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Journal articles on the topic 'Monetary policy New Zealand'

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Author: Grafiati

Published: 10 December 2022

Last updated: 29 January 2023

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1

Hansen, Eric, and Dimitri Margaritis. "Financial Liberalisation and Monetary Policy in New Zealand." Australian Economic Review 26, no. 4 (October 1993): 28–36. http://dx.doi.org/10.1111/j.1467-8462.1993.tb00808.x.

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2

Karim, Shahnawaz, Minsoo Lee, and Christopher Gan. "Real Effects of Monetary Policy in New Zealand." Australian Economic Review 40, no. 4 (December 7, 2007): 385–401. http://dx.doi.org/10.1111/j.1467-8462.2007.00478.x.

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3

Margaritis, Dimitri, and Darren Gibbs. "International transmission effects on New Zealand monetary policy." New Zealand Economic Papers 26, no. 1 (June 1992): 83–99. http://dx.doi.org/10.1080/00779959209544185.

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4

Dowd, Kevin, and Simon Baker. "The New Zealand Monetary Policy Experiment?A Preliminary Assessment." World Economy 17, no. 6 (November 1994): 855–67. http://dx.doi.org/10.1111/j.1467-9701.1994.tb00777.x.

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5

Kumar, Vijay, Sanjeev Acharya, and Ly T. H. Ho. "Does Monetary Policy Influence the Profitability of Banks in New Zealand?" International Journal of Financial Studies 8, no. 2 (June 9, 2020): 35. http://dx.doi.org/10.3390/ijfs8020035.

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The study investigates the relationship between monetary policy and bank profitability in New Zealand using the generalized method of moments (GMM) estimator. Our sample comprises 19 banks from New Zealand over the period 2006–2018. Our results suggest that an increase in short-term rate leads to an increase in the profitability of banks, while an increase in long-term interest rates reduces bank profitability. In addition to monetary policy variables, capital adequacy ratio, non-performing loan ratio, and cost to income ratio are also important determinants of the profitability of banks in New Zealand. Capital adequacy ratio has a positive impact on bank profitability, while non-performing loan ratio and cost to income ratio have a negative impact on bank profitability.

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6

Yiu, Chung Yim. "A Natural Quasi-Experiment of the Monetary Policy Shocks on the Housing Markets of New Zealand during COVID-19." Journal of Risk and Financial Management 16, no. 2 (January 25, 2023): 73. http://dx.doi.org/10.3390/jrfm16020073.

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It is hard to experimentally test the impacts of monetary policy shocks on housing markets as it is very unlikely for a central bank to change monetary policies swiftly twice within a short period of time for exogenous reasons. However, during the pandemic, the central bank of New Zealand changed its policies 180 degree in 2 years, from an unprecedented low interest rate and a relaxed mortgage policy in 2020 to a 13-year record high interest rate and a tightened mortgage policy in 2022. Among the OECD members, New Zealand is the country that increased the interest rate the earliest and also the country that had its house prices fall the earliest. It provides natural quasi-experiments to test the monetary policy hypothesis empirically by the two policy changes as treatments on house prices. This study conducts a time series regression analysis on the housing markets of New Zealand to test the hypothesis in the pre-COVID and the COVID periods, ranging from 2016 Q2 to 2022 Q3. The results confirm that mortgage rates have a negative and significant effect on house price changes after controlling for the economic growth factor and the housing supply factor, no matter whether the monetary policy switches to expansionary or contractionary mode. The robustness test results of the housing markets show that a 1% fall/rise in the mortgage rate caused a 5.6% increase/decrease in house prices, ceteris paribus, in the COVID period. The results also do not support the housing supply hypothesis in New Zealand.

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7

Seheda, Liudmyla. "DIRECTIONS OF ADAPTATION OF THE NBU MONEY AND CREDIT ADJUSTMENT TO THE INFLATION TARGETING MODE ON THE EXAMPLE OF NEW ZEALAND." Economic Analysis, no. 28(1) (2018): 196–205. http://dx.doi.org/10.35774/econa2018.01.196.

