This study evaluates consumption displacement, the shift in consumption that occurs when consumers experience a change in the availability of goods, services and amenities to which they are accustomed as the result of an external event, and which is characterised by the points in space and time where consumption occurs and by the movements to, from, and between those points, that is occurring as a result of the effects of COVID-19 on the services sector in the Canterbury region of New Zealand.,Based on consumer spending data, the authors identify patterns of consumption displacement for the hospitality and retail sectors as defined by ANZSIC. We answer where, when, how, what and why consumption displacement happens.,The findings provide evidence of spatial and temporal displacement of consumption based on consumer spending patterns. Evidence of increased spending in some consumption categories confirms stockpiling behaviours. The hospitality sector experiences a sharp decline in consumer spending over lockdown.,Given the lack of studies analysing the impacts of crises and disasters on the services sector and consumption displacement, this study provides evidence of different forms of consumption displacement related to COVID-19.

Beyond panic buying: consumption displacement and COVID-19

Behavior and application of self-centering dampers equipped with buckling-restrained SMA bars

Seismic performance of bridges with novel SMA cable-restrained high damping rubber bearings against near-fault ground motions

This paper studies how disasters affect consumer price inflation. There is a marked heterogeneity in the impact between advanced economies, where the impact is negligible, and developing economies, where the impact can last for several years. There are also differences in the impact by type of disasters, particularly when considering inflation sub-indices. Storms increase food price inflation in the near term, although the effect dissipates within a year. Floods also typically have a short-run impact on inflation. Earthquakes reduce CPI inflation excluding food, housing and energy.

/pdf/the-impact-of-disasters-on-inflation-pmyqk2zhsa.pdf

The Impact of Disasters on Inflation

Performance assessment of disc spring-based self-centering braces for seismic hazard mitigation

At 12:51pm on 22 February 2011, an earthquake of magnitude 6.3 occurred in Christchurch, causing widespread devastation and loss of life. It was the second major earthquake to affect Canterbury in six months, and was followed by thousands of aftershocks. Five years on, this article provides an update on how economic activity and prices in the Canterbury region have been affected, and the progress made to date in the rebuild. The damage to property in Canterbury was substantial; the total value of construction work to be completed over the period of the rebuild is estimated to be about $40 billion (in 2015 dollars). The Reserve Bank estimates that the rate of rebuild activity under way in Canterbury is around 1.5 percent of potential GDP per annum, and that the rebuild will extend beyond 2020. Christchurch has recovered its initial loss in population, boosted by the influx of workers for the rebuild. Construction sector activity has increased markedly over the past five years. Most other sectors appear resilient, with notable exceptions being tourism and education, where activity is down sharply.

https://www.rbnz.govt.nz/-/media/ReserveBank/Files/Publications/Bulletins/2016/2016feb79-3.pdf

The Canterbury rebuild five years on from the Christchurch earthquake

Monetary policy decisions are typically made by independent central banks. But the details of the monetary policy decision-making and accountability structures differ widely across countries. This article outlines the key features of monetary policy governance and accountability arrangements of a range of advanced and emerging countries with similar approaches to monetary policy to that used in New Zealand.

https://rbnz.govt.nz/-/media/ReserveBank/Files/Publications/Bulletins/2014/2014mar77-1aldridgewood.pdf

Monetary policy decision-making and accountability structures: some cross-country comparisons 1

Most central banks in advanced economies use published inflation targets to guide the day-to -day conduct of monetary policy. This article reviews the quite considerable differences in how various countries, which use quite similar operational targets, articulate what they expect from a central bank’s monetary policy.

Documenting the goals for monetary policy: some cross-country comparisons

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The Canterbury rebuild five years on from the Christchurch earthquake

Monetary policy decision-making and accountability structures: some cross-country comparisons 1

Documenting the goals for monetary policy: some cross-country comparisons