupé
Author-X-Name-First: Tom
Author-X-Name-Last: Coupé
Author-Name: Kuntal K. Das
Author-X-Name-First: Kuntal K.
Author-X-Name-Last: Das
Title: Effectiveness of foreign exchange interventions: evidence from New Zealand
Abstract: 
 This paper examines the effectiveness of explicit and implicit foreign exchange (FX) interventions in New Zealand: one secret spot market intervention and two implicit interventions – a regular Monetary Policy Statement (MPS) and an unexpected oral intervention by the Reserve Bank of New Zealand (RBNZ) governor addressing the New Zealand Dollar (NZD). By applying a synthetic control methodology to a unique dataset of RBNZ interventions, we construct a counterfactual to estimate their effect. The results indicate that the actual intervention and the MPS release were ineffective in moving the NZD. However, the speech depreciated the NZD by 1.12%, although the effect was small and short lived. Our findings suggest that FX interventions, explicit or implicit, are a weak policy tool to affect the exchange rate in New Zealand.
Journal: New Zealand Economic Papers
Pages: 289-309
Issue: 3
Volume: 55
Year: 2021
Month: 09
X-DOI: 10.1080/00779954.2020.1871063
File-URL: http://hdl.handle.net/10.1080/00779954.2020.1871063
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:55:y:2021:i:3:p:289-309




Template-Type: ReDIF-Article 1.0
Author-Name: Hanna Habibi
Author-X-Name-First: Hanna
Author-X-Name-Last: Habibi
Author-Name: Kate C. Prickett
Author-X-Name-First: Kate C.
Author-X-Name-Last: Prickett
Author-Name: Michael Fletcher
Author-X-Name-First: Michael
Author-X-Name-Last: Fletcher
Author-Name: Simon Chapple
Author-X-Name-First: Simon
Author-X-Name-Last: Chapple
Title: Work circumstances, job loss, and wellbeing during New Zealand’s Covid-19 Alert Level 4 lockdown
Abstract: 
 The Covid-19 pandemic has changed the way work is conducted resulted in widespread unemployment – both of which may have consequences for workers’ wellbeing. Using unique data collected during New Zealand’s Alert Level 4 lockdown, this paper examines differences in affective wellbeing among surveyed workers (n = 1,238) who lost jobs due to the lockdown and those who remained employed. We found that those who lost jobs, compared to those who remained employed, experienced poorer wellbeing. Essential workers also experienced more stress and worry than other workers. The findings can inform policy aimed at buffering workers from the negative consequence of pandemic-related restrictions.
Journal: New Zealand Economic Papers
Pages: 310-318
Issue: 3
Volume: 55
Year: 2021
Month: 09
X-DOI: 10.1080/00779954.2020.1871064
File-URL: http://hdl.handle.net/10.1080/00779954.2020.1871064
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:55:y:2021:i:3:p:310-318




Template-Type: ReDIF-Article 1.0
Author-Name: Rhema Vaithianathan
Author-X-Name-First: Rhema
Author-X-Name-Last: Vaithianathan
Author-Name: Tim Maloney
Author-X-Name-First: Tim
Author-X-Name-Last: Maloney
Author-Name: Moira Wilson
Author-X-Name-First: Moira
Author-X-Name-Last: Wilson
Author-Name: Anita Staneva
Author-X-Name-First: Anita
Author-X-Name-Last: Staneva
Author-Name: Nan Jiang
Author-X-Name-First: Nan
Author-X-Name-Last: Jiang
Title: The impact of school-based support on educational outcomes of teen-mothers: evidence from linked administrative data
Abstract: 
 Teen Parent Units (TPUs) provide education and support for high school students who are pregnant or parents in New Zealand. They provide childcare, links to health and other social services, guidance and mentoring. Because this programme is only available in some schools, evaluation is possible using teen mothers and schools in other geographic areas as controls. Using administrative data, this study evaluates the impact of TPUs on school attendance and completion outcomes amongst nearly all teen mothers born between 1991 and 1994 in New Zealand. We find that young women who had access to TPUs were less likely to dropout of school and more likely to complete school qualifications. Among all teen mothers, access to a TPU at or prior to conception significantly increased the probability of school enrolment after giving birth. Among teen mothers enrolled in school post-birth, TPU access substantially increased the probabilities of completing formal high school qualifications.
Journal: New Zealand Economic Papers
Pages: 245-262
Issue: 3
Volume: 55
Year: 2021
Month: 09
X-DOI: 10.1080/00779954.2021.1948909
File-URL: http://hdl.handle.net/10.1080/00779954.2021.1948909
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:55:y:2021:i:3:p:245-262




Template-Type: ReDIF-Article 1.0
Author-Name: John Creedy
Author-X-Name-First: John
Author-X-Name-Last: Creedy
Title: Distinguished fellow lecture: a journey with the catallactists
Abstract: 
 This lecture examines the nature of the changing focus of economics during the 19th century, which is often referred to as the ‘marginal revolution’. The change is characterised as a focus on the theory of exchange, and the beginnings of welfare economics. Attention is given to early contributions by J.S. Mill, Cournot, and Whewell, and the ‘neoclassical economists, Jevons, Marshall, Walras and Edgeworth.
Journal: New Zealand Economic Papers
Pages: 319-331
Issue: 3
Volume: 55
Year: 2021
Month: 09
X-DOI: 10.1080/00779954.2021.1963137
File-URL: http://hdl.handle.net/10.1080/00779954.2021.1963137
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:55:y:2021:i:3:p:319-331




Template-Type: ReDIF-Article 1.0
Author-Name: Richard T. Froyen
Author-X-Name-First: Richard T.
Author-X-Name-Last: Froyen
Author-Name: Alfred V. Guender
Author-X-Name-First: Alfred V.
Author-X-Name-Last: Guender
Title: A re-evaluation of the choice of an inflation target in the wake of the global financial crisis
Abstract: 
 Through an appropriate choice of inflation objective – a real-exchange-rate-adjusted (REX) inflation target – the central bank can limit fluctuations in real economic activity which has become a cause of great concern in recent years in many small open economies. REX inflation targeting dominates CPI targeting from the standpoint of output gap stabilization. CPI inflation targeting dominates REX inflation targeting from the standpoint of stabilizing inflation, nominal interest rates and real exchange rates. These results help inform ongoing discussions of possible alternatives for the existing flexible inflation targeting framework.
Journal: New Zealand Economic Papers
Pages: 277-288
Issue: 3
Volume: 55
Year: 2021
Month: 9
X-DOI: 10.1080/00779954.2020.1715469
File-URL: http://hdl.handle.net/10.1080/00779954.2020.1715469
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:55:y:2021:i:3:p:277-288




Template-Type: ReDIF-Article 1.0
Author-Name: Ch’ng Kean-Siang
Author-X-Name-First: Ch’ng
Author-X-Name-Last: Kean-Siang
Author-Name: Suresh Narayanan
Author-X-Name-First: Suresh
Author-X-Name-Last: Narayanan
Author-Name: Tan Scaik Lin
Author-X-Name-First: Tan
Author-X-Name-Last: Scaik Lin
Title: Gender differences in weighing probability and payoffs in risky prospects: experimental evidence from Malaysia
Abstract: 
 This paper examines gender differences in evaluating the probability and the outcome (payoff) of a risky prospect, when making a decision in both the gain and loss domains in Malaysia. Our study adds to the small but growing literature on experimental studies in a non-Western context. We found that in evaluating the probability of a risky project, females appear to be more risk averse than males in the lotteries for which both genders were risk averse but seem to be more risk-seeking than males in lotteries for which both genders were predominantly risk-seeking. This was the case in both the loss and gain domains. In evaluating the outcome of risky projects, our results suggest that although both genders exhibit diminishing sensitivity to outcome/payoff of lotteries in both the loss and gain domains, the curvature in both domains was not significantly different for both genders. These findings are consistent with studies elsewhere and do not indicate that cultural contexts influence gender reactions to risk.
Journal: New Zealand Economic Papers
Pages: 263-276
Issue: 3
Volume: 55
Year: 2021
Month: 9
X-DOI: 10.1080/00779954.2019.1684349
File-URL: http://hdl.handle.net/10.1080/00779954.2019.1684349
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:55:y:2021:i:3:p:263-276




Template-Type: ReDIF-Article 1.0
Author-Name: Mark J. Holmes
Author-X-Name-First: Mark J.
Author-X-Name-Last: Holmes
Title: Citation for John Creedy to mark his Distinguished Fellow award by the New Zealand Association of Economists
Journal: New Zealand Economic Papers
Pages: 332-333
Issue: 3
Volume: 55
Year: 2021
Month: 09
X-DOI: 10.1080/00779954.2021.1959164
File-URL: http://hdl.handle.net/10.1080/00779954.2021.1959164
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:55:y:2021:i:3:p:332-333




Template-Type: ReDIF-Article 1.0
Author-Name: Benjamin Davies
Author-X-Name-First: Benjamin
Author-X-Name-Last: Davies
Author-Name: Arthur Grimes
Author-X-Name-First: Arthur
Author-X-Name-Last: Grimes
Title: COVID-19, lockdown and two-sided uncertainty
Abstract: 
 When COVID-19 struck, the New Zealand government had two choices: enter lockdown immediately or delay its decision. Delay would have enabled more information to emerge about health and economic dynamics, while preserving the option to act at a later date. However, delay may have destroyed the option to eradicate COVID-19. We model the government’s decision when faced with the uncertainty around health and economic dynamics generated by COVID-19. Our model captures both two-sided uncertainty and the dynamic consequences that flow from the government’s initial decision. Our analysis will help guide future policy decisions amid similarly complex uncertainties.
Journal: New Zealand Economic Papers
Pages: 49-54
Issue: 1
Volume: 56
Year: 2022
Month: 01
X-DOI: 10.1080/00779954.2020.1806340
File-URL: http://hdl.handle.net/10.1080/00779954.2020.1806340
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:56:y:2022:i:1:p:49-54




Template-Type: ReDIF-Article 1.0
Author-Name: John Gibson
Author-X-Name-First: John
Author-X-Name-Last: Gibson
Title: Government mandated lockdowns do not reduce Covid-19 deaths: implications for evaluating the stringent New Zealand response
Abstract: 
 The New Zealand policy response to Coronavirus was the most stringent in the world during the Level 4 lockdown. Up to 10 billion dollars of output (≈3.3% of GDP) was lost in moving to Level 4 rather than staying at Level 2, according to Treasury calculations. For lockdown to be optimal requires large health benefits to offset this output loss. Forecast deaths from epidemiological models are not valid counterfactuals, due to poor identification. Instead, I use empirical data, based on variation amongst United States counties, over one-fifth of which just had social distancing rather than lockdown. Political drivers of lockdown provide identification. Lockdowns do not reduce Covid-19 deaths. This pattern is visible on each date that key lockdown decisions were made in New Zealand. The apparent ineffectiveness of lockdowns suggests that New Zealand suffered large economic costs for little benefit in terms of lives saved.
Journal: New Zealand Economic Papers
Pages: 17-28
Issue: 1
Volume: 56
Year: 2022
Month: 01
X-DOI: 10.1080/00779954.2020.1844786
File-URL: http://hdl.handle.net/10.1080/00779954.2020.1844786
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:56:y:2022:i:1:p:17-28




