4  See Bernanke (2007). 4  BIS Review 135/2010  unacceptable levels of inflation without any permanent benefits in terms of employment.
We will be looking for clear signs that excess demand pressures have substantially reduced and that a removal of the restrictions will not result in a return of such pressures. Conclusion The underlying issue in the New Zealand housing market is a shortage of supply. In Christchurch there is a specific housing shortage as a result of the earthquake-damaged housing stock.