Transparency and accountability: Empirical models and policy making at the Reserve Bank of New Zealand
Author
Abstract
Suggested Citation
Download full text from publisher
As the access to this document is restricted, you may want to search for a different version of it.
References listed on IDEAS
- Kenneth Rogoff, 1985. "The Optimal Degree of Commitment to an Intermediate Monetary Target," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 100(4), pages 1169-1189.
- Anonymous, 1994. "Intervention techniques under a deregulated financial environment," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 57, June.
- Svensson, Lars E O, 1997.
"Optimal Inflation Targets, "Conservative" Central Banks, and Linear Inflation Contracts,"
American Economic Review, American Economic Association, vol. 87(1), pages 98-114, March.
- Lars E.O. Svensson, 1995. "Optimal Inflation Targets, `Conservative' Central Banks, and Linear Inflation Contracts," NBER Working Papers 5251, National Bureau of Economic Research, Inc.
- Svensson, Lars E O, 1995. "Optimal Inflation Targets, 'Conservative' Central Banks, and Linear Inflation Contracts," CEPR Discussion Papers 1249, C.E.P.R. Discussion Papers.
- Svensson, L.E.O., 1995. "Optimal Inflation Targets, 'Conservative' Central Banks, and Linear Inflation Contracts," Papers 595, Stockholm - International Economic Studies.
- Svensson, Lars E. O., 1997.
"Inflation forecast targeting: Implementing and monitoring inflation targets,"
European Economic Review, Elsevier, vol. 41(6), pages 1111-1146, June.
- Lars E. O. Svensson, 1996. "Inflation Forecast Targeting: Implementing and Monitoring Inflation Targets," NBER Working Papers 5797, National Bureau of Economic Research, Inc.
- Svensson, Lars E.O., 1997. "Inflation Forecast Targeting: Implementing and Monitoring Inflation Targets," Seminar Papers 615, Stockholm University, Institute for International Economic Studies.
- Svensson, L-E-O, 1996. "Inflation Forecast Targeting : Implementaing and Monitoring Inflation Targets," Papers 615, Stockholm - International Economic Studies.
- Lars E O Svensson, 1996. "Inflation Forecast Targeting: Implementing and Monitoring Inflation Targets," Bank of England working papers 56, Bank of England.
- Svensson, Lars E O, 1996. "Inflation Forecast Targeting: Implementing and Monitoring Inflation Targets," CEPR Discussion Papers 1511, C.E.P.R. Discussion Papers.
- Lewis Evans & Arthur Grimes & Bryce Wilkinson, 1996. "Economic Reform in New Zealand 1984-95: The Pursuit of Efficiency," Journal of Economic Literature, American Economic Association, vol. 34(4), pages 1856-1902, December.
- Anonymous, 1997. "Monetary policy implementation and signalling: a discussion document," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 60, June.
- repec:sae:niesru:v:143:y::i:1:p:81-97 is not listed on IDEAS
- Julie Huxford & Michael Reddell, 1996. "Implementing monetary policy in New Zealand," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 59, December.
- Walsh, Carl E, 1995.
"Is New Zealand's Reserve Bank Act of 1989 an Optimal Central Bank Contract?,"
Journal of Money, Credit and Banking, Blackwell Publishing, vol. 27(4), pages 1179-1191, November.
- Carl E. Walsh, 1994. "Is New Zealand's Reserve Bank Act of 1989 an optimal central bank contract?," Pacific Basin Working Paper Series 94-01, Federal Reserve Bank of San Francisco.
- Cumby, Robert E. & Huizinga, John & Obstfeld, Maurice, 1983.
"Two-step two-stage least squares estimation in models with rational expectations,"
Journal of Econometrics, Elsevier, vol. 21(3), pages 333-355, April.
- Maurice Obstfeld & Robert E. Cumby & John Huizinga, 1983. "Two-Step Two-Stage Least Squares Estimation in Models with Rational Expectations," NBER Technical Working Papers 0011, National Bureau of Economic Research, Inc.
- Guthrie, Graeme & Wright, Julian, 2000. "Open mouth operations," Journal of Monetary Economics, Elsevier, vol. 46(2), pages 489-516, October.
- Duguay, Pierre, 1994. "Empirical evidence on the strength of the monetary transmission mechanism in Canada: An aggregate approach," Journal of Monetary Economics, Elsevier, vol. 33(1), pages 39-61, February.
- McCallum, Bennett T, 1995.
