Reserve Bank New Zealand: Assets: Securities: Large Scale Asset Purchases Programme data was reported at 26,762.000 NZD mn in Mar 2025. This records a decrease from the previous number of 27,052.000 NZD mn for Feb 2025. Reserve Bank New Zealand: Assets: Securities: Large Scale Asset Purchases Programme data is updated monthly, averaging 0.000 NZD mn from Jul 2011 (Median) to Mar 2025, with 165 observations. The data reached an all-time high of 58,908.000 NZD mn in Jul 2021 and a record low of 0.000 NZD mn in Feb 2020. Reserve Bank New Zealand: Assets: Securities: Large Scale Asset Purchases Programme data remains active status in CEIC and is reported by Reserve Bank of New Zealand. The data is categorized under Global Database’s New Zealand – Table NZ.KB011: Balance Sheet: Reserve Bank of New Zealand.

Reserve Bank New Zealand: Assets: Crown Indemnity for Large Scale Asset Purchase Programme data was reported at 2,260.000 NZD mn in Mar 2025. This records a decrease from the previous number of 2,396.000 NZD mn for Feb 2025. Reserve Bank New Zealand: Assets: Crown Indemnity for Large Scale Asset Purchase Programme data is updated monthly, averaging 0.000 NZD mn from Jul 2011 (Median) to Mar 2025, with 165 observations. The data reached an all-time high of 9,493.000 NZD mn in Sep 2022 and a record low of 0.000 NZD mn in Oct 2020. Reserve Bank New Zealand: Assets: Crown Indemnity for Large Scale Asset Purchase Programme data remains active status in CEIC and is reported by Reserve Bank of New Zealand. The data is categorized under Global Database’s New Zealand – Table NZ.KB011: Balance Sheet: Reserve Bank of New Zealand.

For many years prior to the global financial crisis, the Federal Open Market Committee set a target for the federal funds rate and achieved that target through small purchases and sales of securities in the open market. In the aftermath of the financial crisis, with a superabundant level of reserve balances in the banking system having been created as a result of the Federal Reserve's large-scale asset purchase programs, this approach to implementing monetary policy will no longer work. This paper provides a primer on the Fed's implementation of monetary policy. We use the standard textbook model to illustrate why the approach used by the Federal Reserve before the financial crisis to keep the federal funds rate near the Federal Open Market Committee's target will not work in current circumstances, and explain the approach that the Committee intends to use instead when it decides to begin raising short-term interest rates.

New Zealand General Government: Year to Date: Operating Balance: Total Gains or Losses: Large Scale Asset Purchases data was reported at -1.000 NZD mn in Jun 2022. This stayed constant from the previous number of -1.000 NZD mn for Dec 2021. New Zealand General Government: Year to Date: Operating Balance: Total Gains or Losses: Large Scale Asset Purchases data is updated quarterly, averaging -2,869.500 NZD mn from Jun 2020 (Median) to Jun 2022, with 8 observations. The data reached an all-time high of -1.000 NZD mn in Jun 2022 and a record low of -3,976.000 NZD mn in Jun 2021. New Zealand General Government: Year to Date: Operating Balance: Total Gains or Losses: Large Scale Asset Purchases data remains active status in CEIC and is reported by The Treasury. The data is categorized under Global Database’s New Zealand – Table NZ.F001: Government Finance: Operations Statement: Year to Date.

Reserve Bank New Zealand: Liabilities: Crown Idemnity for Large Scale Asset Purchase Programme data was reported at 0.000 NZD mn in Mar 2025. This stayed constant from the previous number of 0.000 NZD mn for Feb 2025. Reserve Bank New Zealand: Liabilities: Crown Idemnity for Large Scale Asset Purchase Programme data is updated monthly, averaging 0.000 NZD mn from Jul 2011 (Median) to Mar 2025, with 165 observations. The data reached an all-time high of 748.000 NZD mn in Sep 2020 and a record low of 0.000 NZD mn in Mar 2025. Reserve Bank New Zealand: Liabilities: Crown Idemnity for Large Scale Asset Purchase Programme data remains active status in CEIC and is reported by Reserve Bank of New Zealand. The data is categorized under Global Database’s New Zealand – Table NZ.KB011: Balance Sheet: Reserve Bank of New Zealand.

新西兰储备银行：资产：证券：大规模资产购买计划在03-01-2025达26,762.000百万新西兰元，相较于02-01-2025的27,052.000百万新西兰元有所下降。新西兰储备银行：资产：证券：大规模资产购买计划数据按月更新，07-01-2011至03-01-2025期间平均值为0.000百万新西兰元，共165份观测结果。该数据的历史最高值出现于07-01-2021，达58,908.000百万新西兰元，而历史最低值则出现于02-01-2020，为0.000百万新西兰元。CEIC提供的新西兰储备银行：资产：证券：大规模资产购买计划数据处于定期更新的状态，数据来源于Reserve Bank of New Zealand，数据归类于全球数据库的新西兰 – Table NZ.KB011: Balance Sheet: Reserve Bank of New Zealand。

一般政府：年初至今：总损益：大规模资产购买在06-01-2022达-1.000百万新西兰元，相较于12-01-2021的-1.000百万新西兰元保持不变。一般政府：年初至今：总损益：大规模资产购买数据按季更新，06-01-2020至06-01-2022期间平均值为-2,869.500百万新西兰元，共8份观测结果。该数据的历史最高值出现于06-01-2022，达-1.000百万新西兰元，而历史最低值则出现于06-01-2021，为-3,976.000百万新西兰元。CEIC提供的一般政府：年初至今：总损益：大规模资产购买数据处于定期更新的状态，数据来源于The Treasury，数据归类于全球数据库的新西兰 – Table NZ.F001: Government Finance: Operations Statement: Year to Date。

新西兰储备银行：债务：大规模资产购买计划的官方补偿在03-01-2025达0.000百万新西兰元，相较于02-01-2025的0.000百万新西兰元保持不变。新西兰储备银行：债务：大规模资产购买计划的官方补偿数据按月更新，07-01-2011至03-01-2025期间平均值为0.000百万新西兰元，共165份观测结果。该数据的历史最高值出现于09-01-2020，达748.000百万新西兰元，而历史最低值则出现于03-01-2025，为0.000百万新西兰元。CEIC提供的新西兰储备银行：债务：大规模资产购买计划的官方补偿数据处于定期更新的状态，数据来源于Reserve Bank of New Zealand，数据归类于全球数据库的新西兰 – Table NZ.KB011: Balance Sheet: Reserve Bank of New Zealand。