Probably, in conditions in which uncertainty is high, frontloading the accumulation of a given stock of purchases more forcefully signals the central bank’s commitment to inject the degree of accommodation necessary to support the recovery. By contrast, in more normal market conditions, the market’s capacity to engage in intertemporal arbitrage improves.
Recognising the Reserve Bank’s role and responsibilities – as issuer and steward of New Zealand’s money and operator of key payments systems – we are building our analytical, policy and governance capability to support this strategic leadership. In the  3  years ahead, some of the biggest questions facing central banks could well be around the future of money itself. 3.