Template-Type: ReDIF-Article 1.0
Author-Name: Richard Meade
Author-X-Name-First: Richard
Author-X-Name-Last: Meade
Title: Vaccinating the economy against Covid-19: ex post revenue insurance for firms and households to sustain economic confidence and aggregate demand
Abstract: 
 The Covid-19 pandemic risks causing a major collapse in ‘economic confidence’ – i.e. the beliefs of firms and households that all other firms and households will maintain their economic activity – and hence in aggregate demand. Economic responses like wage subsidies may prove inadequate for sustaining confidence due to their limited scope, and because their high cost makes them unsustainable. An alternative is ex post revenue insurance, enabling firms and households to borrow against their own future incomes to top up current pandemic-related income shortfalls. Making such loans repayable through future tax surcharges (along the lines of existing student loans schemes) is administratively feasible, and likely to be both more effective and affordable – and inter-generationally equitable – than existing support measures. Government pre-committing to making such loans available for as long as they are necessary should maintain economic confidence and aggregate demand, minimising the pandemic's economic harms.
Journal: New Zealand Economic Papers
Pages: 90-97
Issue: 1
Volume: 56
Year: 2022
Month: 01
X-DOI: 10.1080/00779954.2021.1877185
File-URL: http://hdl.handle.net/10.1080/00779954.2021.1877185
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:56:y:2022:i:1:p:90-97




Template-Type: ReDIF-Article 1.0
Author-Name: Dave Heatley
Author-X-Name-First: Dave
Author-X-Name-Last: Heatley
Title: A social cost–benefit framework for COVID-19 policy decisions
Abstract: 
 Important public sector decisions should be informed by cost–benefit analysis (CBA), according to the New Zealand Treasury. This paper explores whether policy decisions about COVID-19 responses are tractable and amenable to ex ante CBA. It does so with a worked example: a CBA of the decision to extend alert level 4 restrictions by a further 5 days on 20 April 2020, using the information that was known at the time. The paper concludes that such analysis is both tractable and a worthwhile input into COVID-19 decision making.
Journal: New Zealand Economic Papers
Pages: 41-48
Issue: 1
Volume: 56
Year: 2022
Month: 01
X-DOI: 10.1080/00779954.2020.1870538
File-URL: http://hdl.handle.net/10.1080/00779954.2020.1870538
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:56:y:2022:i:1:p:41-48




Template-Type: ReDIF-Article 1.0
Author-Name: Rup Singh
Author-X-Name-First: Rup
Author-X-Name-Last: Singh
Author-Name: Sumeet Lal
Author-X-Name-First: Sumeet
Author-X-Name-Last: Lal
Author-Name: Mohsin Khan
Author-X-Name-First: Mohsin
Author-X-Name-Last: Khan
Author-Name: Arvind Patel
Author-X-Name-First: Arvind
Author-X-Name-Last: Patel
Author-Name: Ronal Chand
Author-X-Name-First: Ronal
Author-X-Name-Last: Chand
Author-Name: Devendra Kumar Jain
Author-X-Name-First: Devendra Kumar
Author-X-Name-Last: Jain
Title: The COVID-19 experience in the Fiji Islands: some lessons for crisis management for small island developing states of the Pacific region and beyond
Abstract: 
 The COVID19 global pandemic has seriously disturbed Fiji, its people and the economy. Consequently, crisis management has been highly challenging in this small and vulnerable economy. Although the number of positive cases was low, the economic impact of COVID19 has been significant. In this paper, we identify several crisis management issues to better deal with the pandemic. These discussions can potentially improve Fiji’s response strategies and initiatives to safeguard public health and economic activity. Our evaluation indicates room for learning and innovation in Fiji’s health care services to ensure resilience and effective response mechanisms. The suggestions are not only useful for Fiji but also for other similar economies in the region. These suggestive strategies can work as proactive measures to combat second wave impact yet to come.
Journal: New Zealand Economic Papers
Pages: 67-72
Issue: 1
Volume: 56
Year: 2022
Month: 01
X-DOI: 10.1080/00779954.2020.1870534
File-URL: http://hdl.handle.net/10.1080/00779954.2020.1870534
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:56:y:2022:i:1:p:67-72




Template-Type: ReDIF-Article 1.0
Author-Name: John Gibson
Author-X-Name-First: John
Author-X-Name-Last: Gibson
Title: Rebuttal of Hendy, Wiles, Binny and Plank
Journal: New Zealand Economic Papers
Pages: 36-40
Issue: 1
Volume: 56
Year: 2022
Month: 01
X-DOI: 10.1080/00779954.2022.2034177
File-URL: http://hdl.handle.net/10.1080/00779954.2022.2034177
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:56:y:2022:i:1:p:36-40




Template-Type: ReDIF-Article 1.0
Author-Name: Ilan Noy
Author-X-Name-First: Ilan
Author-X-Name-Last: Noy
Author-Name: Nguyen Doan
Author-X-Name-First: Nguyen
Author-X-Name-Last: Doan
Author-Name: Tauisi Taupo
Author-X-Name-First: Tauisi
Author-X-Name-Last: Taupo
Title: The economic risk from COVID-19 in Pacific Island countries: very few infections but lots of pain
Abstract: 
 We forecast the economic loss from COVID-19 in Pacific Island countries using pre-pandemic data. Applying a risk measure proposed by Noy et al. (2020a. Measuring the Economic Risk of COVID-19. Global Policy. Forthcoming), we use pre-COVID data to compute principal component indices for exposure, vulnerability, and resilience to COVID risk in the Pacific. We rank all the Pacific Island Countries according to their risk profile. Alternatively, we use the concept of Lost Life-Years (LLY), developed in Noy (2016. A Global Comprehensive Measure of the Impact of Natural Hazards and Disasters. Global Policy, 7(1), 56–65), and derived from the World Health Organization’s Disability Adjusted Life Years (DALYs) method. We use the calculations of LLY to examine economic loss based on the forecasted losses associated with the declines in tourism, and with future growth, as predicted by the Asian Development Bank. The ranking of risk across the Pacific countries for each of these alternative measures is then compared.
Journal: New Zealand Economic Papers
Pages: 55-66
Issue: 1
Volume: 56
Year: 2022
Month: 01
X-DOI: 10.1080/00779954.2020.1827016
File-URL: http://hdl.handle.net/10.1080/00779954.2020.1827016
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:56:y:2022:i:1:p:55-66




Template-Type: ReDIF-Article 1.0
Author-Name: Paul Ho
Author-X-Name-First: Paul
Author-X-Name-Last: Ho
Author-Name: Thomas A. Lubik
Author-X-Name-First: Thomas A.
Author-X-Name-Last: Lubik
Author-Name: Christian Matthes
Author-X-Name-First: Christian
Author-X-Name-Last: Matthes
Title: Forecasting the COVID-19 epidemic: the case of New Zealand
Abstract: 
 We estimate a statistical model for COVID-19 cases and deaths in New Zealand. New Zealand is an important test case for statistical and theoretical research into the dynamics of the global pandemic since it went through a full cycle of infections. We choose functional forms for infections and deaths that incorporate important features of epidemiological models but allow for flexible parameterization to capture different trajectories of the pandemic. Our Bayesian estimation reveals that the simple statistical framework we employ fits the data well and allows for a transparent characterization of the uncertainty surrounding the trajectories of infections and deaths.
Journal: New Zealand Economic Papers
Pages: 9-16
Issue: 1
Volume: 56
Year: 2022
Month: 01
X-DOI: 10.1080/00779954.2020.1842795
File-URL: http://hdl.handle.net/10.1080/00779954.2020.1842795
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:56:y:2022:i:1:p:9-16




Template-Type: ReDIF-Article 1.0
Author-Name: Shaun C. Hendy
Author-X-Name-First: Shaun C.
Author-X-Name-Last: Hendy
Author-Name: Siouxsie Wiles
Author-X-Name-First: Siouxsie
Author-X-Name-Last: Wiles
Author-Name: Rachelle Binny
Author-X-Name-First: Rachelle
Author-X-Name-Last: Binny
Author-Name: Michael J. Plank
Author-X-Name-First: Michael J.
Author-X-Name-Last: Plank
Title: Comment on ‘Government mandated lockdowns do not reduce COVID-19 deaths: implications for evaluating the stringent New Zealand response’
Abstract: 
 In ‘Government mandated lockdowns do not reduce COVID-19 deaths: implications for evaluating the stringent New Zealand response’ (New Zealand Economic Papers, 2020), Gibson claims that ‘Lockdowns do not reduce COVID-19 deaths’ on the basis of an instrument variable linear regression on county-level cross-sectional data in the United States. Here we argue that Gibson’s analysis is not robust. In particular, Gibson (i) neglects the spatio-temporal heterogeneity in the spread of COVID-19 in the United States, namely that spread was from well-connected urban counties to more isolated rural counties; (ii) selects cross-sections at arbitrary times from what is an on-going spatially heterogeneous dynamical process, introducing bias that he fails to control for; and (iii) makes a choice of instrument variable (political affiliation) that is correlated with the heterogeneity (and therefore the bias) and that could plausibly influence the output variable in his regression independently of the explanatory variable.
Journal: New Zealand Economic Papers
Pages: 29-35
Issue: 1
Volume: 56
Year: 2022
Month: 01
X-DOI: 10.1080/00779954.2022.2034176
File-URL: http://hdl.handle.net/10.1080/00779954.2022.2034176
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:56:y:2022:i:1:p:29-35




Template-Type: ReDIF-Article 1.0
Author-Name: Martin Grančay
Author-X-Name-First: Martin
Author-X-Name-Last: Grančay
Title: Tourism sector in New Zealand – demand-side measures are necessary
Abstract: 
 The paper argues that to support its tourism industry New Zealand must move beyond the current supply-side measures and take action to stimulate demand. In the absence of international guests, tourism recovery has to focus on domestic travel. We suggest a system of holiday vouchers is introduced – a concept which has been adopted by numerous countries in Europe already.
Journal: New Zealand Economic Papers
Pages: 114-117
Issue: 1
Volume: 56
Year: 2022
Month: 01
X-DOI: 10.1080/00779954.2020.1844787
File-URL: http://hdl.handle.net/10.1080/00779954.2020.1844787
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:56:y:2022:i:1:p:114-117




Template-Type: ReDIF-Article 1.0
Author-Name: Le Wen
Author-X-Name-First: Le
Author-X-Name-Last: Wen
Author-Name: Mingyue (Selena) Sheng
Author-X-Name-First: Mingyue (Selena)
Author-X-Name-Last: Sheng
Author-Name: Basil Sharp
Author-X-Name-First: Basil
Author-X-Name-Last: Sharp
Title: The impact of COVID-19 on changes in community mobility and variation in transport modes
Abstract: 
 Using Google mobility data and Apple maps data we track changes in community mobility and transport modes during the COVID-19 Alert levels. Results show that Alert Level 4 – lockdown had a significant impact on the reduction in mobility and variation in transport mode. Mobility and transport mode progressively returned to pre-Alert Level 4 patterns with the exception of public transport. Regional heterogeneity in the variation of public transport use was evident in the data. Containment measures also had a significant negative effect on retail and recreation. Otago had a significantly delayed recovery in retail and recreation relative to other regions.
Journal: New Zealand Economic Papers
Pages: 98-105
Issue: 1
Volume: 56
Year: 2022
Month: 01
X-DOI: 10.1080/00779954.2020.1870536
File-URL: http://hdl.handle.net/10.1080/00779954.2020.1870536
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:56:y:2022:i:1:p:98-105




Template-Type: ReDIF-Article 1.0
Author-Name: John Gibson
Author-X-Name-First: John
Author-X-Name-Last: Gibson
Title: Hard, not early: putting the New Zealand Covid-19 response in context
Abstract: 
 A popular narrative that New Zealand’s policy response to Coronavirus was ‘go hard, go early’ is misleading. While restrictions were the most stringent in the world during the Level 4 lockdown in March and April, these were imposed after the likely peak in new infections. I use the time path of Covid-19 deaths for each OECD country to estimate inflection points. Allowing for the typical lag from infection to death, new infections peaked before the most stringent policy responses were applied in many countries, including New Zealand. The cross-country evidence shows that restrictions imposed after the inflection point in infections is reached are ineffective in reducing total deaths. Even restrictions imposed earlier have just a modest effect; if Sweden’s more relaxed restrictions had been used, an extra 310 Covid-19 deaths are predicted for New Zealand – far fewer than the thousands of deaths in some widely reported mathematical simulations.
Journal: New Zealand Economic Papers
Pages: 1-8
Issue: 1
Volume: 56
Year: 2022
Month: 01
X-DOI: 10.1080/00779954.2020.1842796
File-URL: http://hdl.handle.net/10.1080/00779954.2020.1842796
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:56:y:2022:i:1:p:1-8