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Introduction. The article deals with the main problems of adaptation of the NBU monetary and credit regulation to the inflation-targeting mode. The main reasons for the low efficiency of the introduction of world experience in the field of monetary policy to domestic realities are considered. The methodical recommendations for increasing the efficiency of monetary regulation, optimizing the monetary mode of inflation targeting and implementing the monetary rule in the practice of realization of monetary policy of the NBU are developed. Purpose. The article aims to study the world experience in the field of adapting monetary and credit regulation to the monetary mode of inflation targeting on the example of New Zealand and to develop the theoretical and practical conclusions for Ukraine. Method (methodology). The following general scientific methods have been used in this research: method of synthesis and generalization (to substantiate the basic problems of monetary regulation in the context of realization of the monetary regime of inflation targeting in Ukraine); methods of analysis and comparison (to study the experience of New Zealand in the field of the formation of the monetary mode of inflationary regulation); statistical and mathematical methods (to develop monetary rule in Ukraine). Results. The main problems of low efficiency of monetary regulation in Ukraine that are related to the neglect of national interests, imbalances in the development of the national economy, inappropriate structure of exports and imports, negative business environment, and conditions for the absorption of monetary impulses have been identified. The experience of New Zealand in the field of the formation of the monetary mode of inflation targeting has been researched. It has been made the conclusion concerning a long transitional period during which, at the level of inflationary purposes, de facto, as intermediate monetary policy objectives, the exchange rate and liquidity of the banking system are used. The monetary rule for Ukraine has been developed. The methodical recommendations for increasing the effectiveness of the monetary and credit regulation of the NBU within the framework of flexible inflation targeting have been worked out.

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8

Archer, David J. "The New Zealand approach to rules and discretion in monetary policy." Journal of Monetary Economics 39, no. 1 (June 1997): 3–15. http://dx.doi.org/10.1016/s0304-3932(97)00005-6.

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9

Sergi, Bruno S., and Yu Hsing. "Responses of Monetary Policy to Inflation, the Output Gap, and Real Exchange Rates: The Case of Australia, Canada, and New Zealand." Global Economy Journal 10, no. 2 (May 21, 2010): 1850196. http://dx.doi.org/10.2202/1524-5861.1596.

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This study shows that the policy rate reacts positively to the inflation rate, the output gap, and the lagged real effective exchange rate for Australia, Canada, and New Zealand and negatively to the current real effective exchange rate for Australia and Canada. The inflation rate has a greater impact on the policy rate for New Zealand than for Australia and Canada whereas the output gap has a greater effect on the policy rate for Australia and Canada than for New Zealand. Since the adoption of inflation targeting, the intercept of the monetary-policy function has decreased in each of the three countries, and the slope coefficient of the inflation rate has increased for Australia and New Zealand but has decreased for Canada.

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10

Kayani, Farrukh Nawaz. "China’s Mushrooming Free Trade Agreements: New Zealand and China’s Upgraded Free Trade Agreement." WSEAS TRANSACTIONS ON BUSINESS AND ECONOMICS 18 (May 21, 2021): 884–93. http://dx.doi.org/10.37394/23207.2021.18.84.

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FTAs have mushroomed and proliferated at very fast pace in East Asia, especially after the Asian Financial Crisis (AFC) of 1997. The East Asian economies were very disappointed with the International Monetary Fund’s handling of the crisis. In particular, it provided some countries, like Thailand and Indonesia, with poor advice. After the AFC, countries like China, Japan, and South Korea signed FTAs with different countries around the world. The first East Asian FTA talks took place between Japan and South Korea in 1998. Like its neighbors, China also pursued FTAs with neighboring countries. The FTA between China and New Zealand was signed on the 7th of April 2008 and was implemented on the 1st of October 2008. As a result of this FTA, China has become New Zealand’s largest trading partner; New Zealand’s exports to China have quadrupled. As of June 2020, the trade between China and New Zealand exceeded NZ$32 Billion. China and New Zealand signed an upgraded FTA on the 26th of January 2021. The upgraded FTA includes rules relating to e-commerce, competition policy, government procurement, and environment and trade issues. The bilateral trade between China and New Zealand is complimentary rather than competitive; while China mainly exports manufactured products to New Zealand, New Zealand primarily exports agricultural products.

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11

Brooke, Geoffrey T. F., Anthony M. Endres, and Alan J. Rogers. "The Economists and Monetary Thought in Interwar New Zealand: The Gradual Emergence of Monetary Policy Activism." History of Economics Review 73, no. 1 (May 4, 2019): 14–46. http://dx.doi.org/10.1080/10370196.2019.1665225.

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12

GUENDER, ALFRED V. "Is There a Bank-Lending Channel of Monetary Policy in New Zealand?" Economic Record 74, no. 226 (September 1998): 243–65. http://dx.doi.org/10.1111/j.1475-4932.1998.tb01922.x.

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13

West, Kenneth D. "Monetary policy and the volatility of real exchange rates in New Zealand." New Zealand Economic Papers 37, no. 2 (December 2003): 175–96. http://dx.doi.org/10.1080/00779950309544383.

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14

Drew, Aaron, Viv B. Hall, C. John McDermott, and Robert St Clair. "Would adopting the Australian dollar provide superior monetary policy in New Zealand?" Economic Modelling 21, no. 6 (December 2004): 949–64. http://dx.doi.org/10.1016/j.econmod.2003.10.008.

