Meeting 21 Report
The 21st Meeting of the New Zealand Econometric Study Group (NZESG) was held at the Otago Museum (Hutton Theatre) in Dunedin on 25-26 February 2011. The meeting was hosted and supported by the Department of Economics in the University of Otago's School of Business. Programme Chairs for the Meeting were Professor Peter Phillips (Yale University, The University of Auckland, University of Southampton and Singapore Management University), Professor Alfred Haug (University of Otago) and Professor Dorian Owen (University of Otago).
The NZESG was founded in February 1997; its first meeting was a one-day workshop with 15 participants. This year the programme ran over two days, with 25 papers being presented covering a wide range of topics in theoretical and applied econometrics grouped into seven sessions (empirical macroeconomics, empirical microeconomics, international economics, empirical finance, dynamic modelling and two sessions on econometric theory). Taking part were over thirty participants; these included a strong contingent of international visitors from Australia, Canada, Japan, Korea, UK and USA, as well as representatives from most New Zealand universities and the Reserve Bank of New Zealand.
The NZESG Meeting has retained several distinctive features, including a single stream of presentations, with a discussant assigned to each paper, and prestigious, international representation. Emphasis has always been placed on encouraging, supporting and celebrating the achievements of emerging researchers. This year, seven presenters were eligible for the RBNZ-NZESG Awards, which are financially supported by the Reserve Bank of New Zealand and awarded on the basis of research presented at the meeting. The overall standard of presentations was very high and, after much deliberation, joint Awards were made to Firmin Doko Tchatoka (University of Tasmania), Yiğit Sağlam (Victoria University of Wellington) and Lynda Sanderson (RBNZ & Waikato University). Firmin’s paper examined the sensitivity of hypothesis testing in linear IV regressions to excluded instruments. Yiğit combined economic theory, a unique data set (on Turkish water flows, crop compositions, and water and crop prices) and empirical analysis to examine the implications of water pricing rules. Lynda used a longitudinal business database for New Zealand manufacturing exporters to analyse the effect of export market entry on firm performance.
The organisers received very positive feedback on the quality of the programme, the organisation of the meeting, and, not least, the ambience and interactions at the conference dinner at No 7 Balmac.
The next meeting of NZESG will be held in Wellington in 2012, hosted by Özer Karagedikli and colleagues at the Reserve Bank.