Template-Type: ReDIF-Article 1.0
Author-Name: Dawnelle V. Clyne
Author-X-Name-First: Dawnelle V.
Author-X-Name-Last: Clyne
Author-Name: Trenton G. Smith
Author-X-Name-First: Trenton G.
Author-X-Name-Last: Smith
Title: Economic insecurity during the COVID-19 pandemic: insights from the Great Recession
Abstract: 
 This paper uses the recently developed New Zealand Economic Security Index (ESI) to explore the potential impacts of the COVID-19 pandemic on New Zealand households. The ESI is a measure of economic insecurity that identifies subgroups of the population that are susceptible to negative year-on-year income shocks. The ESI shows that insecurity closely follows the business cycle in New Zealand, which may concern policymakers tackling the effects of the COVID-19 pandemic. If income losses follow the pattern observed in the Global Financial Crisis (GFC), demographics groups most susceptible to negative income shocks include Pākehā, retirees and individuals with fewer educational qualifications, while households in the highest income quintile are more protected from shocks relative to middle income households. Exposure to negative income risk is an important economic stressor that is rarely measured directly. Our method of calculating the ESI could be adapted by Statistics New Zealand and published on an annual basis.
Journal: New Zealand Economic Papers
Pages: 81-89
Issue: 1
Volume: 56
Year: 2022
Month: 01
X-DOI: 10.1080/00779954.2021.2006757
File-URL: http://hdl.handle.net/10.1080/00779954.2021.2006757
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:56:y:2022:i:1:p:81-89




Template-Type: ReDIF-Article 1.0
Author-Name: Michael Fletcher
Author-X-Name-First: Michael
Author-X-Name-Last: Fletcher
Author-Name: Kate C. Prickett
Author-X-Name-First: Kate C.
Author-X-Name-Last: Prickett
Author-Name: Simon Chapple
Author-X-Name-First: Simon
Author-X-Name-Last: Chapple
Title: Immediate employment and income impacts of Covid-19 in New Zealand: evidence from a survey conducted during the Alert Level 4 lockdown
Abstract: 
 The Covid-19 Level 4 lockdown represented an unprecedented and sudden shock to the New Zealand labour market. Using unique data collected during lockdown (n = 2002), this study examined the work circumstances of individuals and the economic shock in terms of income and job loss to both individuals and households. We found that the unemployment effectively doubled rising from 5.2% just prior to lockdown to 10.5% by week 3 of lockdown. Close to 44% of individuals lived in a household where members experienced job and/or income loss. While economic loss was widespread, some groups were harder hit, particularly those with lower incomes.
Journal: New Zealand Economic Papers
Pages: 73-80
Issue: 1
Volume: 56
Year: 2022
Month: 01
X-DOI: 10.1080/00779954.2020.1870537
File-URL: http://hdl.handle.net/10.1080/00779954.2020.1870537
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:56:y:2022:i:1:p:73-80




Template-Type: ReDIF-Article 1.0
Author-Name: Lydia Cheung
Author-X-Name-First: Lydia
Author-X-Name-Last: Cheung
Author-Name: Philip Gunby
Author-X-Name-First: Philip
Author-X-Name-Last: Gunby
Title: Crime and mobility during the COVID-19 lockdown: a preliminary empirical exploration
Abstract: 
 In this research note, we document the decrease in victimisation rates during the COVID-19 lockdown period in New Zealand. We show that the changes in mobility patterns in the same period are significantly correlated with these changes in crime rates. We discuss how our preliminary empirical results accord with the theories of crime in economics and criminology.
Journal: New Zealand Economic Papers
Pages: 106-113
Issue: 1
Volume: 56
Year: 2022
Month: 01
X-DOI: 10.1080/00779954.2020.1870535
File-URL: http://hdl.handle.net/10.1080/00779954.2020.1870535
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:56:y:2022:i:1:p:106-113





Template-Type: ReDIF-Article 1.0
Author-Name: Penny Mok
Author-X-Name-First: Penny
Author-X-Name-Last: Mok
Author-Name: Gail Pacheco
Author-X-Name-First: Gail
Author-X-Name-Last: Pacheco
Title: Income protection in the New Zealand tax-transfer system
Abstract: 
 This research note investigates income-replacement rates provided by the New Zealand welfare system when an individual loses their employment. We utilise New Zealand Treasury’s microsimulation model, based on tax and transfer rules from April 2018 to March 2019, for a variety of household scenarios. Results indicate that replacement rates are higher (above 50 percent) for those with children and for those earning low and median wage rates. These findings are highly relevant to policymakers, as they provide indicators of the adequacy of the welfare system and can inform design aspects of a potential unemployment insurance scheme.
Journal: New Zealand Economic Papers
Pages: 119-125
Issue: 2
Volume: 56
Year: 2022
Month: 05
X-DOI: 10.1080/00779954.2022.2063164
File-URL: http://hdl.handle.net/10.1080/00779954.2022.2063164
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:56:y:2022:i:2:p:119-125



Template-Type: ReDIF-Article 1.0
Author-Name: Alastair Thomas
Author-X-Name-First: Alastair
Author-X-Name-Last: Thomas
Title: Who would win from a multi-rate GST in New Zealand: evidence from a QUAIDS model*
Abstract: 
 The merits of New Zealand moving away from its broad-based single-rate GST structure – particularly by removing GST on food – are often raised in public discourse and political campaigns. This paper investigates who would benefit from the introduction of a multi-rate GST structure in New Zealand and, in particular, whether reduced GST rates would be a more effective way of providing support to poorer households than New Zealand’s current income-tested tax credit approach. Behavioural simulation results from a QUAIDS model confirm previous findings that applying reduced GST rates to food and beverages would have a small progressive effect, but that richer households would benefit more than poorer households in aggregate terms. Meanwhile, reduced GST rates applied to recreational and cultural expenditure would have a regressive effect. Additional simulation results clearly show that the family tax credit is a far superior mechanism for providing support to poorer households than reduced GST rates. New Zealand should therefore maintain its current approach of a broad-based single-rate GST and income-tested tax credits.
Journal: New Zealand Economic Papers
Pages: 141-168
Issue: 2
Volume: 56
Year: 2022
Month: 05
X-DOI: 10.1080/00779954.2021.2020324
File-URL: http://hdl.handle.net/10.1080/00779954.2021.2020324
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:56:y:2022:i:2:p:141-168



Template-Type: ReDIF-Article 1.0
Author-Name: Salah U-Din
Author-X-Name-First: Salah
Author-X-Name-Last: U-Din
Author-Name: David Tripe
Author-X-Name-First: David
Author-X-Name-Last: Tripe
Author-Name: M. Humayun Kabir
Author-X-Name-First: M. Humayun
Author-X-Name-Last: Kabir
Title: Bank size, competition, and efficiency: a post-GFC assessment of Australia and New Zealand
Abstract: 
 This paper investigates the impact of the global financial crisis (GFC) on banking market structure and efficiency in both countries, and the relationship of bank size and market competition with cost and profit efficiencies. Efficiencies of 11 Australian and New Zealand large commercial banks are estimated with a one-stage stochastic frontier approach (SFA) for the period 2003–2017. The Herfindahl- Hirschman Index (HHI) and Lerner index are used as proxies for market competition along with eight banking environment variables. Cost and profit efficiencies significantly declined during 2008 and 2009, but the impact of the GFC persisted longer in New Zealand than in Australia. The level of risk and competition has reduced, and bank size increased in the post-GFC period. Bank size is found to be positively associated with bank efficiency. Market competition negatively influenced cost and profit efficiencies during the study period, especially after the GFC.
Journal: New Zealand Economic Papers
Pages: 195-217
Issue: 2
Volume: 56
Year: 2022
Month: 05
X-DOI: 10.1080/00779954.2021.2020325
File-URL: http://hdl.handle.net/10.1080/00779954.2021.2020325
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:56:y:2022:i:2:p:195-217



Template-Type: ReDIF-Article 1.0
Author-Name: Le Wen
Author-X-Name-First: Le
Author-X-Name-Last: Wen
Author-Name: Sholeh A. Maani
Author-X-Name-First: Sholeh A.
Author-X-Name-Last: Maani
Title: Earnings penalty of educational mismatch: a comparison of alternative methods of assessing over-education
Abstract: 
 In this paper we systematically evaluate the impact of using the alternative methods conventionally used in the international literature on the measured incidence of educational mismatch and its earnings effects. We use a rich Australian longitudinal data set for a controlled group of full-time employed workers. Using panel data estimation, we address individual heterogeneity and measurement error, which are important in educational mismatch analysis. We show that alternative methods of measurement result in a range of estimates, with the Mode measure providing the most stable results across instrumental variables (IV) selections in panel fixed effects instrumental variables (FEIV) estimations. Based on the Mode measure, the incidence rate of over-education is 32.3%. The earnings penalty for each year of over-education is 2.5%, which is larger than 0.6% in fixed effect estimation and also larger than 1.9% in OLS estimations.
Journal: New Zealand Economic Papers
Pages: 169-194
Issue: 2
Volume: 56
Year: 2022
Month: 05
X-DOI: 10.1080/00779954.2022.2034175
File-URL: http://hdl.handle.net/10.1080/00779954.2022.2034175
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:56:y:2022:i:2:p:169-194



Template-Type: ReDIF-Article 1.0
Author-Name: Matthew Gibbons
Author-X-Name-First: Matthew
Author-X-Name-Last: Gibbons
Author-Name: Les Oxley
Author-X-Name-First: Les
Author-X-Name-Last: Oxley
Title: The relationship of patenting applications and expenditure with output and real GDP in nineteenth century colonial New Zealand
Abstract: 
 The relationship between patenting and output series and real GDP is examined using both nineteenth century New Zealand patent applications, and applications weighted by fees and compulsory advertising expenditure. Weighting patents is desirable because of the rapid growth in applications after initial fees were reduced in the early 1880s. The expenditure data usually provides a better measure of intellectual property investment, with considerably more Granger causality relationships between output and patents expenditure identified than between output and unweighted applications. Nevertheless, there were still important, and sometimes complementary, relationships between patent applications and output. Output usually led patenting, particularly using expenditure data.
Journal: New Zealand Economic Papers
Pages: 126-140
Issue: 2
Volume: 56
Year: 2022
Month: 05
X-DOI: 10.1080/00779954.2021.1960410
File-URL: http://hdl.handle.net/10.1080/00779954.2021.1960410
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:56:y:2022:i:2:p:126-140

Template-Type: ReDIF-Article 1.0
# input file: RNZP_A_1998199_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Daniel Dunstan
Author-X-Name-First: Daniel
Author-X-Name-Last: Dunstan
Author-Name: Jinji Hao
Author-X-Name-First: Jinji
Author-X-Name-Last: Hao
Title: Value and momentum in the cross section of housing market returns of New Zealand
Abstract: 
 This paper examines if there are value and momentum effects in the New Zealand housing market across different regions. It is found that the short-term momentum effect exists with the winner regions in the past year outperforming the loser regions in the following year by 2.06%, mainly from capital gains, after adjusting for the market risk. The house returns exhibit long-term reversal with the winner regions in the last six years underperforming the loser regions in each of the next eight years due to lower capital gains. A value effect is present with regions with high rent-price ratios outperforming those with low rent-price ratios in each of the next seven years due to persistent higher rental yields. However, both the reversal effect and value effect can be explained by the market risk.
Journal: New Zealand Economic Papers
Pages: 258-271
Issue: 3
Volume: 56
Year: 2022
Month: 09
X-DOI: 10.1080/00779954.2021.1998199
File-URL: http://hdl.handle.net/10.1080/00779954.2021.1998199
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:56:y:2022:i:3:p:258-271



