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So a whole bunch of central banks have cut rates overnight (ht Rates Blog, Big Picture). Australia cut 100 basis points the other day. If the RBNZ ever cut rates inter-meeeting, it would currently sound like a fair time. In order to avoid it sounding like a panic they could say: Funding costs have risen […]
I just read this over at the Hive: “New operating allowances will be the same for National over the next three years as they would be under Labour. National’s rebalancing of the tax system is self-funding and requires no cuts to public services or additional borrowing.” What the hell? Self-funding? We aren’t on that side […]
Kiwiblog (*, *) and the Standard (*) discuss the size and scope of the tax cut. (Note: some of the discussion can be viewed as partisan). NZIER economist Patrick Nolan created a calculator that allows you to compare the packages on offer from Labour and National for yourself (Media release, Calculator). Enjoy! Note: Other NZIER […]
Paul Romer states that the current crisis represents the gap between the Fundamentalist economist and the Realist economist (ht Economist’s View, Greg Mankiw, Econlog – as I had them all open at the same time and would have felt mean only picking one 😛 ). I find this characterisation a bit extreme, and definitely subjectively […]
I’ll be honest, I don’t think too much of it. I view tax as a structural thing that just needs to be set. Both National and Labour have this “incrementalist” view of changes taxes, which gives the potential for shifts in policy and creates uncertainty in the economic environment. I am also disappointed that they […]
The September NZIER Quarterly Survey of Business Opinion told us that businesses were more confident in September (than in June). However, they also experienced less activity started laying off workers and are still facing record cost pressures (ht NZIER). The decline in firms activity was the sharpest since March 1991! Although this isn’t wildly out […]