"Two Fallacies Concerning Central-Bank Independence,"
American Economic Review, American Economic Association, vol. 85(2), pages 207-211, May.
- Bennett T. McCallum, 1995. "Two Fallacies Concerning Central Bank Independence," NBER Working Papers 5075, National Bureau of Economic Research, Inc.
- Donald Coletti & Benjamin Hunt & David Rose & Robert Tetlow, 1996. "The Bank of Canada's New Quarterly Projection Model. Part 3 , the Dynamic Model : QPM," Technical Reports 75, Bank of Canada.
- Richard Dennis, 1997. "A measure of monetary conditions," Reserve Bank of New Zealand Discussion Paper Series G97/1, Reserve Bank of New Zealand.
- Peter Nicholl, 1994. "Intervention Techniques Under a Deregulated Financial Environment," Occasional Papers, South East Asian Central Banks (SEACEN) Research and Training Centre, number occ16, April.
- Grossman, Sanford J & Hart, Oliver D, 1983.
"An Analysis of the Principal-Agent Problem,"
Econometrica, Econometric Society, vol. 51(1), pages 7-45, January.
- Sanford Grossman & Oliver Hart, "undated". "An Analysis of the Principal-Agent Problem," Rodney L. White Center for Financial Research Working Papers 15-80, Wharton School Rodney L. White Center for Financial Research.
- Sanford J Grossman & Oliver D Hart, 2001. "An Analysis of the Principal-Agent Problem," Levine's Working Paper Archive 391749000000000339, David K. Levine.
- David Mayes & Brendon Riches, 1996. "The effectiveness of monetary policy in New Zealand," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 59, March.
- Persson, Torsten & Tabellini, Guido, 1993. "Designing institutions for monetary stability," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 39(1), pages 53-84, December.
- Walsh, Carl E, 1995. "Optimal Contracts for Central Bankers," American Economic Review, American Economic Association, vol. 85(1), pages 150-167, March.
- Hendry, David F, 1997. "The Econometrics of Macroeconomic Forecasting," Economic Journal, Royal Economic Society, vol. 107(444), pages 1330-1357, September.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- repec:hal:spmain:info:hdl:2441/6156 is not listed on IDEAS
- den Butter, Frank A. G. & Morgan, Mary S., 1998. "What makes the models-policy interaction successful?," Economic Modelling, Elsevier, vol. 15(3), pages 443-475, July.
- repec:spo:wpmain:info:hdl:2441/6156 is not listed on IDEAS
- Christophe Blot & Grégory Levieuge, 2008.
"Are MCIs Good Indicators of Economic Activity ? Evidence from the G7 Countries,"
Working Papers
hal-00973056, HAL.
- Christophe Blot & Grégory Levieuge, 2008. "Are MCIS good indicators of economic activity? Evidence from the G7 countries," Documents de Travail de l'OFCE 2008-07, Observatoire Francais des Conjonctures Economiques (OFCE).
- Christophe Blot & Grégory Levieuge, 2008. "Are MCIs Good Indicators of Economic Activity ? Evidence from the G7 Countries," SciencePo Working papers Main hal-00973056, HAL.
- repec:hal:wpspec:info:hdl:2441/6156 is not listed on IDEAS
- Peeters, Marga, 1999. "Measuring monetary conditions in Europe: Use and limitations of the monetary conditions index," MPRA Paper 23534, University Library of Munich, Germany.
- Edison, Hali J. & Marquez, Jaime, 1998.
"US monetary policy and econometric modeling: tales from the FOMC transcripts 1984-1991,"
Economic Modelling, Elsevier, vol. 15(3), pages 411-428, July.
- Hali J. Edison & Jaime R. Marquez, 1998. "U.S. monetary policy and econometric modeling: tales from the FOMC transcripts 1984-1991," International Finance Discussion Papers 607, Board of Governors of the Federal Reserve System (U.S.).
- Christophe Blot & Grégory Levieuge, 2008.
"Are MCls Good Indicators of Countries Economic Activity ? Evidence from the G7 Countries,"
Post-Print
halshs-00258303, HAL.
- Christophe BLOT & Grégory LEVIEUGE, 2008. "Are MCIs Good Indicators of Countries Economic Activity ? Evidence from the G7 Countries," LEO Working Papers / DR LEO 244, Orleans Economics Laboratory / Laboratoire d'Economie d'Orleans (LEO), University of Orleans.
- Angela Huang & Dimitri Margaritis & David Mayes, 2001.