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15

Stevanović, Suzana, and Ivan Milenković. "Comparative Analysis of the Implementation of the Inflation Targeting Monetary Strategy in Canada and New Zealand." Economic Themes 58, no. 3 (September 1, 2020): 401–14. http://dx.doi.org/10.2478/ethemes-2020-0023.

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Abstract Since the 1990s there have been major changes in the way monetary policy is conducted. Since other monetary strategies did not result in the desired outcome, the first concept of inflation targeting was presented in New Zealand (1990), then in Canada (1991), England (1992), Sweden and Finland (1993), Australia and Spain (1994), Israel, Chile, Brasil, the Czech Republic, Poland, Hungary, Serbia and other countries. Thus, the application of this monetary regime has spread from economically developed to developing countries. This article examines the adoption, the formal framework for inflation targeting and the experience of the two countries that were leaders in the adoption of this modern strategy, New Zealand and Canada. At the time of the announcement of the inflation targets, inflation in both countries was around 6%. However, there are differences regarding the time frame. So, in New Zealand in a shorter period of time, credibility should have been achieved regarding the imbalance of monetary and fiscal policy. While, on the other hand, a longer time frame is envisaged for the Central Bank of Canada regarding achieving greater flexibility to mitigate price shocks. After all the above, it can be concluded that both observed countries (Canada and New Zealand) during the period 2008-2017, achieved positive effects from inflation targeting. In this sense inflation rates in the target range of 1-3% were achieved, except for a few years after the financial crisis (2008-2011), but after certain revisions of the formal framework, both countries successfully fought for greater economic growth and financial stability. The inflation targeting regime proved to be very successful in achieving the set targets, so both Central Banks continued to constantly update the formal and informal inflation targeting frameworks, in order to continuously achieve the expected effects.

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16

Berument, Hakan, and Richard T. Froyen. "Monetary policy and interest rates under inflation targeting in Australia and New Zealand." New Zealand Economic Papers 49, no. 2 (July 2, 2014): 171–88. http://dx.doi.org/10.1080/00779954.2014.929608.

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17

Lu, Xinsheng, and Francis In. "Monetary Policy, Open Market Operations and New Zealand Interest-Rate and Exchange-Rate Markets." Journal of the Asia Pacific Economy 11, no. 4 (November 2006): 462–81. http://dx.doi.org/10.1080/13547860600924021.

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18

Woodford, Michael. "The Case for Forecast Targeting as a Monetary Policy Strategy." Journal of Economic Perspectives 21, no. 4 (November 1, 2007): 3–24. http://dx.doi.org/10.1257/jep.21.4.3.

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At central banks around the world, including the Bank of England, Sweden's Riksbank, Norway's Norges Bank, and the Reserve Bank of New Zealand, policy is conducted on the basis of “inflation-forecast targeting”: the central bank constructs quantitative projections of the economy's expected future evolution based on the way in which it intends to control short-term interest rates, and public discussion of those projections plays a critical role in justifying the banks' conduct of monetary policy to the public. What accounts for the appeal of this approach? Should it be adopted more widely or more explicitly? I review the long-running debate between proponents of monetary rules and proponents of discretionary monetary policy and argue that inflation-forecast targeting represents a powerful synthesis of the two approaches. I explore some common questions that arise about inflation-forecast targeting and consider how the U.S. Federal Reserve might move toward an explicit policy of inflation-forecast targeting.

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19

Wong, Kin-Ming, and Terence Tai-Leung Chong. "Monetary policy regimes and growth revisited: evidence from a de facto classification." Oxford Economic Papers 71, no. 4 (January 9, 2019): 908–29. http://dx.doi.org/10.1093/oep/gpy068.

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Abstract Pioneered by New Zealand in 1990, a growing number of countries have adopted the practice of inflation targeting, the international experience of which has been reported as satisfactory. However, existing empirical evidence fails to support inflation targeting as having a positive growth effect. To provide further evidence, this study adopts a new classification system for monetary policy regimes that allows the empirical estimation of the effect of inflation targeting on economic growth in comparison with its main alternative, exchange rate targeting. Our study, which covers more than 100 countries for the 35 years from 1974 to 2009, presents robust evidence that inflation targeting promotes economic growth.

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20

Karim, Shahnawaz, Minsoo Lee, and Christopher Gan. "Price Effects of Monetary Policy: The Case of a Small Open Economy of New Zealand." Economic Analysis and Policy 41, no. 3 (December 2011): 253–71. http://dx.doi.org/10.1016/s0313-5926(11)50036-0.

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21

Wilkinson, Katherine J., Martin R. Young, and Shirley Young. "The effects of monetary policy shocks on exchange rates: Evidence from New Zealand and Australia." Pacific-Basin Finance Journal 9, no. 4 (August 2001): 427–55. http://dx.doi.org/10.1016/s0927-538x(01)00016-6.

