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Working Papers
Motu working papers are research materials circulated by their authors for the purpose of information and discussion. They are reviewed, but not formally refereed. Any opinions expressed in papers are those of the author and do not represent a Motu position.
Tax, Credit Constraints, and the Big Costs of Small Inflation
This paper develops an overlapping generations model incorporating credit constraints, owner-occupier and rental sectors, and detailed tax regulations to examine how the interaction of inflation and the tax system affect the housing market. It shows that even modest rates of inflation can...
Coleman, Andrew. 2008. "Tax, Credit Constraints, and the Big Costs of Small Inflation," Motu Working Paper 08-14.
Storage Under Backwardation: A Direct Test of the Wright-Williams Conjecture
Commodities are often stored when the spot price exceeds the future price in a central market. Wright and Williams conjectured that inventories are held in locations far from the central market on these occasions. In these locations the spot price is lower than the price for forward...
Coleman, Andrew. 2008. "Storage Under Backwardation: A Direct Test of the Wright-Williams Conjecture," Motu Working Paper 08-13.
Labour Productivity in Auckland Firms
This paper examines labour productivity in Auckland, New Zealand’s largest city, using microdata from Statistics New Zealand’s Prototype Longitudinal Business Database. It documents a sizeable productivity premium in Auckland, around half of which is due to industry composition. There is a...
Maré, David C. 2008. "Labour Productivity in Auckland Firms," Motu Working Paper 08-12.
The Long-Run Impact of New Zealand's Structural Reform on Local Communities
New Zealand underwent a period of comprehensive market-oriented economic reforms from 1984-93. In this paper, we use data from the 1986, 1991, 1996 and 2001 Censuses to examine the long-run impact that these reforms had on local communities. We analyse the adjustment process in 140 local...
Velamuri, Malathi; Steven Stillman and Andrew Aitken. 2008. "The Long-Run Impact of New Zealand's Structural Reform on Local Communities," Motu Working Paper 08-11.
Water, Water Somewhere: The Value of Water in a Drought-Prone Farming Region
Water is critical for agriculture, yet surprisingly few studies internationally have analysed the value placed on water in specific farming contexts. We do so using a rich longitudinal dataset for the Mackenzie District (Canterbury, New Zealand) over nineteen years, enabling us to extract...
Grimes, Arthur and Andrew Aitken. 2008. "Water, Water Somewhere: The Value of Water in a Drought-Prone Farming Region," Motu Working Paper 08-10.
Inflation and the Measurement of Saving and Housing Affordability
This paper analyses the effect of inflation on the measurement of saving and housing affordability in New Zealand. When the inflation rate is positive, the income and saving of lenders is overstated and the saving of borrowers is understated because a portion of the interest earnings on...
Coleman, Andrew. 2008. "Inflation and the Measurement of Saving and Housing Affordability," Motu Working Paper 08-09.
The Relative Size of New Zealand Exchange Rate and Interest Rate Responses to News
This paper examines the relative size of the effects of New Zealand monetary policy and macroeconomic data surprises on the spot exchange rate, 2 and 5 year swap rate differentials, and the synthetic forward exchange rate schedule. We find that the spot exchange rate and 5 year swap rates...
Coleman, Andrew and Özer Karagedikli. 2008. "The Relative Size of New Zealand Exchange Rate and Interest Rate Responses to News," Motu Working Paper 08-08
Bridge to Somewhere: The Value of Auckland's Northern Motorway Extensions
We estimate benefits that have resulted from extensions to Auckland’s Northern Motorway since 1991. Population and employment rose substantially in locations near the new exits and to the north of the motorway extension, relative to developments elsewhere on the North Shore and in the...
Grimes, Arthur and Yun Liang. 2008. "Bridge to Somewhere: The Value of Auckland's Northern Motorway Extensions," Motu Working Paper 08-07.
Housing Markets and Migration: Evidence from New Zealand
New Zealand’s large and volatile external migration flows generate significant year-to-year fluctuations in the demand for residential housing. This paper uses population data from the 1986, 1991, 1996, 2001 and 2006 New Zealand Censuses, house sales price data from Quotable Value New...
Stillman, Steven and David C. Maré. 2008. "Housing Markets and Migration: Evidence from New Zealand," Motu Working Paper 08-06
Nutrient Trading in Lake Rotorua: Choosing the Scope of a Nutrient Trading System
A nutrient trading system is one mechanism that is currently being considered to control and reduce nutrient loss into Lake Rotorua. However this may not be the best mechanism for controlling nutrient loss from all sources. A more comprehensive system improves efficiency and decreases...
Lock, Kelly and Suzi Kerr. 2008. "Nutrient Trading in Lake Rotorua: Choosing the Scope of a Nutrient Trading System," Motu Working Paper 08-05.
Nutrient Trading in Lake Rotorua: Determining Net Nutrient Inputs
Lake Rotorua is experiencing increasing nutrient-related water quality problems. This paper is one in a series that explores the idea of creating a nutrient trading system as part of the ongoing policy response to this problem. Most of the current nutrient flows to the Lake come from...
Kerr, Suzi and Kit Rutherford. 2008. "Nutrient Trading in Lake Rotorua: Determining Net Nutrient Inputs," Motu Working Paper 08-03.
Nutrient Trading in Lake Rotorua: Overview of a Prototype System
Water quality in Lake Rotorua has been declining for at least the last 30 years as increased levels of nutrients have entered the lake. Despite significant effort and expenditure, the level of nutrients entering the lake still exceeds sustainable levels. A nutrient trading system would help...
Lock, Kelly and Suzi Kerr. 2008. "Nutrient Trading in Lake Rotorua: Overview of a Prototype System," Motu Working Paper 08-02.
ESSAM General Equilibrium Model: Estimation of 2005/06 Input-Output Tables
This paper describes the compilation of a preliminary input-output able for 2005/06 for use in the ESSAM (Energy Substitution, Social Accounting Matrix) general equilibrium model. A more accurate update is expected to be undertaken in 2009/10 with the envisaged release by Statistics New...
Stroombergen, Adolf. 2008. "ESSAM General Equilibrium Model: Estimation of 2005/06 Input-Output Tables," Motu Working Paper 08-01.
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