RBNZ is responsible for rising house prices

Sun, 15 Nov 2020

Successive Reserve Bank of New Zealand governors have worried about runaway house prices and central bankers around the world have always been concerned about potential asset-price bubbles generally.That concern was epitomised by former Federal Reserve chair Alan Greenspan in his famous 1996 speech on the "irrational exuberance" then evident in tech stocks – a phrase he later said came to him while sitting in a bathtub.But now the RBNZ is making it clear that it takes no responsibility for the housing market looking decidedly ir...

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