"Monetary Policy Rules in Practice: Evidence from New Zealand,"
Multinational Finance Journal, Multinational Finance Journal, vol. 5(3), pages 175-200, September.
- Huang, Angela & Margaritis, Dimitri & Mayes, David, 2001. "Monetary policy rules in practice: Evidence from New Zealand," Bank of Finland Research Discussion Papers 18/2001, Bank of Finland.
- David Mayes & Matti Virén, 2000.
"The exchange rate and monetary conditions in the Euro area,"
Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 136(2), pages 199-231, June.
- Mayes, David G. & Virén, Matti, 1998. "The exchange rate and monetary conditions in the euro area," Bank of Finland Research Discussion Papers 27/1998, Bank of Finland.
- repec:spo:wpecon:info:hdl:2441/6156 is not listed on IDEAS
- Smith, Ron, 1998. "Emergent policy-making with macroeconometric models," Economic Modelling, Elsevier, vol. 15(3), pages 429-442, July.
- Carnot, Nicolas, 2003. "SMILE: a small macro-econometric model of the French economy," Economic Modelling, Elsevier, vol. 20(1), pages 69-92, January.
- Duguay, Pierre & Longworth, David, 1998. "Macroeconomic models and policy making at the bank of canada," Economic Modelling, Elsevier, vol. 15(3), pages 357-375, July.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Hughes Hallett, Andrew & Libich, Jan, 2006. "Central Bank Independence, Accountability and Transparency: Complements or Strategic Substitutes?," CEPR Discussion Papers 5470, C.E.P.R. Discussion Papers.
- Beetsma, Roel M W J & Jensen, Henrik, 1998.
"Inflation Targets and Contracts with Uncertain Central Banker Preferences,"
Journal of Money, Credit and Banking, Blackwell Publishing, vol. 30(3), pages 384-403, August.
- Beetsma, R.M.W.J. & Jensen, H., 1996. "Inflation targets and contracts with uncertain central banker preferences," Discussion Paper 1996-93, Tilburg University, Center for Economic Research.
- Beetsma, R.M.W.J. & Jensen, H., 1996. "Inflation targets and contracts with uncertain central banker preferences," Other publications TiSEM 35324c64-bb04-42b6-b40c-1, Tilburg University, School of Economics and Management.
- Beetsma, Roel & Jensen, Henrik, 1997. "Inflation Targets and Contracts with Uncertain Central Banker Preferences," CEPR Discussion Papers 1562, C.E.P.R. Discussion Papers.
- Lars E. O. Svensson, 1999.
"Inflation Targeting: Some Extensions,"
Scandinavian Journal of Economics, Wiley Blackwell, vol. 101(3), pages 337-361, September.
- Svensson, Lars E.O., 1997. "Inflation Targeting: Some Extensions," Seminar Papers 625, Stockholm University, Institute for International Economic Studies.
- Lars E. O. Svensson, 1997. "Inflation Targeting: Some Extensions," NBER Working Papers 5962, National Bureau of Economic Research, Inc.
- Svensson, L-E-O, 1997. "Inflation Targeting : Some Extensions," Papers 625, Stockholm - International Economic Studies.
- D. Masciandaro, 2019. "What Bird Is That? Central Banking And Monetary Policy In The Last Forty Years," BAFFI CAREFIN Working Papers 19127, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.
- Carl E. Walsh, 2002. "When should central bankers be fired?," Economics of Governance, Springer, vol. 3(1), pages 1-21, March.
- Lars E. O. Svensson, 2003.
"What Is Wrong with Taylor Rules? Using Judgment in Monetary Policy through Targeting Rules,"
Journal of Economic Literature, American Economic Association, vol. 41(2), pages 426-477, June.
- Lars E.O. Svensson, 2002. "What Is Wrong with Taylor Rules? Using Judgment in Monetary Policy through Targeting Rules," Working Papers 118, Princeton University, Department of Economics, Center for Economic Policy Studies..
- Lars E. O. Svensson, 2003. "What is Wrong with Taylor Rules? Using Judgment in Monetary Policy through Targeting Rules," NBER Working Papers 9421, National Bureau of Economic Research, Inc.
- Hayo, Bernd & Hefeker, Carsten, 2002. "Reconsidering central bank independence," European Journal of Political Economy, Elsevier, vol. 18(4), pages 653-674, November.
