The contributions of our national leaders, people like President Ford, have sustained and promoted that culture in the most difficult of circumstances and have given us the tools to improve upon this inheritance in ways that we have yet to imagine. BIS Review 94/1999  4
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.