Template-Type: ReDIF-Article 1.0
# input file: RNZP_A_1954072_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Alan King
Author-X-Name-First: Alan
Author-X-Name-Last: King
Title: Does New Zealand's inflation target anchor long-term expectations?
Abstract: 
 A claimed benefit of an inflation target is that it provides an anchor for long-term inflation expectations. We evaluate this by using survey-based inflation expectations data for New Zealand to assess whether forecasts for different horizons systematically converge to the RBNZ's target. We find evidence of this from the aggregated expectations data, and for most individual professional economists and financial sector forecasters in our sample. However, the evidence from forecasters in other sectors is mixed. In particular, those from the business community appear more focussed on the RBNZ's inflation track record. This could contribute to episodes of persistently low inflation.
Journal: New Zealand Economic Papers
Pages: 235-257
Issue: 3
Volume: 56
Year: 2022
Month: 09
X-DOI: 10.1080/00779954.2021.1954072
File-URL: http://hdl.handle.net/10.1080/00779954.2021.1954072
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:56:y:2022:i:3:p:235-257



Template-Type: ReDIF-Article 1.0
# input file: RNZP_A_2091470_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Jędrzej Białkowski
Author-X-Name-First: Jędrzej
Author-X-Name-Last: Białkowski
Author-Name: Sanghyun Hong
Author-X-Name-First: Sanghyun
Author-X-Name-Last: Hong
Author-Name: Moritz Wagner
Author-X-Name-First: Moritz
Author-X-Name-Last: Wagner
Title: The impact of upstairs trading on market quality: evidence from a highly segmented market*
Abstract: 
 Using data on over 18 million trades from the New Zealand Stock Exchange (NZX), this paper examines how market segmentation affects overall market quality in a market that until recently had no restrictions on trading outside the central limit order book (LOB). We find that upstairs trading results in lower transaction costs, larger trade size and lower volatility. A newly implemented minimum size requirement for trades in the upstairs market has the desired outcome and further lowers transaction costs and volatility due to reduced market segmentation. The results suggest that a functional upstairs market can have a positive impact on market quality if well-designed.
Journal: New Zealand Economic Papers
Pages: 326-332
Issue: 3
Volume: 56
Year: 2022
Month: 09
X-DOI: 10.1080/00779954.2022.2091470
File-URL: http://hdl.handle.net/10.1080/00779954.2022.2091470
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:56:y:2022:i:3:p:326-332



Template-Type: ReDIF-Article 1.0
# input file: RNZP_A_2109369_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Grant M. Scobie
Author-X-Name-First: Grant M.
Author-X-Name-Last: Scobie
Title: Citation for Alan E. Bollard to mark his Distinguished Fellow award
Journal: New Zealand Economic Papers
Pages: 333-337
Issue: 3
Volume: 56
Year: 2022
Month: 09
X-DOI: 10.1080/00779954.2022.2109369
File-URL: http://hdl.handle.net/10.1080/00779954.2022.2109369
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:56:y:2022:i:3:p:333-337



Template-Type: ReDIF-Article 1.0
# input file: RNZP_A_2105254_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Chao Li
Author-X-Name-First: Chao
Author-X-Name-Last: Li
Author-Name: John Gibson
Author-X-Name-First: John
Author-X-Name-Last: Gibson
Author-Name: Geua Boe-Gibson
Author-X-Name-First: Geua
Author-X-Name-Last: Boe-Gibson
Title: Rising immigration and falling native-born home ownership: a spatial econometric analysis for New Zealand
Abstract: 
 In the last two decades the foreign-born share of New Zealand’s population increased far faster than in other rich countries. We apply spatial econometric models to a three-wave panel of 1851 census area units to examine impacts of higher foreign-born population shares on home ownership rates, especially for native-born residents. A standard deviation higher foreign-born share is associated with a one-sixth of a standard deviation lower ownership rate for the native-born. Much of the impact is indirect, with higher foreign-born shares in one area spilling over into lower native-born ownership rates elsewhere.
Journal: New Zealand Economic Papers
Pages: 318-325
Issue: 3
Volume: 56
Year: 2022
Month: 09
X-DOI: 10.1080/00779954.2022.2105254
File-URL: http://hdl.handle.net/10.1080/00779954.2022.2105254
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:56:y:2022:i:3:p:318-325



Template-Type: ReDIF-Article 1.0
# input file: RNZP_A_1827015_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Caitlin Davies
Author-X-Name-First: Caitlin
Author-X-Name-Last: Davies
Title: Macroprudential policy uncertainty and implications for leaning against the wind
Abstract: 
 I consider whether imperfect macroprudential policy can be ‘improved’ upon by a monetary policy of leaning against the wind. Imperfect macroprudential policy is captured by instrument uncertainty, which leads to tentative and under-responsive macroprudential policy, and model uncertainty, which leads to excessive and over-reactive macroprudential policy. Leaning against the wind by the central bank improves the macroprudential regulator’s policy rule if the impact of model uncertainty is stronger than the impact of instrument uncertainty. Such a policy may therefore be pursued in jurisdictions where the macroprudential regulator has low risk-sensitivity and where the efficacy of macroprudential instruments is more certain.
Journal: New Zealand Economic Papers
Pages: 219-234
Issue: 3
Volume: 56
Year: 2022
Month: 09
X-DOI: 10.1080/00779954.2020.1827015
File-URL: http://hdl.handle.net/10.1080/00779954.2020.1827015
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:56:y:2022:i:3:p:219-234



Template-Type: ReDIF-Article 1.0
# input file: RNZP_A_2063163_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Tinh Doan
Author-X-Name-First: Tinh
Author-X-Name-Last: Doan
Author-Name: Mark Holmes
Author-X-Name-First: Mark
Author-X-Name-Last: Holmes
Author-Name: Van Ha
Author-X-Name-First: Van
Author-X-Name-Last: Ha
Author-Name: Tuyen Tran
Author-X-Name-First: Tuyen
Author-X-Name-Last: Tran
Title: How New Zealand migrants fare in Australia: what explains their wealth gap?
Abstract: 
 This paper investigates net wealth of the New Zealand-born (NZ-born) migrants relative to that of Australia-born, and other migrants in Australia. We consider how the free cross-border labour movement between Australia and New Zealand affects the wealth accumulating behaviour of NZ migrants. Our findings indicate that the NZ-born have lower net wealth than both the Australia-born and other migrants. The net wealth differential between the NZ- and Australia-born is mainly explained by the structure effect than from the composition effect (due to differences in observed characteristics, which are similar in both groups). In contrast, comparing with other migrants, the contribution of observed characteristics such as education, age, household composition, weekly wage, and long-term health conditions dominates the overall NZ-born’s net wealth differentials.
Journal: New Zealand Economic Papers
Pages: 296-317
Issue: 3
Volume: 56
Year: 2022
Month: 09
X-DOI: 10.1080/00779954.2022.2063163
File-URL: http://hdl.handle.net/10.1080/00779954.2022.2063163
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:56:y:2022:i:3:p:296-317



Template-Type: ReDIF-Article 1.0
# input file: RNZP_A_2091469_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Omoniyi B. Alimi
Author-X-Name-First: Omoniyi B.
Author-X-Name-Last: Alimi
Author-Name: David C. Maré
Author-X-Name-First: David C.
Author-X-Name-Last: Maré
Author-Name: Jacques Poot
Author-X-Name-First: Jacques
Author-X-Name-Last: Poot
Title: International migration and income distribution in New Zealand metropolitan and non-metropolitan areas
Abstract: 
 New Zealand experienced strong growth in immigration since the 1990s, until the COVID-19 pandemic triggered a two-year phase of near-zero migration. Growing concern about the impact of immigration on various social and economic outcomes has led to a review of the evidence and related policies. One area of concern is the extent to which immigration impacts on the distribution of income - given that inequality increased notably since the 1980s. In this paper we take into account that immigration is spatially selective and compare the contribution of migrant groups (including New Zealand born persons returning from abroad) to income inequality in metropolitan areas with that contribution in non-metropolitan urban areas. We use two different decomposition methods and compare results. We find with both methods that migrant groups made inequality-increasing contributions to overall income inequality. These contributions are larger in metropolitan areas than in other urban. However, changes in the skill distribution, including those brought about by immigration, have more important implications for the distribution of income. High-skilled groups (whether New Zealand born or foreign born) have made inequality-increasing contributions to the distribution of income, particularly in metropolitan areas.
Journal: New Zealand Economic Papers
Pages: 272-295
Issue: 3
Volume: 56
Year: 2022
Month: 09
X-DOI: 10.1080/00779954.2022.2091469
File-URL: http://hdl.handle.net/10.1080/00779954.2022.2091469
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:56:y:2022:i:3:p:272-295



Template-Type: ReDIF-Article 1.0
# input file: RNZP_A_2109370_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20220907T060133 git hash: 85d61bd949
Author-Name: Mary Hedges
Author-X-Name-First: Mary
Author-X-Name-Last: Hedges
Title: Citation for Suzanne Snively to mark her Distinguished Fellow award
Journal: New Zealand Economic Papers
Pages: 338-341
Issue: 3
Volume: 56
Year: 2022
Month: 09
X-DOI: 10.1080/00779954.2022.2109370
File-URL: http://hdl.handle.net/10.1080/00779954.2022.2109370
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:56:y:2022:i:3:p:338-341

Template-Type: ReDIF-Article 1.0
# input file: RNZP_A_2077812_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: John Gibson
Author-X-Name-First: John
Author-X-Name-Last: Gibson
Title: Public misunderstanding of pivotal COVID-19 vaccine trials may contribute to New Zealand’s adoption of a costly and economically inefficient vaccine mandate
Abstract: 
 New Zealand adopted a policy of mandatory COVID-19 vaccination for workers in many sectors. Existing analysis suggests expected costs of this mandate policy far outweigh benefits. This paper discusses an issue potentially contributing to adoption of this costly vaccine mandate policy. There is a widespread public misunderstanding about the testing the vaccines underwent in the pivotal trials underpinning their approval, with over 95% of New Zealand’s voting-age public believing that the vaccines were tested against more demanding criteria than was actually the case. Consequently, public expectations about performance of these vaccines were likely inflated, and expected benefits of vaccine mandates may have been overstated. The ambiguous evidence on effects of COVID-19 vaccination on mortality risk also highlights the importance of these informational problems. If the public misunderstanding described here persists, a continuation of inefficient vaccine mandates whose costs exceed benefits is likely.
Journal: New Zealand Economic Papers
Pages: 31-40
Issue: 1
Volume: 57
Year: 2023
Month: 01
X-DOI: 10.1080/00779954.2022.2077812
File-URL: http://hdl.handle.net/10.1080/00779954.2022.2077812
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:57:y:2023:i:1:p:31-40



Template-Type: ReDIF-Article 1.0
# input file: RNZP_A_2010235_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Bernd Hayo
Author-X-Name-First: Bernd
Author-X-Name-Last: Hayo
Author-Name: Florian Neumeier
Author-X-Name-First: Florian
Author-X-Name-Last: Neumeier
Title: Do consumers actually monitor the inflation rate? Evidence from New Zealand*
Abstract: 
 In this note, we study whether consumers actually monitor the inflation rate, an assumption that is often made in studies on inflation perceptions and expectations as well as policy analyses. We analyse this question using unique representative survey data on New Zealand collected in 2016. In this case of an inflation targeting country and an environment of low inflation rate, we find that only about one third of the population says that it monitors the inflation rate. These are people characterised by a significantly higher degree of objective and subjective economic knowledge as well as interest in monetary issues.
Journal: New Zealand Economic Papers
Pages: 1-8
Issue: 1
Volume: 57
Year: 2023
Month: 01
X-DOI: 10.1080/00779954.2021.2010235
File-URL: http://hdl.handle.net/10.1080/00779954.2021.2010235
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:57:y:2023:i:1:p:1-8



