I can’t even begin to summarise all of these results, but I want to record a few of them, as they relate to the appreciation of the New Zealand dollar between early 1993 and early 1997. In particular I want to address four questions: •  Why did the appreciation take place? •  Was the appreciation in some sense abnormal or unusual?
•  What part did the Reserve Bank play in the appreciation? •  Can large appreciations be avoided in the future? First, why did the appreciation take place?