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RBNZ's Bollard to speak on monetary policy on Friday
Reserve Bank Governor Alan Bollard will give an 'on the record' speech to the Canterbury Employers' Chamber of Commerce on Friday at 1pm on 'The crisis and monetary policy: what we learned and where we are going.'
Interest .co.nz will publish a report on the speech shortly after 1pm on Friday.
The Reserve Bank is due to announce its latest decision on the Official Cash Rate at 9am on Thursday. Economists widely expect the OCR to be left on hold at 2.5% and for the Reserve Bank to stick with its pledge not to raise the OCR before the middle of the year.
11 Comments
Oh Bollard, So sick of
Oh Bollard,
So sick of this guy. A man who has been wrong so many times! He's a failure, he followed Greenspans plan, he has now created so many bubbles in the NZ economy due to too lower OCR's during the 2003-2006 period that a monster of problems has been created and no one has held him to account like Greenspan!
The guy needs firing! he has no credibility
@ Justice... Doc Bollard sure
@ Justice...
Doc Bollard sure has wound me up on several occasions, however I think he has played his hand beautifully this time around - oh the confidence one gains when holding the joker...
During 2003-2006 we had world's
During 2003-2006 we had world's highest rates, as I can recall
I don't think Bollard hasn't
I don't think Bollard hasn't done that bad, at least he turned the RBNZ from a one trick pony to a 2 trick pony.
Seems are CEOs are gaining
Seems are CEOs are gaining confidence....they still think Govn is the problem though....it will be interesting to see when that switches to energy security as their major threat.
http://www.stuff.co.nz/business/industries/3264218/CEOs-more-confident-b...
@Justice: Bollard followed Greenspan, simply
@Justice: Bollard followed Greenspan, simply not true he has used the OCR to fight infaltion and not recessions compare US inflation to NZ inflation, US is/was consideably higher....He is also amongst the worst positioned of central Bankers in that a lot of NZers had taken out fixed terms typically two years....this meant an un-balanced and laggy "reply" to his OCR shifts in the last decade. I dont believe the OCR was too low, just becoming in-effective in controlling inflation bearing in mind a too high OCR kills an economy possibly too fast...When you look at the inflation over the period and look at the secondary concerns like not causing job losses etc I think he's done a pretty fair job of balancing....by far the biggest responsibilty for issues is poor Govn policy, poor regulation/de-regulation and Labour over-spending and National's tax cuts....these have had a far more pronounced detrimental effect.
and I agree with P&P, he holds the joker....and he certainly seems to be doing a farbetter job than the Bank w*nkers right now....as economists I would say they are an insult to themselves, except they are all pretty bad...
regards
@Alen: yes probably, but his
@Alen: yes probably, but his remit was to control inflation using a piece of wet string with a 12~18month lag...given how many other countries in the OECD are basket cases and we are not despite our Govn....So that high rate isnt really Bollard's fault he was the cure to Govn excess. Inenviable really (he's blamed), a Govn whipping boy....we blame him for what he has to do rather than the Govn of the day causing the issue(s) in the first place...
regards
And so back to the
And so back to the future we go with cheaper credit for longer to pork the nice fat GDP BS stats and hand the Beehive fools another 3 years at the pig trough. The immigrant pork will help put the cream on the cake. Pity about the peasants having to live their lives as serfs to the banks but hey who gives a rat's arse about the peasants.
The property ponzi economy is shaping up to be one giant dichotomy, isn't it. Media spin and BS pushing the line that all is soooo bloody good...and the odd scrap of reality escaping to indicate the shite is a permanent feature.
Have you forgotten to take
Have you forgotten to take your medication again Wally?
Wally said......The property ponzi economy
Wally said......The property ponzi economy is shaping up to be one giant dichotomy, isn't it. Media spin and BS pushing the line that all is soooo bloody good"¦and the odd scrap of reality escaping to indicate the shite is a permanent feature.
That's a statment worthy of framing..!!... Beautifully put Wally.
and now that it's a permanent feature... could someone please turn the fan off...? see we all got some now..
Steven, Did you not notice
Steven, Did you not notice the correlation between the low OCR and inflation during those years?
Heavy Borrowing (most of it from outside the country) had a huge inflationary effect DUE to the ease of credit.
Bollards own quotes:
"We significantly misread the international scene, but so did most forecasters"
"Everybody knew there were imbalances, that risk was underpriced, that money was too cheap', "but no one knew how it would unravel"
"I think some of the G3 rates were kept too low for too long"
"Housing has been growing & growing, and as we tried to slow that with pushing up the OCR, we were limited in how fast we could do that because we were getting collateral damage on the exchange rate"
He was blinded by his obsessive focus of the NZD.ie, IDIOT