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22

Akhmetov, R. R., M. E. Mamonov, and V. A. Pankova. "Monetary and macroprudential policy under global financial cycle: The experience of small open economies." Voprosy Ekonomiki, no. 6 (June 10, 2021): 5–31. http://dx.doi.org/10.32609/0042-8736-2021-6-5-31.

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This review examines the impact of the global financial cycle on small open economies and compares the effectiveness of various monetary and macroprudential policies in the presence of global financial cycle. First, we provide a classification of the channels through which the monetary policy of the world financial regulators (US Federal Reserve, ECB), which largely determines the global financial cycle, is transmitted to small open economies: the channel for interest rates differential, the channel for the activities of global financial institutions, and the channel for commodity prices. Second, by analyzing the arguments of supporters and critics of the monetary policy trilemma, we show how the literature comes to the conclusion that inflation targeting policy is still one of the most optimal solutions for achieving the goals of price and macroeconomic stability but fails to ensure financial stability. The latter requires active coordination with macroprudential policy measures. These conclusions are supported by the analysis of case studies of specific countries (Russia, New Zealand, Brazil, Turkey, etc.), which attempted to mitigate negative consequences of the 2007—2009 global financial crisis.

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23

Cai, Yifei. "Predictive Power of us Monetary Policy Uncertainty Shock on Stock Returns in Australia and New Zealand." Australian Economic Papers 57, no. 4 (July 25, 2018): 470–88. http://dx.doi.org/10.1111/1467-8454.12130.

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24

Baxa, Jaromír, Roman Horváth, and Bořek Vašíček. "HOW DOES MONETARY POLICY CHANGE? EVIDENCE ON INFLATION-TARGETING COUNTRIES." Macroeconomic Dynamics 18, no. 3 (March 26, 2013): 593–630. http://dx.doi.org/10.1017/s1365100512000545.

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We examine the evolution of monetary policy rules in a group of inflation-targeting countries (Australia, Canada, New Zealand, Sweden, and the United Kingdom), applying a moment-based estimator in a time-varying parameter model with endogenous regressors. From this novel flexible framework, our main findings are threefold. First, monetary policy rules change gradually, pointing to the importance of applying a time-varying estimation framework. Second, the interest-rate smoothing parameter is much lower than typically reported by previous time-invariant estimates of policy rules. External factors matter for all countries, although the importance of the exchange rate diminishes after the adoption of inflation targeting. Third, the response of interest rates to inflation is particularly strong during periods when central bankers want to break a record of high inflation, such as in the United Kingdom or Australia at the beginning of the 1980s. Contrary to common perceptions, the response becomes less aggressive after the adoption of inflation targeting, suggesting a positive anchoring effect of this regime on inflation expectations. This result is supported by our finding that inflation persistence typically decreased after the adoption of inflation targeting.

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25

Collins, Sean, and Pierre L. Siklos. "Optimal Monetary Policy Rules and Inflation Targets: Are Australia, Canada, and New Zealand Different from the U.S.?" Open Economies Review 15, no. 4 (October 2004): 347–62. http://dx.doi.org/10.1023/b:open.0000048523.79011.b2.

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26

KARAGEDIKLI, ÖZER, and KIRDAN LEES. "Do the Central Banks of Australia and New Zealand Behave Asymmetrically? Evidence from Monetary Policy Reaction Functions." Economic Record 83, no. 261 (June 2007): 131–42. http://dx.doi.org/10.1111/j.1475-4932.2007.00389.x.

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27

Guender, Alfred V., and Oyvinn Rimer. "The implementation of monetary policy in New Zealand: What factors affect the 90-day bank bill rate?" North American Journal of Economics and Finance 19, no. 2 (August 2008): 215–34. http://dx.doi.org/10.1016/j.najef.2007.10.001.

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28

Schwartz, Herman. "Can orthodox stabilization and adjustment work? Lessons from New Zealand, 1984–90." International Organization 45, no. 2 (1991): 221–56. http://dx.doi.org/10.1017/s0020818300033075.

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Most debate about the efficacy of orthodox stabilization programs, such as those of the International Monetary Fund, has been fruitless. First, rarely are these programs fully implemented or sustained for long periods. Second, defenders and critics of the programs hold differing premises about the nature of capitalist economies. The debate is therefore not about the appropriate balance of supply-and demand-side measures but, rather, about what sort of supply- and demand-side measures will address the supply- and demand-side problems that each group perceives. The results of an orthodox stabilization program which incorporated demand- and supply-side elements and which was fully implemented and sustained by the New Zealand government from 1984 to 1990 reveal the limits to orthodox programs. New Zealand, a primary product exporter, suffers from a structural imbalance of payments and from an external debt burden equal in scale to that of the Latin American and other highly indebted less developed countries (LDCs), but it does not have the serious supplyside constraints on growth that critics claim typify underdeveloped economies. This makes New Zealand an appropriate test of the typical orthodox stabilization program. Despite the fact that its administrative capacity, political will, domestic support, and access to external resources were far in excess of those of the typical would-be LDC stabilizer, New Zealand achieved only a precarious macroeconomic and international payments stability. Moreover, as the case of New Zealand demonstrates, inflation control and financial liberalization policy components of orthodox plans have contradictory consequences for payments balance. This suggests that long-term stabilization, in New Zealand and elsewhere, cannot be achieved solely by internal reforms.

