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The Covid-19 outbreak is quickly developing into an economic crisis. A top priority for the Government now is to maintain employment and ensure firms can quickly recover when the lockdown ends. Read more
The New Zealand Government’s Covid-19 policy needs to directly boost capabilities in the health sector while providing the kind of appropriate economic support necessary when we’re all taking a lengthy staycation and some industries are put on ice. Uncertainty about the duration of this crisis makes deciding on the most suitable policy difficult. Read more
These are times like no other. Unless you are well over 80, you would not remember an existential and comprehensive crisis like this. Read more
Unless effective treatment for the novel coronavirus Covid-19 emerges quickly, the world faces not only misery but economic depression. New Zealand will be immune to neither. Read more
Wellington, 26 March 2020 – Mixing the New Zealand Initiative’s research with ideas from dozens of the largest Kiwi firms, the think tank has produced a comprehensive touchstone document on the best range of Covid-19 policy responses. Written by the Initiative’s chief economist Eric Crampton, with research assistance from Leonard Hong, Effective Treatment: Public policy prescription for a pandemic warns that without sound, quick and careful policy adjustments implemented by the Government, New Zealand risks slipping into a deep recession. Read more
The Covid-19 outbreak is quickly developing into an economic crisis. Maintaining employment and the ability of firms to recover quickly when the crisis abates is critically important given that labour markets in several European countries are yet to fully recover from the Global Financial Crisis (GFC) of 2008. Read more
Wellington, 24 March 2020 – The New Zealand Initiative says the Government must change its approach towards wage subsidies to avoid a mass lay-off of jobs and the potential destruction of many companies. In a new paper called Short-time work to maintain employment, New Zealand could preserve an extra 3-4% of jobs – even during the harshest economic impact of the Covid-19 shutdowns – by adopting a successful European policy tested during the GFC. Read more
Eric Crampton looked at potential economic policy responses to the Covid-19 pandemic in his regular Radio New Zealand Nights slot, Read more
Milton Friedman was wrong about the euro currency. Before its introduction, the godfather of monetarism predicted Europe’s monetary union would not survive its first recession. Read more
Wellington 23 March 2020 - BusinessNZ and The New Zealand Initiative are encouraging the Government to go further with its economic support package, saying the support package announced last week was the right first step and was greatly appreciated but needed to go further. The New Zealand Initiative’s Executive Director Dr Oliver Hartwich and BusinessNZ’s CEO Kirk Hope noted the Australian Government’s move yesterday, launching a second amount of support and signaling that more was coming. Read more