Template-Type: ReDIF-Article 1.0
# input file: RNZP_A_2091471_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: John Creedy
Author-X-Name-First: John
Author-X-Name-Last: Creedy
Author-Name: S. Subramanian
Author-X-Name-First: S.
Author-X-Name-Last: Subramanian
Title: Mortality comparisons and age: a new mortality curve
Abstract: 
 This paper introduces a new mortality curve to illustrate and measure mortality and its relation to age. The curve is a form of ‘concentration curve’, and plots the proportion of total deaths against the corresponding proportion of people, where individuals are arranged from youngest to oldest. A mortality index is based on the normalised area measure of the distance of the concentration curve from a ‘best case’ scenario. Results analogous to Lorenz orderings (in the context of income distribution) are derived. The measure is illustrated using mortality data for several countries. The aim is to supplement the standard Crude Death Rate with a ‘mortality-inefficiency’ measure in a composite index of mortality which attends to both the mean and the dispersion of an age-distribution of deaths.
Journal: New Zealand Economic Papers
Pages: 18-30
Issue: 1
Volume: 57
Year: 2023
Month: 01
X-DOI: 10.1080/00779954.2022.2091471
File-URL: http://hdl.handle.net/10.1080/00779954.2022.2091471
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:57:y:2023:i:1:p:18-30



Template-Type: ReDIF-Article 1.0
# input file: RNZP_A_1998198_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Brodie Hobbs
Author-X-Name-First: Brodie
Author-X-Name-Last: Hobbs
Author-Name: Jan Feld
Author-X-Name-First: Jan
Author-X-Name-Last: Feld
Title: What would happen if people could choose automatically increasing KiwiSaver contributions?
Abstract: 
 In this paper, we study a scheme that would make increasing KiwiSaver contributions easier. This scheme would give people the option to automatically increase their contributions each year until a maximum contribution rate is reached. We study the effect of offering this scheme with a survey experiment in which respondents are asked to fill in KiwiSaver deduction forms with and without the possibility of joining the scheme. We find that 29% of respondents would choose to join the scheme if offered. Offering the scheme has no detectable impact on current contribution rates and can substantially increase future contribution rates.
Journal: New Zealand Economic Papers
Pages: 61-75
Issue: 1
Volume: 57
Year: 2023
Month: 01
X-DOI: 10.1080/00779954.2021.1998198
File-URL: http://hdl.handle.net/10.1080/00779954.2021.1998198
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:57:y:2023:i:1:p:61-75



Template-Type: ReDIF-Article 1.0
# input file: RNZP_A_2081591_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Paul Walker
Author-X-Name-First: Paul
Author-X-Name-Last: Walker
Title: (Almost) everything you wanted to know about the history of the theory of production/the firm: but were afraid (too bored) to ask
Abstract: 
 The 1500–1970 literature on the theory of production/the firm can be usefully divided into four approaches to the positive analysis of production or the firm: aggregate production, market structure, the representative firm and micro-production. Each approach will be examined to establish the nature and development of the approach and the relationships between them.
Journal: New Zealand Economic Papers
Pages: 41-60
Issue: 1
Volume: 57
Year: 2023
Month: 01
X-DOI: 10.1080/00779954.2022.2081591
File-URL: http://hdl.handle.net/10.1080/00779954.2022.2081591
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:57:y:2023:i:1:p:41-60



Template-Type: ReDIF-Article 1.0
# input file: RNZP_A_2134813_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Lisa Meehan
Author-X-Name-First: Lisa
Author-X-Name-Last: Meehan
Author-Name: Livvy Mitchell
Author-X-Name-First: Livvy
Author-X-Name-Last: Mitchell
Author-Name: Gail Pacheco
Author-X-Name-First: Gail
Author-X-Name-Last: Pacheco
Title: A note on KiwiSaver and migrants on temporary visas
Abstract: 
 New Zealand’s (NZ) current policy setting excludes migrants on work or student temporary visas from joining KiwiSaver (KS). Migrants on temporary visas, therefore, cannot access a savings vehicle that makes saving for retirement convenient and provides financial incentives to save. This research note estimates the extent of this migrant KS ineligibility issue. We use linked administrative data to create a cohort of 70,000 NZ migrants on temporary work or student visas in 2009 and follow them for ten years. Results show that after five years, over half of the cohort live overseas and about 10,000 remain on temporary visas and hence are still ineligible for KS. Using KS enrolment of a comparison group of resident-class migrants over the same time period, we estimate that just over half of employed temporary migrants might have potentially joined KS if eligible. The lost individual KS contributions range between $36,000 and $51,000 by time the migrant reaches 65 years old. Our findings contribute to the policy debate of whether the eligibility criteria of NZ’s KS scheme should be revised to allow temporary visa holders to join.
Journal: New Zealand Economic Papers
Pages: 9-17
Issue: 1
Volume: 57
Year: 2023
Month: 01
X-DOI: 10.1080/00779954.2022.2134813
File-URL: http://hdl.handle.net/10.1080/00779954.2022.2134813
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:57:y:2023:i:1:p:9-17

Template-Type: ReDIF-Article 1.0
# input file: RNZP_A_2199421_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Anita Wreford
Author-X-Name-First: Anita
Author-X-Name-Last: Wreford
Title: Advancing primary sector adaptation in Aotearoa New Zealand
Abstract: 
 Climate change is already being experienced across the primary sector in Aotearoa New Zealand. Adapting to the impacts already being observed, while also anticipating future impacts, requires consideration of different time frames as well as grounding within the farmer or grower’s own contexts. Uncertainty regarding longer-term climatic changes can present challenges for decision-making in the present time, but a growing body of analytical and practical processes can support this. Although some farmers are experimenting with different types of adaptation, more generally there is a dearth of action, particularly planning beyond the present and immediate future. Policy for monitoring and evaluating the effectiveness and lifetimes of adaptation actions is required, as well as extension services supporting farmers and growers.
Journal: New Zealand Economic Papers
Pages: 144-148
Issue: 2
Volume: 57
Year: 2023
Month: 05
X-DOI: 10.1080/00779954.2023.2199421
File-URL: http://hdl.handle.net/10.1080/00779954.2023.2199421
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:57:y:2023:i:2:p:144-148



Template-Type: ReDIF-Article 1.0
# input file: RNZP_A_2144752_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Wanglin Ma
Author-X-Name-First: Wanglin
Author-X-Name-Last: Ma
Author-Name: Puneet Vatsa
Author-X-Name-First: Puneet
Author-X-Name-Last: Vatsa
Author-Name: Kathryn Bicknell
Author-X-Name-First: Kathryn
Author-X-Name-Last: Bicknell
Title: Transition to sustainable agriculture in New Zealand: challenges and the way forward
Abstract: 
 There are growing concerns about the sustainability of New Zealand's agricultural systems, and efforts are underway to accelerate the adoption of sustainable agricultural practices. This note discusses four key challenges facing the country in transitioning to sustainable agriculture: reducing biogenic methane, lowering the usage of synthetic fertilisers, managing water use, and managing land use. A cohesive strategy involving the government, industry stakeholders, and research institutions is needed to effect this transition. Setting ambitious targets without providing viable alternatives to farmers or getting their buy-in is unlikely to be successful.
Journal: New Zealand Economic Papers
Pages: 119-124
Issue: 2
Volume: 57
Year: 2023
Month: 05
X-DOI: 10.1080/00779954.2022.2144752
File-URL: http://hdl.handle.net/10.1080/00779954.2022.2144752
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:57:y:2023:i:2:p:119-124



Template-Type: ReDIF-Article 1.0
# input file: RNZP_A_2150277_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Viktoria Kahui
Author-X-Name-First: Viktoria
Author-X-Name-Last: Kahui
Title: Giving waterways groups a role in regional freshwater policy
Abstract: 
 New Zealand’s new freshwater legislation prioritises the health of a water body above the needs of humans, thereby effectively recognising the intrinsic value of water. The prioritisation is nothing short of a paradigm shift. In this essay, I discuss the dichotomy of intrinsic and instrumental values in environmental management, and a change in mind set from the unidirectional exploitation of the environment to one of mitigation and restoration by all water users. Waterways groups, by actions of environmental advocacy, could play an increasingly important role in advising councils in freshwater policy, i.e. the benefits of a formalised relationship between councils and waterways groups include Kaitiakitanga and Stewardship by communities and recognition that healthy environments need active restoration management. Requiring waters users to mitigate their impacts on the freshwater ecosystem incentivises investment in natural capital if flexibility is provided for water users to mitigate at least cost.
Journal: New Zealand Economic Papers
Pages: 87-92
Issue: 2
Volume: 57
Year: 2023
Month: 05
X-DOI: 10.1080/00779954.2022.2150277
File-URL: http://hdl.handle.net/10.1080/00779954.2022.2150277
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:57:y:2023:i:2:p:87-92



Template-Type: ReDIF-Article 1.0
# input file: RNZP_A_2161935_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: C. R. Eastwood
Author-X-Name-First: C. R.
Author-X-Name-Last: Eastwood
Author-Name: J. Knook
Author-X-Name-First: J.
Author-X-Name-Last: Knook
Author-Name: J. A. Turner
Author-X-Name-First: J. A.
Author-X-Name-Last: Turner
Author-Name: A. Renwick
Author-X-Name-First: A.
Author-X-Name-Last: Renwick
Title: Policy approaches for enhanced dairy sector innovation – a review of future pathways and policies for effective implementation of digital agriculture
Abstract: 
 Innovation and technology are a feature of New Zealand’s dairy sector. To overcome current challenges, dairy farmers require agile and multi-dimensional innovation, supported by forward-looking and integrated policy from both the sector and government. In this paper, we outline some of the current dairy sector challenges, and potential technologies to address these challenges. We focus on the future for digital agriculture innovation and discuss policy approaches to enable the sector to leverage digitalisation. These approaches include co-innovation, responsible innovation, multi-scale approaches, micro-innovation and poly-innovation and mission-oriented innovation. Digital agriculture and policy may interact in two ways: (1) policy may be used to enhance digital agriculture innovation and, (2) digitalisation itself may act to enhance agricultural policy design and delivery. Overall, innovation policy requires greater directionality, use of policy bundles and a focus on technology as a mediator of new dairy farming practices and institutional configurations.
Journal: New Zealand Economic Papers
Pages: 164-171
Issue: 2
Volume: 57
Year: 2023
Month: 05
X-DOI: 10.1080/00779954.2022.2161935
File-URL: http://hdl.handle.net/10.1080/00779954.2022.2161935
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:57:y:2023:i:2:p:164-171



Template-Type: ReDIF-Article 1.0
# input file: RNZP_A_2171904_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Shipra Shah
Author-X-Name-First: Shipra
Author-X-Name-Last: Shah
Title: Policy interventions for scaling up agroforestry in Fiji
Abstract: 
 Agroforestry is recognised as a land management system balancing goals of environmental conservation with the socioeconomic needs of communities. In Fiji while traditional agroforestry is rapidly eroding due to modernisation and commercialisation of food systems, institutional agroforestry has failed to reintroduce trees in farming systems. This paper is a discussion on the challenges, opportunities, and policy interventions affecting agroforestry. Weak extension activities, lack of an institutional champion, organisational silos, lack of awareness and poor understanding of agroforestry, low focus on native trees, poor land and resource rights of women, and lack of economic incentives are among the major constraints to agroforestry adoption. An agroforestry policy should create enabling conditions for institutional support and coordination between diverse sectors, raising awareness and dissemination of success stories, harmonising traditional and modern agroforestry, mainstreaming gender in agroforestry decision making, strengthening agroforestry extension, generating short-term and long-term economic incentives, and agroforestry research and curricula development.
Journal: New Zealand Economic Papers
Pages: 105-113
Issue: 2
Volume: 57
Year: 2023
Month: 05
X-DOI: 10.1080/00779954.2023.2171904
File-URL: http://hdl.handle.net/10.1080/00779954.2023.2171904
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:57:y:2023:i:2:p:105-113



