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The Ends of Three Small Inflations: Australia, New Zealand and Canada

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Author Info
Guy Debelle

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Abstract

The increase in the independence of the Reserve Bank of New Zealand in 1989 allows a test of the theoretical implications of the central bank independence literature. Furthermore, the similar inflationary experiences of Australia and Canada provide a rare set of controls. This paper shows that in the short term, the cost of disinflation have not been less in New Zealand than in Australia and that in Canada, where increased credibility was only supported by rhetoric and not legislation, the costs were higher. However, other concurrent reforms in New Zealand may have clouded the picture and the true test may be the path of inflation in the three countries as the economies continue to recover.

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File URL: http://economics.ca/cgi/jab?journal=cpp&view=v22n1/CPPv22n1p056.pdf
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Publisher Info
Article provided by University of Toronto Press in its journal Canadian Public Policy.

Volume (Year): 22 (1996)
Issue (Month): 1 (March)
Pages: 56-78
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Handle: RePEc:cpp:issued:v:22:y:1996:i:1:p:56-78

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  1. Roderick Hill, 2000. "Real Income, Unemployment and Subjective Well-Being: Revisiting the Costs and Benefits of Inflation Reduction in Canada," Canadian Public Policy, University of Toronto Press, vol. 26(4), pages 399-414, December. [Downloadable!] (restricted)
  2. Jean-Francois Segalotto & Marco Arnone & Bernard Laurens, 2006. "The Measurement of Central Bank Autonomy: Survey of Models, Indicators, and Empirical Evidence," IMF Working Papers 06/227, International Monetary Fund. [Downloadable!]
  3. Pierre L. Siklos, 1999. "Inflation-target design: changing inflation performance and persistence in industrial countries," Review, Federal Reserve Bank of St. Louis, issue Mar, pages 46-58. [Downloadable!]
  4. Alan S. Blinder, 1999. "Central Bank Credibility: Why Do We Care? How Do We Build It?," NBER Working Papers 7161, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  5. Edward Nelson, 2005. "Monetary Policy Neglect and the Great Inflation in Canada, Australia, and New Zealand," International Journal of Central Banking, International Journal of Central Banking, vol. 1(1), May. [Downloadable!]
    Other versions:
  6. Pierre St-Amant & David Tessier, 2000. "Résultats empiriques multi-pays relatifs à l'impact des cibles d'inflation sur la crédibilité de la politique monétaire," Canadian Public Policy, University of Toronto Press, vol. 26(3), pages 295-310, September. [Downloadable!] (restricted)
    Other versions:
  7. Perrier, Patrick, 1998. "Un examen de la crédibilité de la politique monétaire au Canada," Working Papers 98-12, Bank of Canada. [Downloadable!]
  8. Christina D. Romer & David H. Romer, 1997. "Institutions for Monetary Stability," NBER Working Papers 5557, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  9. Richard T. Freeman & Jonathan L. Willis, 1995. "Targeting inflation in the 1990s: recent challenges," International Finance Discussion Papers 525, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
  10. Lawrence Huiyan Zhang, 2001. "Sacrifice Ratios with Long-Lived Effects," Economics Working Paper Archive 446, The Johns Hopkins University,Department of Economics. [Downloadable!]
  11. Frank Smets, 1997. "Financial asset prices and monetary policy: theory and evidence," BIS Working Papers 47, Bank for International Settlements. [Downloadable!]
    Other versions:
  12. Gerald Epstein, 2002. "Employment-Oriented Central Bank Policy in an Integrated World Economy: A Reform Proposal for South Africa," Working Papers wp39, Political Economy Research Institute, University of Massachusetts at Amherst. [Downloadable!]
  13. Malcolm Edey & John Romalis, 1996. "Issues in Modelling Monetary Policy," RBA Research Discussion Papers rdp9604, Reserve Bank of Australia. [Downloadable!]
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