speech delivered at the Institute of International Bankers, New York, New York, June 16, http://www.federalreserve.gov/boarddocs/speeches/2006/20060615 Kroszner, Randall S. (2006b). "What Drives Productivity Growth? Implications for the Economy and Prospects for the Future," speech delivered to the Forecasters Club of New York, September 27, http://www.federalreserve.gov/boarddocs/speeches/2006/20060927/default.htm Mendoza, Enrique G., Vincenzo Quadrini, and Jose-Victor Rios-Rull (2007). "Financial Integration, Financial Deepness and Global Imbalances," NBER Working Paper 12909.
Higher export prices have outweighed any negative effect on New Zealand’s terms of trade from the run-up in oil prices. Since late 2002 New Zealand’s terms of trade have increased 20 percent and are at their highest level since 1974.