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Exchange rate fluctuations: how has the regime mattered?

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Abstract

This article outlines the major features of New Zealand’s monetary and exchange rate regimes in recent decades. The focus is on how the real exchange rate has been affected by the changing exchange rate regimes. Some simple statistical analysis suggests little difference in the behaviour of the real exchange rate between the fixed and floating exchange rate period and, importantly, the mean, range and variance of the real exchange rate prior to and since inflation targeting are virtually identical.

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  • Richard Sullivan, 2013. "Exchange rate fluctuations: how has the regime mattered?," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 76, pages 26-34, June.
    • Handle: RePEc:nzb:nzbbul:jun2013:03
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    File URL: http://www.rbnz.govt.nz/-/media/ReserveBank/Files/Publications/Bulletins/2013/2013jun76-2sullivan.pdf
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    References listed on IDEAS

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    1. Dr Don Brash, 2002. "Inflation targeting 14 years on," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 65, March.
    2. Murray Sherwin, 1999. "Inflation targeting: 10 years on," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 62, September.
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    1. Daan Steenkamp, 2014. "How volatile are New Zealand’s terms of trade? An international comparison," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 77, pages 3-14, June.
    2. Øyvind Eitrheim & Jan Fredrik Qvigstad, 2024. "Norway’s Road to Inflation Targeting: Overcoming the Fear of Floating," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 66(3), pages 482-534, September.

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