اجرای سیاست های پولی در نیوزیلند: چه عوامل بر روی نرخ اسکناس طی 90 روز تاثیر میگزارد ؟

This paper discusses the implementation of monetary policy in New Zealand and its flow-on effects on the 90-day bank bill rate over the 1999–2005 period. The effects of external factors are considered as well. Our findings indicate that the maturity spectrum ratio exerted a positive effect on the 90-day bank bill rate while the allotment ratio did not. This interest rate had a tendency to revert to the level set by its Australian counterpart, though at a relatively slow speed. No such link exists between the NZ 90-day rate and the U.S. 90-day rate. Neither the maturity spectrum nor the allotment ratio contributed to the volatility of the most important short-term interest rate in New Zealand.

Our primary focus in this section is on the monetary policy changes that occurred in New Zealand, Australia, and the United States over the period from 17 March 1999 to 30 June 2005. The beginning of the sample period coincides with the switch by the Reserve Bank of New Zealand from targeting cash settlement balances to setting the official cash rate. Fig. 1 shows the setting of the official policy instrument in each country over the sample period. Table 1 lists the dates of the policy changes, the announced new level of the policy instrument, the size of the change in the instrument as well as additional information that characterizes the conduct of monetary policy in the three countries. The ancillary information consists of the day of the week the policy change was announced, the duration of the announced policy change in trading and calendar days, respectively, and the flow-on effect on short-term market interest rates. The last two columns give an indication of the same-day effect of the change in the official cash rate in New Zealand, the overnight cash rate in Australia and the federal funds rate in the United States on key short-term market interest rates. In New Zealand and Australia the 90-day bank bill rate is arguably the most important short-term market interest rate. For the United States, we chose the 90-day commercial paper rate. The three interest rates represent the yields on short-term debt instruments issued by banks and corporate entities to secure financial capital.

This paper discusses the implementation of monetary policy in New Zealand over the period from 1999 to 2005 from an empirical perspective. The then operating procedure of the Reserve Bank was based on a symmetric channel where the deposit rate offered and lending rate charged by the Reserve Bank served as the lower and upper bound, respectively. The announced official cash rate was the midpoint of the channel and served as the benchmark for market-determined interest rates. Over the sample period, open-market operations served as the primary vehicle with the help of which the Reserve Bank of New Zealand controlled the volume of liquidity that the Bank thought was consistent with the announced target for the official cash rate.