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29

Malone, Chris B., Hamish Anderson, and Peng Cheng. "Firm size and the political cycle premium." Managerial Finance 41, no. 10 (October 12, 2015): 1077–95. http://dx.doi.org/10.1108/mf-03-2014-0083.

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Purpose – The purpose of this paper is to use firm-level data to examine whether the political cycle differentially relates to small vs large firms in New Zealand; a country that operates a unicameral political system has a short three-year political term and a right-of-centre stock market premium exists. Design/methodology/approach – Using firm-level data from 1972 to 2010, the authors examine monthly returns during right-of-centre National governments and left-of-centre Labour governments. The authors apply Santa Clara and Valkanov (2003) regression analysis approach to examine the political cycle impact on firm returns. Findings – Like in the USA, New Zealand’s political cycle premium is driven by small firms; however, the results are opposite. In New Zealand, periods governed by the right of the political spectrum produce significantly higher stock returns than those from the left and this finding is primarily driven by small firms who perform particularly poorly under left-of-centre governments. Research limitations/implications – Small firms were relatively heavily affected by the move to an open, deregulated economy; they were also less able to cope with tight monetary conditions, and periods of sharply falling inflation. New Zealand’s three-year political term may encourage newly formed governments to implement relatively fast moving shifts in policy where a more reasoned and steady approach would be warranted. Originality/value – This is the first paper to use firm-level data outside of the USA to examine the political cycle impact.

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30

Edney, Ross J. "Optimal disinflation with bank insolvency: An assessment of New Zealand's monetary policy." New Zealand Economic Papers 29, no. 1 (June 1995): 77–87. http://dx.doi.org/10.1080/00779959509544235.

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31

SIKLOS, PIERRE L. "INFLATION TARGETING: IT'S NOT BROKE, IT DOESN'T NEED FIXING, BUT CAN IT SURVIVE?" Journal of International Commerce, Economics and Policy 01, no. 01 (April 2010): 59–80. http://dx.doi.org/10.1142/s1793993310000081.

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Until the end of 2005 there were few outward signs that the inflation targeting (IT) monetary policy strategy was deemed fragile or that the likelihood of abandoning it was high. In light of the severe economic downturn and the global financial crisis that has afflicted most economies around the world since at least 2008, it is worth reconsidering the question of the fragility of the inflation targeting regime. This paper reprises the approach followed in Siklos (2008) but adds important new twists. For example, the present study asks whether the continued survival of IT is due to the fact that some of the central banks in question did take account of changes in financial stress. The answer is no. Indeed, many central banks are seen as enablers of rapid asset price increases. The lesson, however, is not that inflation targeting needs to be repaired. Instead, refinements should be considered to the existing inflation targeting strategy which has evolved considerably since it was first introduced in New Zealand 20 years ago. Most notably, there should be continued emphasis on inflation as the primary nominal anchor of monetary policy, especially in emerging market economies (EME), even if additional duties are assigned to central banks in response to recent events.

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32

Robb, Thomas K., and David James Gill. "The ANZUS Treaty during the Cold War: A Reinterpretation of U.S. Diplomacy in the Southwest Pacific." Journal of Cold War Studies 17, no. 4 (October 2015): 109–57. http://dx.doi.org/10.1162/jcws_a_00599.

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This article explains the origins of the Australia–New Zealand–United States (ANZUS) Treaty by highlighting U.S. ambitions in the Pacific region after World War II. Three clarifications to the historiography merit attention. First, an alliance with Australia and New Zealand reflected the pursuit of U.S. interests rather than the skill of antipodean diplomacy. Despite initial reservations in Washington, geostrategic anxiety and economic ambition ultimately spurred cooperation. The U.S. government's eventual recourse to coercive diplomacy against the other ANZUS members, and the exclusion of Britain from the alliance, substantiate claims of self-interest. Second, the historiography neglects the economic rationale underlying the U.S. commitment to Pacific security. Regional cooperation ensured the revival of Japan, the avoidance of discriminatory trade policies, and the stability of the Bretton Woods monetary system. Third, scholars have unduly played down and misunderstood the concept of race. U.S. foreign policy elites invoked ideas about a “White Man's Club” in Asia to obscure the pursuit of U.S. interests in the region and to ensure British exclusion from the treaty.

