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An experienced user of the Twiddler, a one--handed chording keyboard, averages speeds of 60 words per minute with letter--by--letter typing of standard test phrases. This fast typing rate coupled with the Twiddler's 3x4 button design, similar to that of a standard mobile telephone, makes it a potential alternative to multi--tap for text entry on mobile(More)
The views expressed here are those of the authors and do not necessarily reflect official positions of the Reserve Bank of New Zealand. This report may not be wholly or partially reproduced without the permission of the Reserve Bank of New Zealand. Contents may be used without restriction provided due acknowledgement is made of the source. Acknowledgements(More)
1 Simple rules for guiding monetary policy actions have been shown to achieve policy objectives effectively. In many of these simple rules, policy prescriptions depend on the economy's level of potential output. However, potential output is unobservable and is estimated with uncertainty. We examine the effects that this uncertainty has on the stabilisation(More)
Uncertainty in applied macroeconomic policy analysis arises from three distinct sources. The first, often referred to as model uncertainty, arises because the models used for policy analysis are simple abstractions of the complex behavioural interactions that occur in an economy. The second source, denoted shock uncertainty, arises from unforeseen events(More)
In this paper, stochastic simulations of the Reserve Bank of New Zealand's new macroeconomic model, FPS, are used to examine the issue of which price index should monetary policy stabilise in a small open economy. Under the class of policy rules considered, targeting a measure of domestic inflation, which does not include the direct effects of exchange rate(More)
  • James Breece, Vincenzo Cassino, +6 authors Adrian Orr
  • 1998
This paper presents three satellite models for the Forecasting and Policy System (FPS). Satellite models are used to disaggregate the projections generated by the core model into a more detailed profile. The household expenditure, exports, and business investment satellite models dis-aggregate the relevant macroeconomic variables by modelling the shares of(More)
It has become increasingly common among central banks to specify the operational goal of monetary policy as the maintenance of price stability. For example, the European Central Bank (ECB) recently announced that its goal for monetary policy is to keep inflation below two percent per annum over the medium term. In translating the operational goal into(More)