2  BIS central bankers’ speeches  Figure 2  Net permanent and long-term migration  Real Dubai oil prices (1998 prices)  Source: Statistics New Zealand  Source: Reuters, Haver Analytics, RBNZ calculation  Terms of trade  Government spending (consumption plus investment, percent of annual GDP)  Source: Statistics New Zealand  Source: Statistics New Zealand, RBNZ calculations In setting monetary policy we had to take a view both on how these shocks would unfold and how they might change the inflationary pressure in the economy, as summarised by our view of the output gap.
At the same time, we maintain regular and open dialogue with the federal and provincial authorities that do exercise such responsibilities. And we share with them our analysis of potential vulnerabilities and risks.2 The Governor of the Bank of Canada is a member of the Senior Advisory Committee, a nonstatutory body that discusses macroprudential policy.