Template-Type: ReDIF-Article 1.0
# input file: RNZP_A_2189157_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Miranda Mirosa
Author-X-Name-First: Miranda
Author-X-Name-Last: Mirosa
Title: He taonga te kai – an Aotearoa where food is valued not wasted
Abstract: 
 Food waste is a significant problem in Aotearoa New Zealand. It puts unnecessary pressure on our environment, it creates emissions, it contributes to food poverty, and it is a lost economic opportunity. What we need to do is to stop accepting waste generation as a necessary ingrained part of our production and consumption systems. Rather we need to think boldly about creating a whole menu of solutions to reduce food waste. This paper overviews what we know about food waste at each stage of the supply chain, providing both an overview of quantities and drivers of waste, before presenting key actions and recommendations for change. A call is made to NZ's economic society for research demonstrating the business case for food waste reduction, at a national, regional, and business level, to help spur investment in this crucial area. Likewise, economic analyses that show which potential solutions yield the highest overall economic impact are also encouraged.
Journal: New Zealand Economic Papers
Pages: 93-98
Issue: 2
Volume: 57
Year: 2023
Month: 05
X-DOI: 10.1080/00779954.2023.2189157
File-URL: http://hdl.handle.net/10.1080/00779954.2023.2189157
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:57:y:2023:i:2:p:93-98



Template-Type: ReDIF-Article 1.0
# input file: RNZP_A_2158489_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Laurens Klerkx
Author-X-Name-First: Laurens
Author-X-Name-Last: Klerkx
Author-Name: James Turner
Author-X-Name-First: James
Author-X-Name-Last: Turner
Author-Name: Helen Percy
Author-X-Name-First: Helen
Author-X-Name-Last: Percy
Title: Navigating the rapids of agrifood systems transformation: reflections on Aotearoa New Zealand’s emerging mission-oriented agrifood innovation system
Abstract: 
 In this paper, we discuss how agrifood systems transformation is addressed by the Aotearoa New Zealand agrifood innovation system, and to what extent it can be mission-oriented in view of emerging Agriculture 4.0 technologies. There are several initiatives that work on different transition pathways towards agrifood systems transformation, and hence there seems to be an emerging NZ mission-oriented AIS. New networks of actors are formed, also consisting of non-traditional players (e.g. AgTech) and incorporating Māori visions of transformed agrifood systems. Nonetheless, initiatives are sometimes still concerned with optimisation, whereas engaging with phase-out or exnovation of unsustainable food systems would also be needed. Hence, it seems that challenges such as fragmentation, lock-in of current systems and legacy policies, and limited attention to exnovation, are still standing in the way of enacting a truly mission-oriented NZ AIS. Enhancing coordination amongst these initiatives and clarifying how they envision and enact agrifood system transformation missions seem key to move forward.
Journal: New Zealand Economic Papers
Pages: 149-163
Issue: 2
Volume: 57
Year: 2023
Month: 05
X-DOI: 10.1080/00779954.2022.2158489
File-URL: http://hdl.handle.net/10.1080/00779954.2022.2158489
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:57:y:2023:i:2:p:149-163



Template-Type: ReDIF-Article 1.0
# input file: RNZP_A_2191613_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Bradley Case
Author-X-Name-First: Bradley
Author-X-Name-Last: Case
Author-Name: David Hall
Author-X-Name-First: David
Author-X-Name-Last: Hall
Author-Name: Nicola Day
Author-X-Name-First: Nicola
Author-X-Name-Last: Day
Author-Name: Syrie Hermans
Author-X-Name-First: Syrie
Author-X-Name-Last: Hermans
Author-Name: Hannah Buckley
Author-X-Name-First: Hannah
Author-X-Name-Last: Buckley
Title: What is the role of biodiversity in mediating the effects of climate change on New Zealand’s future agroecosystems?
Abstract: 
 Climate change will have far-reaching negative impacts on all aspects of Earth’s state and functions, including ongoing biodiversity decline and threats to agricultural production. These effects will be dependent on geographic location; for example, parts of New Zealand are predicted to have increased flooding, drought and wildfires, depending on the local environmental context. Effects of climate change on agricultural production will be both direct, such as crop losses due to flooding, and indirect, such as increased invasive pest insect and weed pressure on horticultural production or decline in water capture capacity in pastoral South Island High Country tussock grasslands due to increased fire frequency combined with grazing. It is crucial to understand the complex, interactive effects of climate change on agroecosystems, mediated by biodiversity, if human interventions, such as land management, are to be developed and effectively applied to mitigate negative consequences. Even better is if those interventions can be used to address the biodiversity crisis. Nature-based Solutions is a framework that offers such solutions; however, improved scientific understanding of these interacting processes within agroecosystems is required at multiple temporal and spatial scales to justify sector investment for changes in agricultural land management practices that enhance production and native biodiversity.
Journal: New Zealand Economic Papers
Pages: 139-143
Issue: 2
Volume: 57
Year: 2023
Month: 05
X-DOI: 10.1080/00779954.2023.2191613
File-URL: http://hdl.handle.net/10.1080/00779954.2023.2191613
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:57:y:2023:i:2:p:139-143



Template-Type: ReDIF-Article 1.0
# input file: RNZP_A_2222761_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Colette C.C. Wabnitz
Author-X-Name-First: Colette C.C.
Author-X-Name-Last: Wabnitz
Author-Name: Rosamond L. Naylor
Author-X-Name-First: Rosamond L.
Author-X-Name-Last: Naylor
Author-Name: Neville Smith
Author-X-Name-First: Neville
Author-X-Name-Last: Smith
Author-Name: Alisi Tuqa
Author-X-Name-First: Alisi
Author-X-Name-Last: Tuqa
Author-Name: Jim Leape
Author-X-Name-First: Jim
Author-X-Name-Last: Leape
Title: Strengthening the role of blue foods in coastal Pacific food systems
Abstract: 
 Blue foods, primarily coastal pelagic fish, reef fish, and invertebrates, are integral to coastal food systems in Pacific Island Countries and Territories (PICTs) and are increasingly embedded in food policy platforms. This paper discusses the collaborative development of a Blue Food Assessment for the Pacific (BFA-P). The BFA-P aims to strengthen the role of blue foods in food systems thinking and actions in PICTs in the face of climate change, a dependence on food imports, and high rates of diet-related non-communicable diseases. It focuses on six main research themes that support a coastal food systems approach to improve environmental outcomes, nutrition and human health, and social and economic objectives in PICTs. Climate change, effective governance, innovative partnerships, and equity underpin all areas of research. Combining current scientific evidence with traditional and indigenous knowledge will be essential for sustaining coastal Pacific food systems and the long-term resilience and prosperity of Pacific people.
Journal: New Zealand Economic Papers
Pages: 78-86
Issue: 2
Volume: 57
Year: 2023
Month: 05
X-DOI: 10.1080/00779954.2023.2222761
File-URL: http://hdl.handle.net/10.1080/00779954.2023.2222761
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:57:y:2023:i:2:p:78-86



Template-Type: ReDIF-Article 1.0
# input file: RNZP_A_2138518_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Kym Anderson
Author-X-Name-First: Kym
Author-X-Name-Last: Anderson
Title: How sustainable is the growth of assistance to Fijian sugar producers?
Abstract: 
 Following the loss of preferential access to the European Union’s previously highly protected sugar market, Fiji’s Government has been increasingly supporting its producers since 2010. That support is now much higher than most other countries’ assistance to the sugar sector. This study summarizes estimates of the changing extent of those transfers to producers from taxpayers and consumers. It does so by expressing them as nominal rates of assistance to producers and consumer tax equivalent rates (NRAs and CTEs). Those NRA and CTE estimates may well now exceed 100%. The level of support is around 5% of the government’s consolidated revenue. The nature of the support is not only economically inefficient and inequitable but also environmentally damaging and fiscally unsustainable given foreseeable market prospects. This suggests the need for that support to be re-purposed to provide better economic, social and environmental outcomes. Several suggestions as to how to do that conclude the paper.
Journal: New Zealand Economic Papers
Pages: 114-118
Issue: 2
Volume: 57
Year: 2023
Month: 05
X-DOI: 10.1080/00779954.2022.2138518
File-URL: http://hdl.handle.net/10.1080/00779954.2022.2138518
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:57:y:2023:i:2:p:114-118



Template-Type: ReDIF-Article 1.0
# input file: RNZP_A_2224583_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Dennis Wesselbaum
Author-X-Name-First: Dennis
Author-X-Name-Last: Wesselbaum
Title: Introduction to the special issue on agriculture in New Zealand and the Pacific: challenges and opportunities
Journal: New Zealand Economic Papers
Pages: 77-77
Issue: 2
Volume: 57
Year: 2023
Month: 05
X-DOI: 10.1080/00779954.2023.2224583
File-URL: http://hdl.handle.net/10.1080/00779954.2023.2224583
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:57:y:2023:i:2:p:77-77



Template-Type: ReDIF-Article 1.0
# input file: RNZP_A_2158121_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Matthew Stone
Author-X-Name-First: Matthew
Author-X-Name-Last: Stone
Title: The importance of biosecurity and animal welfare to livestock industries in New Zealand
Abstract: 
 Aotearoa New Zealand’s livestock industries are well served by regulatory systems for biosecurity and animal welfare. These systems have been developed over many decades within the context of high economic value, including export earnings, from industry outputs. System participants across policymakers, animal industries and advocacy groups are highly engaged. Under intense current scrutiny from the perspective of environmental sustainability, the sector also remains at risk from external and internal threats in the form of disease outbreaks and erosion of social license associated with husbandry practices in a society where the urban and rural divide continues to grow. This article explores the local and international context for these challenges, and re-affirms the importance of commitment to multilateral institutions, national good regulatory practices and inclusive governance.
Journal: New Zealand Economic Papers
Pages: 125-132
Issue: 2
Volume: 57
Year: 2023
Month: 05
X-DOI: 10.1080/00779954.2022.2158121
File-URL: http://hdl.handle.net/10.1080/00779954.2022.2158121
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:57:y:2023:i:2:p:125-132



Template-Type: ReDIF-Article 1.0
# input file: RNZP_A_2171307_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: John Gibson
Author-X-Name-First: John
Author-X-Name-Last: Gibson
Title: The role of agriculture in the development process in the Pacific
Abstract: 
 The need for agriculture to contribute to economic development in the Pacific is greatest in Melanesia, given rapid population growth and limited emigration options compared with those available to the Polynesian countries. The non-agricultural sector in Melanesia has not grown fast enough to enable rapid labour transfer out of agriculture. With high labour costs and remoteness from world markets the main internationally competitive export industries exploit non-renewable resources or use unsustainably high extraction rates for renewable resources such as forests. These activities fund imports and government revenue but generate little employment. Given this limited structural transformation, the major role of agriculture is in providing food and livelihoods for most households. Policy interventions are not always helpful because of confusion between food security and self-sufficiency and due to data weaknesses. Whether indigenous farming systems can continue to adapt to rising food demand fuelled by rapid population growth remains an open question.
Journal: New Zealand Economic Papers
Pages: 99-104
Issue: 2
Volume: 57
Year: 2023
Month: 05
X-DOI: 10.1080/00779954.2023.2171307
File-URL: http://hdl.handle.net/10.1080/00779954.2023.2171307
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:57:y:2023:i:2:p:99-104