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33

Engelbrecht, Hans‐Jürgen, and Robin Loomes. "The unintended consequences of using an MCI as an operational monetary policy target in New Zealand: Suggestive evidence from rolling regressions." New Zealand Economic Papers 36, no. 2 (December 2002): 217–33. http://dx.doi.org/10.1080/00779950209544372.

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34

Buckle, Robert A. "New Zealand’s Thirty-Year Experience with Inflation Targeting: The Origins, Evolution and Impact of a Monetary Policy Innovation." History of Economics Review 73, no. 1 (May 4, 2019): 47–84. http://dx.doi.org/10.1080/10370196.2019.1672614.

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35

International Monetary Fund. "New Zealand: Financial System Stability Assessment, including Reports on the Observance of Standards and Codes on the following topics: Monetary and Financial Policy Transparency, Banking Supervision, and Securities Regulation." IMF Staff Country Reports 04, no. 126 (2004): i. http://dx.doi.org/10.5089/9781451830194.002.

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36

Zueva, Anna S. "FOREIGN EXPERIENCE IN ASSESSING THE EFFECTIVENESS OF TAX INCENTIVES FOR R&D." Scientific Review. Series 1. Economics and Law, no. 6 (2021): 39–46. http://dx.doi.org/10.26653/2076-4650-2021-6-04.

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The article describes the applied measures of tax incentives for scientific, development and innovation activities on the example of foreign countries: Great Britain, Finland, New Zealand, Mexico, Latvia, etc. A generalized analysis of the effectiveness of tax incentives for R&D provided to large companies and small and medium-sized businesses is given. On the example of the legislation of Ireland, the study of the categorical apparatus is carried out. The role of the International Monetary Fund and the Organization for Economic Cooperation and Development in the study of tax incentives for R&D is determined. The work is based on the application of general scientific and private scientific methods: statistical, comparative legal, historical, etc. A comparative analysis of direct government financing and tax support of R&D for business is provided. Several methods of evaluating the effectiveness of stimulating research and development are considered. Conclusions are drawn about the key global patterns in the field of assessing the effectiveness of tax incentives for R&D. In conclusion, the author notes that depending on the size of the economy and the level of its development, governments of different countries choose different types and sizes of tax instruments within the framework of fiscal policy. There is also a lack of unity in the methodology for calculating the impact of the proposed benefits on the growth rate of R&D financing.

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37

Yao, Christian, Jane Parker, James Arrowsmith, and Stuart C. Carr. "The living wage as an income range for decent work and life." Employee Relations 39, no. 6 (October 2, 2017): 875–87. http://dx.doi.org/10.1108/er-03-2017-0071.

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Purpose A “living” wage (LW) is conventionally defined as enabling meaningful participation in society above subsistence through, for example, recreation, supporting a family, and savings. There is increasing debate over LWs due to growing inequality, rising living costs and welfare reform but this remains largely framed by the econometric cost-benefit parameters that apply to minimum wage regulation. The capabilities approach advocated by Sen (1999) offers a different perspective that is inclusive of choice, contingencies and the inter-connections between quality of (paid) work and private life. The paper aims to discuss these issues. Design/methodology/approach The paper adopts this framework and utilises a qualitative exploration of the narratives of 606 New Zealand employees to understand perceived wage effectiveness. The results suggest that a focus on a specific LW rate might be conceptually limiting, in comparison to a LW range. Findings First, the findings indicate that there is a pivot range in which people move from self-assessed “survival” to “decent” income. Second, a LW may have more than a simply monetary effect in better meeting employees’ living costs; it can also improve well-being through subjective perceptions of valued freedoms to do with job satisfaction, equity and security. Originality/value The results thus draw attention to a wider notion of a LW in terms of personal and family well-being, utilising a capabilities approach, with implications for organisational practice, policy and theory concerning sustainable livelihood and the UN Sustainable Development Goals.

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38

Rodrigues, Viviane Belini, Everton Nunes da Silva, and Maria Leonor Pacheco Santos. "Cost-effectiveness of mandatory folic acid fortification of flours in prevention of neural tube defects: A systematic review." PLOS ONE 16, no. 10 (October 21, 2021): e0258488. http://dx.doi.org/10.1371/journal.pone.0258488.

