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Publication: Management Today
Publication Date: 01-SEP-09 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
Testing NZ's economic cistern; Australia the Lucky Country again; rockier than Gordon

Counter-cyclical investors have done well in the past three years, so I thought a counter-cyclical holiday might be in order - to Australia and New Zealand in their mid-winter.

The idea came from the Reserve Bank of New Zealand in Wellington, which invited me to help celebrate its 75th birthday. The bank was born out of a rib of the Bank of England, and also has a curious link with the LSE, through the economist Bill Phillips - he of the curve - who was a Kiwi engineer by origin. He invented a hydraulic computer that shows, for example, how a rise in inflation affects unemployment, and vice-versa Water flows in and out of little tanks marked 'current account', or what-have-you.

New Zealanders have a magnificent working model in their Reserve Bank...

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