Independent Review of the Operation of Monetary Policy in New Zealand

In May 2000, the Government announced that the New Zealand monetary policy framework would be reviewed. Professor Lars Svensson of Stockholm University was appointed to undertake the review and to report by the end of February 2001. Professor Svensson’s report was released by the Treasurer/Minister of Finance on 28 February.

In this issue of the Bulletin, we have published the Executive Summary and recommendations of the Svensson Report, together with the terms of reference of the review. The complete report by Professor Svensson can be obtained from the New Zealand Treasury and can be accessed on www.monpolreview.govt.nz – the monetary policy review website, and on www.rbnz.govt.nz – the Reserve Bank of New Zealand’s website.

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Has Monetary Policy Been So Bad That It Is Better to Get Rid of It? The Case of Mexico

MANY LATIN AMERICAN COUNTRIES are considering adopting the U.S. dollar as legal currency, and some, like Ecuador, have taken concrete steps in that direction. Proponents of dollarization generally hold the view that domestic monetary policy has been the primary cause for the economic instability experienced by these countries in the past three decades. Yet, at least for Mexico, very few empirical studies have tried to identify the role of monetary policy.

The existing empirical literature on Mexican monetary policy consists mainly of single equation estimations (see Calvo and Mendoza 1996 and Kamin and Rogers 1996), or of reduced-form vector autoregressions (see Copelman and Werner 1995 and Hernandez 1999).(1) The first class of models is silent on the impact of monetary policy on the rest of the economy. The second class of models, by definition, cannot identify monetary policy. In addition, all previous literature has either ignored the issue of changes in regime, or has confined itself to the study of monetary policy within regimes. This despite the fact that some of Mexico’s major crises occurred during the passage from one regime to another. A proper evaluation of the impact of monetary policy on the Mexican economy requires that these critical transition periods are considered.

» Read more: Has Monetary Policy Been So Bad That It Is Better to Get Rid of It? The Case of Mexico

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Student Loan Tips for Continuing Education

Continuing education is sought after by a number of people. Generally speaking, continuing education programs can be divided into two classes. The first is general adult education, including courses taught beyond regular postsecondary education like an undergraduate degree. Adult education can include subjects like English as a Second Language, literacy, vocational training, GED preparation, and other forms of non-traditional education. Continuing education programs in this category may or may not be taught at an accredited higher education institution; some may be taught at vocational schools or local community centers, while others may be at an accredited community college.

The second class of continuing education is intended for licensed professionals to maintain or upgrade licensure. Doctors, lawyers, technology specialists, and any other field in which professional certification is granted often have continuing education requirements. Courses are credit-granting, and a number of them are generally required to meet licensing requirements. These types of continuing education courses are often taught in degree and certificate-granting institutions, sometimes remotely via distance learning.

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