Graeme Wheeler: The significance of dairy to the New Zealand economy Speech by Mr Graeme Wheeler, Governor of the Reserve Bank of New Zealand, to DairyNZ, Hamilton, 7 May 2014.
Population aging, on the other hand, might lead to higher savings and thus – ceteris paribus – to a downward pressure on real interest rates. This reaction is sometimes presented as a direct and necessary consequence of the rise in life expectancy. It is important, however, to emphasize that the strength of this channel will depend on the reaction of retirement behavior, i.e.