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Background Neural tube defects (NTDs) constitute the most frequent group among congenital malformations and are the main cause of neonatal morbimortality. Folic acid (FA) can reduce the risk of pregnancies affected by NTDs. Objective We aimed to investigate whether mandatory folic acid (FA) fortification of flours is cost-effective as compared to non-mandatory fortification, and to verify whether FA dosage, cost composition, and the quality of economic studies influence the cost-effectiveness of outcomes. Methods We conducted a systematic review. The protocol was registered on PROSPERO (CRD 42018115682). A search was conducted using the electronic databases MEDLINE/PubMed, Web of Science, Embase, Scopus, and EBSCO/CINAHL between January 2019 and October 2020 and updated in February 2021. Eligible studies comprised original economic analyses of mandatory FA fortification of wheat and corn flours (maize flours) compared to strategies of non-mandatory fortification in flours and/or use of FA supplements for NTD prevention. The Drummond verification list was used for quality analysis. Results A total of 7,859 studies were identified, of which 13 were selected. Most (77%; n = 10) studies originated from high-income countries, while three (23%) were from upper-middle-income countries. Results of a cost-effectiveness analysis showed that fortification is cost-effective for NTD prevention, except for in one study in New Zealand. The cost-benefit analysis yielded a median ratio of 17.5:1 (0.98:1 to 417.1:1), meaning that for each monetary unit spent in the program, there would be a return of 17.5 monetary units. Even in the most unfavorable case of mandatory fortification, the investment in the program would virtually payoff at a ratio of 1:0.98. All FA dosages were cost-effective and offered positive health gains, except in one study. The outcomes of two studies showed that FA dosages above 300 μg/100 g have a higher CBA ratio. The studies with the inclusion of “loss of consumer choice” in the analysis may alter the fortification cost-efficacy ratio. Conclusion We expect the findings to be useful for public agencies in different countries in decision-making on the implementation and/or continuity of FA fortification as a public policy in NTD prevention.

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Iveson, Timothy, Kathleen A. Boyd, Rachel S. Kerr, Jose Robles-Zurita, Mark P. Saunders, Andrew H. Briggs, Jim Cassidy, et al. "3-month versus 6-month adjuvant chemotherapy for patients with high-risk stage II and III colorectal cancer: 3-year follow-up of the SCOT non-inferiority RCT." Health Technology Assessment 23, no. 64 (December 2019): 1–88. http://dx.doi.org/10.3310/hta23640.

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Background Oxaliplatin and fluoropyrimidine chemotherapy administered over 6 months is the standard adjuvant regimen for patients with high-risk stage II or III colorectal cancer. However, the regimen is associated with cumulative toxicity, characterised by chronic and often irreversible neuropathy. Objectives To assess the efficacy of 3-month versus 6-month adjuvant chemotherapy for colorectal cancer and to compare the toxicity, health-related quality of life and cost-effectiveness of the durations. Design An international, randomised, open-label, non-inferiority, Phase III, parallel-group trial. Setting A total of 244 oncology clinics from six countries: UK (England, Scotland, Wales and Northern Ireland), Denmark, Spain, Sweden, Australia and New Zealand. Participants Adults aged ≥ 18 years who had undergone curative resection for high-risk stage II or III adenocarcinoma of the colon or rectum. Interventions The adjuvant treatment regimen was either oxaliplatin and 5-fluorouracil or oxaliplatin and capecitabine, randomised to be administered over 3 or 6 months. Main outcome measures The primary outcome was disease-free survival. Overall survival, adverse events, neuropathy and health-related quality of life were also assessed. The main cost categories were chemotherapy treatment and hospitalisation. Cost-effectiveness was assessed through incremental cost comparisons and quality-adjusted life-year gains between the options and was reported as net monetary benefit using a willingness-to-pay threshold of £30,000 per quality-adjusted life-year per patient. Results Recruitment is closed. In total, 6088 patients were randomised (3044 per group) between 27 March 2008 and 29 November 2013, with 6065 included in the intention-to-treat analyses (3-month analysis, n = 3035; 6-month analysis, n = 3030). Follow-up for the primary analysis is complete. The 3-year disease-free survival rate in the 3-month treatment group was 76.7% (standard error 0.8%) and in the 6-month treatment group was 77.1% (standard error 0.8%), equating to a hazard ratio of 1.006 (95% confidence interval 0.909 to 1.114; p-value for non-inferiority = 0.012), confirming non-inferiority for 3-month adjuvant chemotherapy. Frequent adverse events (alopecia, anaemia, anorexia, diarrhoea, fatigue, hand–foot syndrome, mucositis, sensory neuropathy, neutropenia, pain, rash, altered taste, thrombocytopenia and watery eye) showed a significant increase in grade with 6-month duration; the greatest difference was for sensory neuropathy (grade ≥ 3 was 4% for 3-month vs.16% for 6-month duration), for which a higher rate of neuropathy was seen for the 6-month treatment group from month 4 to ≥ 5 years (p < 0.001). Quality-of-life scores were better in the 3-month treatment group over months 4–6. A cost-effectiveness analysis showed 3-month treatment to cost £4881 less over the 8-year analysis period, with an incremental net monetary benefit of £7246 per patient. Conclusions The study achieved its primary end point, showing that 3-month oxaliplatin-containing adjuvant chemotherapy is non-inferior to 6 months of the same regimen; 3-month treatment showed a better safety profile and cost less. For future work, further follow-up will refine long-term estimates of the duration effect on disease-free survival and overall survival. The health economic analysis will be updated to include long-term extrapolation for subgroups. We expect these analyses to be available in 2019–20. The Short Course Oncology Therapy (SCOT) study translational samples may allow the identification of patients who would benefit from longer treatment based on the molecular characteristics of their disease. Trial registration Current Controlled Trials ISRCTN59757862 and EudraCT 2007-003957-10. Funding This project was funded by the National Institute for Health Research (NIHR) Health Technology Assessment programme and will be published in full in Health Technology Assessment; Vol. 23, No. 64. See the NIHR Journals Library website for further project information. This research was supported by the Medical Research Council (transferred to NIHR Evaluation, Trials and Studies Coordinating Centre – Efficacy and Mechanism Evaluation; grant reference G0601705), the Swedish Cancer Society and Cancer Research UK Core Clinical Trials Unit Funding (funding reference C6716/A9894).

