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The inflation rate is overstated by about 1% each year because of difficulties in measuring new goods entering the consumer price index and improvements in the quality of existing goods in the consumer price index. With that adjustment of 1% in the chart below, a common measure of that bias, New Zealand has had zero …

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90% of the industrialised world is anchored to zero interest rates. Powerful @businessinsider chart pic.twitter.com/gOJxtcw63w — Paul Kirby (@paul1kirby) January 29, 2016

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Two of my brothers studied economics in the early 1970s and then went on to different paths in law and computing respectively. If Greg Mankiw is right, my two older brothers could happily conduct a conversation with a modern central banker. Their 1970s macroeconomics, albeit batting for memory, would be enough for them to hold …

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Mortgage interest rates were last in the double digits in the late 1980s and early 1990s. Since then, housing prices have exploded in New Zealand and barely paused for the recession in the wake of the Global Financial Crisis. Source: International House Price Database – Dallas Fed; Housing prices deflated by personal consumption expenditure deflator. …

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https://twitter.com/JimRose69872629/status/632343302763773953 @PaulNVandeWater @WhitefordPeter @AEI @MichaelRStrain Hong Kong saw statistics as eyes ears of regulation, worrywartshttp://t.co/Kk5vSxQHyw — Jim Rose (@JimRose69872629) August 15, 2015 @PaulNVandeWater @WhitefordPeter @AEI @MichaelRStrain Hong Kong = bad policy!? Milton Friedman turning in his grave!http://t.co/L5zlwmw8Md — Jim Rose (@JimRose69872629) August 15, 2015 @PaulNVandeWater @WhitefordPeter @AEI @MichaelRStrain government with statsitcs until 1970s with no …

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Originally posted on croaking cassandra:
I’ve been continuing to reflect on Graeme Wheeler’s repeated observation that New Zealand’s exchange rate “needs” to come down. I’m still not entirely sure what he means. The exchange rate is an asset price and presumably should reflect all expected future relevant information, not just spot information about current dairy…

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There has been close to zero inflation in France and Germany for almost 20 years now. The UK had mild deflation between 1998 and 2005, followed by a spike in inflation. Source: OECD StatExtract. Note that the 1.5% bias adjustment includes other known biases in the CPI in addition to new goods and quality variation.

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In praise of measurement error: good thing no one noticed the severe deflation in Australia and in New Zealand in the late 1990s for otherwise the do-gooders might have felt the need to do something about it. Good thing no one is panicking over the recent mild deflation in New Zealand as well. Source: OECD …

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All agree that the consumer price index (CPI) is biased and overstates inflation. In 1996, economists hired by the Senate Finance Committee estimated that the U.S. CPI overstates annual inflation by 1.1% (Boskin et al. 1996). That estimated CPI bias has not gotten smaller with time. It is now up to 1.5%, even 2%. The main biases in the …

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All agree that the consumer price index (CPI) is biased and overstates inflation. In 1996, economists hired by the Senate Finance Committee estimated that the U.S. CPI overstates annual inflation by 1.1% (Boskin et al. 1996). That estimated CPI bias has not gotten smaller with time. It is now up to 1.5%, even 2%. One …

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