- King, Mervyn, 1997. "Changes in UK monetary policy: Rules and discretion in practice," Journal of Monetary Economics, Elsevier, vol. 39(1), pages 81-97, June.
- Donato Masciandaro & Davide Romelli, 2019.
"Behavioral Monetary Policymaking: Economics, Political Economy and Psychology,"
World Scientific Book Chapters, in: Behavioral Finance The Coming of Age, chapter 9, pages 285-329,
World Scientific Publishing Co. Pte. Ltd..
- Donato Masciandaro & Davide Romelli, 2019. "Behavioral Monetary Policymaking: Economics, Political Economy And Psychology," BAFFI CAREFIN Working Papers 19105, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.
- Walsh, Carl E, 2003. "Accountability, Transparency, and Inflation Targeting," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 35(5), pages 829-849, October.
- Gersbach, Hans & Hahn, Volker, 2014.
"Inflation forecast contracts,"
Journal of Economic Dynamics and Control, Elsevier, vol. 48(C), pages 26-40.
- Hans Gersbach & Volker Hahn, 2011. "Inflation Forecast Contracts," CER-ETH Economics working paper series 11/149, CER-ETH - Center of Economic Research (CER-ETH) at ETH Zurich.
- Gersbach, Hans & Hahn, Volker, 2012. "Inflation Forecast Contracts," CEPR Discussion Papers 8933, C.E.P.R. Discussion Papers.
- Piersanti, Giovanni, 2012. "The Macroeconomic Theory of Exchange Rate Crises," OUP Catalogue, Oxford University Press, number 9780199653126.
- Eric Schaling & Marco Hoeberichts & Sylvester Eijffinger, 1998.
"Incentive schemes for central bankers under uncertainty: inflation targets versus contracts,"
Bank of England working papers
88, Bank of England.
- Schaling, E. & Hoeberichts, M.M. & Eijffinger, S.C.W., 1998. "Incentive Schemes for Central Bankers Under Uncertainty : Inflation Targets Versus Contracts," Other publications TiSEM 9f6330f8-d5e3-4989-bcab-7, Tilburg University, School of Economics and Management.
- D'Amato, Marcello & Martina, Riccardo, 2005.
"Credibility and commitment of monetary policy in open economies,"
European Journal of Political Economy, Elsevier, vol. 21(4), pages 872-902, December.
- Marcello D'Amato & Riccardo Martina, 2000. "Credibility and Commitment of Monetary Policy in Open Economies," CSEF Working Papers 47, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
- Masciandaro, Donato, 2022. "Independence, conservatism, and beyond: Monetary policy, central bank governance and central banker preferences (1981–2021)," Journal of International Money and Finance, Elsevier, vol. 122(C).
- Donato Masciandaro, 2018. "Central Banks And Macroprudential Policies: Economics And Politics," BAFFI CAREFIN Working Papers 1878, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.
- Franz R. Hahn & Peter Mooslechner, 1999. "Zur Fundierung des Designs des Europäischen Zentralbanksystems," WIFO Monatsberichte (monthly reports), WIFO, vol. 72(1), pages 49-60, January.
- Falcetti, Elisabetta & Missale, Alessandro, 2002.
"Public debt indexation and denomination with an independent central bank,"
European Economic Review, Elsevier, vol. 46(10), pages 1825-1850, December.
- Alessandro Missale & Elisabetta Falcetti, "undated". "Public Debt Indexation and Denomination with and Indipendent Central Bank," Working Papers 169, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
- Masciandaro, Donato & Romelli, Davide, 2015.
"Ups and downs of central bank independence from the Great Inflation to the Great Recession: theory, institutions and empirics,"
Financial History Review, Cambridge University Press, vol. 22(3), pages 259-289, December.
- Donato Masciandaro & Davide Romelli, 2015. "Ups and Downs. Central Bank Independence from the Great Inflation to the Great Recession: Theory, Institutions and Empirics," BAFFI CAREFIN Working Papers 1503, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.
- Ben S. Bernanke & Frederic S. Mishkin, 1997.
"Inflation Targeting: A New Framework for Monetary Policy?,"
Journal of Economic Perspectives, American Economic Association, vol. 11(2), pages 97-116, Spring.
- Ben S. Bernanke & Frederic S. Mishkin, 1997. "Inflation Targeting: A New Framework for Monetary Policy?," NBER Working Papers 5893, National Bureau of Economic Research, Inc.
Corrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:ecmode:v:15:y:1998:i:3:p:377-394. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/inca/30411 .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.