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Aquanno, S. M. "Contesting New Monetary Policy." Contributions to Political Economy 33, no. 1 (June 1, 2014): 1–17. http://dx.doi.org/10.1093/cpe/bzu005.

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Smith, V. "New Zealand: Policy Making." Journal of Visual Impairment & Blindness 86, no. 1 (January 1992): 18–19. http://dx.doi.org/10.1177/0145482x9208600110.

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Arestis, Philip. "New Monetary Policy and Keynes." European Journal of Economics and Economic Policies: Intervention 3, no. 2 (2006): 245–62. http://dx.doi.org/10.4337/ejeep.2006.02.09.

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Reynolds, Stephen E., and Samantha F. Ravich. "New challenges for monetary policy." Journal of Asian Economics 11, no. 3 (December 2000): 365–66. http://dx.doi.org/10.1016/s1049-0078(00)00059-2.

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Krieble, Todd A. "New Zealand." Journal of Health Politics, Policy and Law 25, no. 5 (October 2000): 925–30. http://dx.doi.org/10.1215/03616878-25-5-925.

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Fama, Marco, Andrea Fumagalli, and Stefano Lucarelli. "Cryptocurrencies, Monetary Policy, and New Forms of Monetary Sovereignty." International Journal of Political Economy 48, no. 2 (April 3, 2019): 174–94. http://dx.doi.org/10.1080/08911916.2019.1624318.

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Issing, Otmar. "New technologies, productivity and monetary policy." Économie internationale 98, no. 2 (June 1, 2004): 83–88. http://dx.doi.org/10.3917/ecoi.098.0083.

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Hennecke, Peter. "The ECB’s New Monetary Policy Strategy." Intereconomics 56, no. 5 (September 2021): 295–98. http://dx.doi.org/10.1007/s10272-021-1002-9.

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AbstractThe ECB updated its monetary policy strategy for the first time in 18 years in July 2021. Therein, the ECB announced that it is willing to accept a transitory period of moderate inflation overshoot in its efforts to push inflation upwards after a long period of undershooting its target. This study explores whether such an overshoot can be economically justified employing a simple Phillips curve model. The results point to the conclusion that the average inflation rate over the business cycle consolidated about one percentage point below the ECB’s target rate. A temporary asymmetry of the ECB’s monetary strategy seems therefore justified to realign inflation and inflation expectations with the target rate.

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Hennecke, Peter. "The ECB’s New Monetary Policy Strategy." Intereconomics 56, no. 5 (September 2021): 295–98. http://dx.doi.org/10.1007/s10272-021-1002-9.

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AbstractThe ECB updated its monetary policy strategy for the first time in 18 years in July 2021. Therein, the ECB announced that it is willing to accept a transitory period of moderate inflation overshoot in its efforts to push inflation upwards after a long period of undershooting its target. This study explores whether such an overshoot can be economically justified employing a simple Phillips curve model. The results point to the conclusion that the average inflation rate over the business cycle consolidated about one percentage point below the ECB’s target rate. A temporary asymmetry of the ECB’s monetary strategy seems therefore justified to realign inflation and inflation expectations with the target rate.

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Dor, Eric, and Alain Durré. "Monetary Policy and the New Economy." Recherches économiques de Louvain 68, no. 1 (2002): 221. http://dx.doi.org/10.3917/rel.681.0221.

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Bayoumi, Tamim, Giovanni Dell'Ariccia, Karl Habermeier, Tommaso Mancini Griffoli, and Fabian Valencia. "Monetary Policy in the New Normal." Staff Discussion Notes 14, no. 3 (2014): 1. http://dx.doi.org/10.5089/9781475561784.006.

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