Template-Type: ReDIF-Article 1.0
# input file: RNZP_A_2154253_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: William Kaye-Blake
Author-X-Name-First: William
Author-X-Name-Last: Kaye-Blake
Title: Resilience is a meaningful, measurable trait of communities
Abstract: 
 Community resilience can be quantified using available data to inform policy decisions. Identifying vulnerable or deprived communities in New Zealand is straightforward because social, cultural and economic indicators are correlated. However, that is just the first step. Resilience is also a matter of perspective, which means engaging with people in communities affected by policy decisions. When resilience is viewed as multi-dimensional, success in the formal and informal economies is linked to social resilience. However, social resilience cannot flourish in the absence of other resources.
Journal: New Zealand Economic Papers
Pages: 133-138
Issue: 2
Volume: 57
Year: 2023
Month: 05
X-DOI: 10.1080/00779954.2022.2154253
File-URL: http://hdl.handle.net/10.1080/00779954.2022.2154253
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:57:y:2023:i:2:p:133-138



Template-Type: ReDIF-Article 1.0
# input file: RNZP_A_2146527_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Philip Stahlmann-Brown
Author-X-Name-First: Philip
Author-X-Name-Last: Stahlmann-Brown
Author-Name: Richard J. Hall
Author-X-Name-First: Richard J.
Author-X-Name-Last: Hall
Author-Name: Rex Butt
Author-X-Name-First: Rex
Author-X-Name-Last: Butt
Author-Name: Brian McCall
Author-X-Name-First: Brian
Author-X-Name-Last: McCall
Author-Name: Gabriel Torres
Author-X-Name-First: Gabriel
Author-X-Name-Last: Torres
Author-Name: Tony Wright
Author-X-Name-First: Tony
Author-X-Name-Last: Wright
Title: Valuing over-winter colony losses for New Zealand’s commercial beekeepers
Abstract: 
 The number of managed honeybee colonies in New Zealand has increased dramatically, due largely to increasing high-value mānuka honey exports. Pollination also represents an important part of the apicultural sector, providing critical services to the horticultural and arable crop industries. A survey of winter colony losses has been conducted annually since 2015. Using data from the 2021 wave of the survey, we derive a model to estimate the financial cost of winter colony loss to New Zealand commercial beekeepers in that year. We estimate that winter colony losses conservatively cost commercial beekeepers $24,181,835 in 2021, which amounts to $38.04 per managed colony. This equates to 9.2% of the value of honey yields for commercial beekeepers who produce honey and between 10.6% and 60.5% of the value of contracts for beekeepers who provide pollination services. These substantial costs pose a risk to the profitability of beekeeping.
Journal: New Zealand Economic Papers
Pages: 184-190
Issue: 2
Volume: 57
Year: 2023
Month: 05
X-DOI: 10.1080/00779954.2022.2146527
File-URL: http://hdl.handle.net/10.1080/00779954.2022.2146527
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:57:y:2023:i:2:p:184-190



Template-Type: ReDIF-Article 1.0
# input file: RNZP_A_2147861_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Karaitiana Taiuru
Author-X-Name-First: Karaitiana
Author-X-Name-Last: Taiuru
Author-Name: Karly Burch
Author-X-Name-First: Karly
Author-X-Name-Last: Burch
Author-Name: Susanna Finlay-Smits
Author-X-Name-First: Susanna
Author-X-Name-Last: Finlay-Smits
Title: Realising the promises of agricultural big data through a Māori Data Sovereignty approach
Abstract: 
 This perspective piece considers how principles of Māori Data Sovereignty can bring us closer to realising some of the social and environmental promises of new AgTech and the agricultural big data they produce. Our analysis is situated within the settler colonial context of Aotearoa New Zealand. We consider how obligations detailed within treaties guaranteeing equal partnership and Māori self-determination provide the foundation for: (1) acknowledging how the promises of agricultural big data depend on the people, priorities, practices and power relations that guide and enact them; and (2) creating the space to question and challenge current trajectories to ensure agricultural big data are collected and used in ways that promote data sovereignty and an equitable distribution of benefits. We argue that, due to their treaty obligations, publicly-funded projects developing AgTech and agricultural big data analytics in and for Aotearoa must begin developing equity- and sovereignty-promoting data management and governance practices.
Journal: New Zealand Economic Papers
Pages: 172-178
Issue: 2
Volume: 57
Year: 2023
Month: 05
X-DOI: 10.1080/00779954.2022.2147861
File-URL: http://hdl.handle.net/10.1080/00779954.2022.2147861
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:57:y:2023:i:2:p:172-178



Template-Type: ReDIF-Article 1.0
# input file: RNZP_A_2142153_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Niven Winchester
Author-X-Name-First: Niven
Author-X-Name-Last: Winchester
Title: Climate policy insights from an open-source economy-wide model
Abstract: 
 Computable general equilibrium (CGE) models can be used to quantify the economic and emissions impacts of climate policies. The Climate PoLicy ANalysis (C-PLAN) model is a CGE model built for Climate Change Commission (CCC). Insights from the model indicate that (1) the economy-wide cost of meeting New Zealand’s 2050 emissions targets is less than one percent of GDP in that year, and (2) the development of a methane-reducing technology for livestock is a key driver of the costs of abating emissions. As the C-PLAN model is documented and open-source, it is hoped that the model contributes to meeting climate goals in New Zealand and other countries.
Journal: New Zealand Economic Papers
Pages: 179-183
Issue: 2
Volume: 57
Year: 2023
Month: 05
X-DOI: 10.1080/00779954.2022.2142153
File-URL: http://hdl.handle.net/10.1080/00779954.2022.2142153
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:57:y:2023:i:2:p:179-183



Template-Type: ReDIF-Article 1.0
# input file: RNZP_A_2154252_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Zack Dorner
Author-X-Name-First: Zack
Author-X-Name-Last: Dorner
Title: How behavioural and experimental economics can contribute to agricultural policy with an application to agri-emissions pricing
Abstract: 
 In this paper, I discuss the role that behavioural and experimental economics can play in improving agricultural policymaking. I do so by considering the development of an agri-emissions pricing policy in NZ. International literature shows that profit, as well as a range of other factors such as social norms and identity, drive farmer behaviour. This is particularly true for adoption of sustainable technologies and practices. A better understanding of farmer behaviour provides potential for: (1) an increased understanding of the uncertainty around policy modelling; (2) an increase in the accuracy of policy modelling, particularly when emission prices are low; (3) potential for new policy tools. Experimental economics provides a powerful methodology to build behavioural understanding and test policy tools. I argue that a behavioural economics perspective can contribute to agricultural policy, but add a note of caution that the gains to modelling accuracy and improved policy design are not guaranteed.
Journal: New Zealand Economic Papers
Pages: 191-197
Issue: 2
Volume: 57
Year: 2023
Month: 05
X-DOI: 10.1080/00779954.2022.2154252
File-URL: http://hdl.handle.net/10.1080/00779954.2022.2154252
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:57:y:2023:i:2:p:191-197

Template-Type: ReDIF-Article 1.0
# input file: RNZP_A_2171306_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Nikeel Nishkar Kumar
Author-X-Name-First: Nikeel
Author-X-Name-Last: Nishkar Kumar
Author-Name: Arvind Patel
Author-X-Name-First: Arvind
Author-X-Name-Last: Patel
Author-Name: Navneel Shalendra Prasad
Author-X-Name-First: Navneel
Author-X-Name-Last: Shalendra Prasad
Author-Name: Shayal Nandani
Author-X-Name-First: Shayal
Author-X-Name-Last: Nandani
Title: Loss aversion or hand-to-mouth behaviour in private consumption models
Abstract: 
 This study empirically tests whether the loss aversion or hand-to-mouth theories of consumption behaviour is present in Fiji. The loss aversion hypothesis implies that consumers would maintain their consumption when income falls. To estimate this model, we apply the nonlinear autoregressive distributed lag model with annual data from 1981 to 2019. Our findings are in contrast to the predictions of the loss aversion hypothesis and support the hand-to-mouth hypothesis in Fiji. The results are robust to alternative measures of liquidity, and a sample that includes the COVID-19 pandemic. We contribute to the literature by providing evidence of nonlinearity’s in the consumption-income association. The findings are useful for policymakers in developing countries for policies on economic growth and stabilization.
Journal: New Zealand Economic Papers
Pages: 247-259
Issue: 3
Volume: 57
Year: 2023
Month: 09
X-DOI: 10.1080/00779954.2023.2171306
File-URL: http://hdl.handle.net/10.1080/00779954.2023.2171306
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:57:y:2023:i:3:p:247-259



Template-Type: ReDIF-Article 1.0
# input file: RNZP_A_2234266_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Viv Hall
Author-X-Name-First: Viv
Author-X-Name-Last: Hall
Title: Citation for Bob Buckle to mark his Distinguished Fellow Award
Journal: New Zealand Economic Papers
Pages: 260-262
Issue: 3
Volume: 57
Year: 2023
Month: 09
X-DOI: 10.1080/00779954.2023.2234266
File-URL: http://hdl.handle.net/10.1080/00779954.2023.2234266
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:57:y:2023:i:3:p:260-262



Template-Type: ReDIF-Article 1.0
# input file: RNZP_A_2156383_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Robbie Maris
Author-X-Name-First: Robbie
Author-X-Name-Last: Maris
Author-Name: Zack Dorner
Author-X-Name-First: Zack
Author-X-Name-Last: Dorner
Title: An analysis of operating profit margin: a valuable tool for New Zealand dairy farmers
Abstract: 
 Operating profit margin (OPM) is a well-supported and easily interpretable parameter from the DuPont framework for understanding firm performance. It has not been widely applied in the dairy industry, despite its role in driving profitability, resilience and debt serviceability in low subsidy export-oriented farming systems. We analyse the drivers of OPM in depth for the first time on New Zealand dairy farms. We utilise a 10-year panel dataset developed by applying simulation methods to sample and population data, giving a representative picture of the industry. We group farms into quartiles of their long-run OPM performance and perform non-parametric Games-Howell testing to investigate differences between the groups. We then estimate individual and time fixed effects panel regression models for the entire sample and each quartile separately to examine the factors driving changes in OPM over time. We add to the limited literature on the factors driving changes in OPM over time.
Journal: New Zealand Economic Papers
Pages: 229-246
Issue: 3
Volume: 57
Year: 2023
Month: 09
X-DOI: 10.1080/00779954.2022.2156383
File-URL: http://hdl.handle.net/10.1080/00779954.2022.2156383
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:57:y:2023:i:3:p:229-246



Template-Type: ReDIF-Article 1.0
# input file: RNZP_A_2234811_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Robert A. Buckle
Author-X-Name-First: Robert A.
Author-X-Name-Last: Buckle
Title: Distinguished fellow lecture: monetary policy and the benefits and limits of central bank independence
Abstract: 
 Central bank independence is an important development in macroeconomics. It has become a lynchpin of modern central banking. The period since the Global Financial Crisis and the experience of the COVID-19 pandemic era posed new challenges for central banks, with potential implications for central bank independence. This paper reviews the scope and rationale for central bank independence and the reasons it spread internationally after the 1980s. It reviews evidence of the effects of central bank independence on inflation, output volatility, financial stability and fiscal policy. The paper considers political threats and contemporary policy issues that could influence the form of central bank independence and credibility. These issues include matters relating to assessments of monetary policy during the pandemic, the scope of central bank mandates, interpretations of inflation dynamics, the funding of central bank operations, and the interaction between fiscal and monetary policy.
Journal: New Zealand Economic Papers
Pages: 263-289
Issue: 3
Volume: 57
Year: 2023
Month: 09
X-DOI: 10.1080/00779954.2023.2234811
File-URL: http://hdl.handle.net/10.1080/00779954.2023.2234811
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:57:y:2023:i:3:p:263-289



