changes in unemployment in the North Island may affect the rest of the country more than changes in unemployment in the South Island. 30 Regional Labour Market Spillovers, Haworth, C., RBNZ Analytical Note, 2020 31 New Economic Challenges and the Fed’s Monetary Policy Review, Jerome H. Powell, Speech delivered to economic policy symposium, Jackson Hole, Wyoming (August 2020).
See: https://www.federalreserve.gov/newsevents/speech/powell20200827a.htm Page 13 of 17  14  is proving welfare enhancing.32 Furthermore, Bank of England research shows that easier monetary policy after the Global Financial Crisis in 2009 had significant welfare benefits, making the majority of households better off.33 Monetary Policy needs Friends Monetary policy is a blunt tool and best used for the specific purposes outlined by our remit.