Why the RBNZ's bond-buying programme is an albatross

Why the RBNZ's bond-buying programme is an albatross
The Reserve Bank's LSAP is a difficult-to-deal-with albatross. (Image: Getty)
Jenny Ruth
In the dark days of the covid-19 pandemic's onslaught in March last year, it was obvious the government and its agencies, such as the Reserve Bank, were making policy on the hoof.They had no choice, such was the suddenness of the pandemic and the drastic measures taken to protect the country. Some of the measures taken would surely work and others would inevitably prove to have been mistakes.For example, the 12-week wage subsidy provided when the first lockdown started was an effective, if not the most effective, policy because it kept...

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