Template-Type: ReDIF-Article 1.0
# input file: RNZP_A_2181859_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Antony Andrews
Author-X-Name-First: Antony
Author-X-Name-Last: Andrews
Author-Name: Grigorios Emvalomatis
Author-X-Name-First: Grigorios
Author-X-Name-Last: Emvalomatis
Title: What drives the productivity growth of New Zealand district health boards: technology, efficiency, or scale?
Abstract: 
 Using the longitudinal data on New Zealand District Health Boards (DHBs) for the period 2011-2018, the total factor productivity (TFP) change and its components are evaluated using an input distance function and a cost function. The empirical results indicate that TFP decreased at an average rate of between 0.73 and 0.98 per cent annually, mainly due to the deterioration of the technological component, which averaged close to −2 per cent between 2011 and 2018. However, contrary to the technological component, the scale component improved every year at an average rate of 1–1.16 per cent, thus cushioning some of the effects of the deteriorating technological component of the TFP. The TFP also posted a one-off positive growth in 2016, following the nationwide implementation of an ‘elective initiative’ programme in the 2015–2016 year, which raised both the scale and efficiency (technical and cost) components to their highest levels. Furthermore, the study also demonstrates the consistency in the effect of scale and technological change components on the TFP under both primal and dual approaches.
Journal: New Zealand Economic Papers
Pages: 214-228
Issue: 3
Volume: 57
Year: 2023
Month: 09
X-DOI: 10.1080/00779954.2023.2181859
File-URL: http://hdl.handle.net/10.1080/00779954.2023.2181859
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:57:y:2023:i:3:p:214-228



Template-Type: ReDIF-Article 1.0
# input file: RNZP_A_2138517_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20230119T200553 git hash: 724830af20
Author-Name: Arthur Grimes
Author-X-Name-First: Arthur
Author-X-Name-Last: Grimes
Author-Name: Shine Wu
Author-X-Name-First: Shine
Author-X-Name-Last: Wu
Title: Sustainable consumption growth: New Zealand’s surprising performance
Abstract: 
 We compile measures of ‘per capita Real Adjusted Net National Income’ (pcRANNI), being the income available for consumption by a country’s residents while maintaining the (broadly defined) capital stock intact, i.e. ‘sustainable consumption’. Changes in pcRANNI incorporate the impacts both of changes in technical efficiency (i.e. multi-factor productivity) and allocative efficiency where the latter reflects reallocation of resources in response to price signals. We find that New Zealand had approximately zero pcRANNI growth from 1970 to the early 1990s. Since then, New Zealand’s performance has been stronger than for most developed countries. We find considerable deviations between pcRANNI growth and per capita real GDP growth for some countries, highlighting the importance, especially for cross-country comparisons of aggregate economic performance, of focusing on income-based sustainable consumption measures.
Journal: New Zealand Economic Papers
Pages: 199-213
Issue: 3
Volume: 57
Year: 2023
Month: 09
X-DOI: 10.1080/00779954.2022.2138517
File-URL: http://hdl.handle.net/10.1080/00779954.2022.2138517
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:57:y:2023:i:3:p:199-213

Template-Type: ReDIF-Article 1.0
# input file: RNZP_A_2278039_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Thomas Benison
Author-X-Name-First: Thomas
Author-X-Name-Last: Benison
Author-Name: Isabelle Sin
Author-X-Name-First: Isabelle
Author-X-Name-Last: Sin
Title: The wage cost of a lack of access to affordable childcare in Aotearoa New Zealand
Abstract: 
 Access to suitable and affordable childcare is a prerequisite for labour force participation for many mothers. We use data from the Growing Up in New Zealand longitudinal study to investigate how lack of access to childcare affects mothers’ work in New Zealand, a nation with high-quality but expensive childcare. We find many mothers whose young children are not in childcare due to a lack of access report being prevented from working by childcare access issues. However, just over a fifth of mothers whose children are not in care due to access issues do work, and some mothers whose children are in care still report they are unable to work due to childcare issues. By combining information on work status and reasons for not working with earnings data for working mothers of young children, we estimate New Zealand mothers with children under age three who are not working only because they can’t access childcare may be foregoing an average of $1,970 each per year. This equates to total foregone earnings of $116 million per year, presenting a considerable cost to the New Zealand economy.
Journal: New Zealand Economic Papers
Pages: 40-73
Issue: 1
Volume: 58
Year: 2024
Month: 01
X-DOI: 10.1080/00779954.2023.2278039
File-URL: http://hdl.handle.net/10.1080/00779954.2023.2278039
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:58:y:2024:i:1:p:40-73



Template-Type: ReDIF-Article 1.0
# input file: RNZP_A_2234593_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Thomas van Florenstein Mulder
Author-X-Name-First: Thomas van Florenstein
Author-X-Name-Last: Mulder
Author-Name: Dennis Wesselbaum
Author-X-Name-First: Dennis
Author-X-Name-Last: Wesselbaum
Title: Does the RBNZ respond to exchange rate fluctuations?
Abstract: 
 This note re-visits the evidence on whether the Reserve Bank of New Zealand targets exchange rates in its Taylor rule. Estimating a standard small-open-economy DSGE model of the New Zealand economy using Bayesian methods, we find that the DSGE model with exchange rate in the Taylor rule generates a statistically significant better fit compared to the model without the exchange rate. This supports the view that while inflation has the highest weight in the Taylor rule, the RBNZ targets the exchange rate when making interest rate decisions. We also find a large weight on the smoothing parameter. The weight on the exchange rate is statistically significant but is smaller compared to the parameter attached to output. We use a large time span (1975–2018) for New Zealand standards for the full sample, and we also perform various subsample analyses and find time-variation in the Taylor rule parameters.
Journal: New Zealand Economic Papers
Pages: 87-94
Issue: 1
Volume: 58
Year: 2024
Month: 01
X-DOI: 10.1080/00779954.2023.2234593
File-URL: http://hdl.handle.net/10.1080/00779954.2023.2234593
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:58:y:2024:i:1:p:87-94



Template-Type: ReDIF-Article 1.0
# input file: RNZP_A_2314770_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: John Gibson
Author-X-Name-First: John
Author-X-Name-Last: Gibson
Title: Cumulative excess deaths in New Zealand in the COVID-19 era: biases from ignoring changes in population growth rates
Abstract: 
 Accurate health and economic data are needed to evaluate policy responses to COVID-19. A potentially comprehensive health indicator is excess deaths. Local commentators highlight an excess deaths series that suggests negative cumulative excess mortality for New Zealand in the first three years of COVID-19 – in other words, fewer deaths than expected. This flawed measure ignores changes in population growth. Deaths rose in New Zealand from 2015 to 2019 as population grew at two percent per annum. Population growth came almost to a standstill after the border closed in March 2020. Methods of extrapolating from the past to predict future deaths, to ascertain if actual deaths exceed projections, must account for this sharp change in population growth rates. Rather than New Zealand being unique, in having negative cumulative excess deaths in the COVID-19 era, cumulative deaths are about four percent above expected deaths (through 2022) once population growth rate changes are accounted for.
Journal: New Zealand Economic Papers
Pages: 95-106
Issue: 1
Volume: 58
Year: 2024
Month: 01
X-DOI: 10.1080/00779954.2024.2314770
File-URL: http://hdl.handle.net/10.1080/00779954.2024.2314770
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:58:y:2024:i:1:p:95-106



Template-Type: ReDIF-Article 1.0
# input file: RNZP_A_2272177_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: David Fielding
Author-X-Name-First: David
Author-X-Name-Last: Fielding
Title: Community-level ethnic diversity and community-level socio-economic development: evidence from 20 African countries
Abstract: 
 There is evidence for a strong negative association between country-level socio-economic development and country-level ethnic diversity. One explanation for this association is that diversity is associated with less social capital, hampering co-operative economic activity and good governance. However, evidence at lower levels of geographical aggregation is mixed, with some evidence that community-level development is positively associated with community-level diversity. One explanation for this difference is that repeated inter-group contact mitigates the negative consequences of diversity and promotes the adoption of capacity-enhancing innovative practices. This paper uses household survey data from 20 African countries to explore the association of community-level development with both community-level diversity and diversity at a higher level of geographical aggregation. Within this single dataset, we find strong evidence that the first association is positive and the second is negative. We also provide some evidence that the positive association is at least partly explained by an innovation channel.
Journal: New Zealand Economic Papers
Pages: 1-19
Issue: 1
Volume: 58
Year: 2024
Month: 01
X-DOI: 10.1080/00779954.2023.2272177
File-URL: http://hdl.handle.net/10.1080/00779954.2023.2272177
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:58:y:2024:i:1:p:1-19



Template-Type: ReDIF-Article 1.0
# input file: RNZP_A_2137688_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Ka Shing Cheung
Author-X-Name-First: Ka Shing
Author-X-Name-Last: Cheung
Author-Name: Chung Yim Yiu
Author-X-Name-First: Chung Yim
Author-X-Name-Last: Yiu
Author-Name: Betty Peiying Lin
Author-X-Name-First: Betty Peiying
Author-X-Name-Last: Lin
Title: Love thy neighbours or do ethnic neighbourhood qualities matter? Ethnic price differentials in a multi-ethnic housing market
Abstract: 
 New Zealand is a multi-ethnic society that embraces multiculturism. Many studies have examined how the concentration of ethnic minorities affects residential property values within small neighbourhoods. However, very few studies have recognised that characteristics of neighbourhoods other than ethnic concentration may cause such price differentials. We use the repeat-sales model, based on more than 66,000 housing transactions in the most ethnically diverse city in New Zealand, to control the unobserved biases and identify the effects of changes in the concentration of ethnic minorities on house prices over time. We argue that the commonly perceived ethnic housing price discount may not be a consequence of taste-based discrimination but statistical discrimination of prospective homebuyers on neighbourhood qualities. After controlling neighbourhood characteristics, which can be unobserved and are assumed to be unchanged over the course of the four censuses, the effect of the ethnic price differential, either increase or decrease, becomes insignificant on house prices. The statistical discrimination hypothesis is further confirmed using the Special Housing Area (SHA) as an exogenous amenity shock in a spatial-temporal differencing model. Using the conventional hedonic model without considering the neighbourhood qualities can be misleading.
Journal: New Zealand Economic Papers
Pages: 20-39
Issue: 1
Volume: 58
Year: 2024
Month: 01
X-DOI: 10.1080/00779954.2022.2137688
File-URL: http://hdl.handle.net/10.1080/00779954.2022.2137688
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:58:y:2024:i:1:p:20-39



Template-Type: ReDIF-Article 1.0
# input file: RNZP_A_2235751_J.xml processed with: repec_from_jats12.xsl darts-xml-transformations-20240209T083504 git hash: db97ba8e3a
Author-Name: Jędrzej Białkowski
Author-X-Name-First: Jędrzej
Author-X-Name-Last: Białkowski
Author-Name: Moritz Wagner
Author-X-Name-First: Moritz
Author-X-Name-Last: Wagner
Author-Name: Xiaopeng Wei
Author-X-Name-First: Xiaopeng
Author-X-Name-Last: Wei
Title: Differences between NZ and U.S. individual investor sentiment: more noise or more information?
Abstract: 
 In this study, we introduce a newly created sentiment index of individual investors in NZ constructed similar to the well-known sentiment index provided by the American Association of Individual Investors (AAII) in the U.S. This unique setup allows us to compare different aspects of investors’ behaviour in both countries. We show that NZ market participants are less confident about the directional movement of the stock market, their expectations are more volatile and their distributions have fatter tails. By contrast, both bullish and bearish sentiment is more persistent among U.S. investors. Furthermore, our analysis of return predictability reveals that both groups of investors behave as noise traders. However, the results for NZ investors are stronger. Overall, our findings call for better financial education, particularly in the area of equity investing.
Journal: New Zealand Economic Papers
Pages: 74-86
Issue: 1
Volume: 58
Year: 2024
Month: 01
X-DOI: 10.1080/00779954.2023.2235751
File-URL: http://hdl.handle.net/10.1080/00779954.2023.2235751
File-Format: text/html
File-Restriction: Access to full text is restricted to subscribers.
Handle: RePEc:taf:nzecpp:v:58:y:2024:i:1:p:74-86