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Inflation Targeting in New Zealand: An Experience in Evolution

In: Central Bank Frameworks: Evolution or Revolution?

Author

Listed:
  • John McDermott

    (Reserve Bank of New Zealand)

  • Rebecca Williams

    (Reserve Bank of New Zealand)

Abstract

No abstract is available for this item.

Suggested Citation

  • John McDermott & Rebecca Williams, 2018. "Inflation Targeting in New Zealand: An Experience in Evolution," RBA Annual Conference Volume (Discontinued), in: John Simon & Maxwell Sutton (ed.),Central Bank Frameworks: Evolution or Revolution?, Reserve Bank of Australia.
    • Handle: RePEc:rba:rbaacv:acv2018-02
    as

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    File URL: https://www.rba.gov.au/publications/confs/2018/pdf/rba-conference-volume-2018-mcdermott-williams.pdf
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    References listed on IDEAS

    as
    1. Dean Ford & Elizabeth Kendall & Adam Richardson, 2015. "Evaluating monetary policy," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 78, pages 3-21, November.
    2. Brash, D., 1998. "Inflation Targeting in New Zealand: Experience and Practice," Papers 641, Stockholm - International Economic Studies.
    3. Barro, Robert J. & Gordon, David B., 1983. "Rules, discretion and reputation in a model of monetary policy," Journal of Monetary Economics, Elsevier, vol. 12(1), pages 101-121.
    4. N. Nergiz Dincer & Barry Eichengreen, 2014. "Central Bank Transparency and Independence: Updates and New Measures," International Journal of Central Banking, International Journal of Central Banking, vol. 10(1), pages 189-259, March.
    5. Adam Richardson, 2016. "Behind the scenes of an OCR decision in New Zealand," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 79, pages 1-15, July.
    6. Amber Wadsworth, 2017. "An international comparison of inflation-targeting frameworks," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 80, pages 1-34, August.
    7. 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.
    8. Professor Lars E O Svensson, 2001. "Independent review of the operation of monetary policy in New Zealand," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 64, March.
    9. Lamorna Rogers, 2013. "A new approach to macro-prudential policy for New Zealand," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 76, pages 12-22, September.
    10. Chris Hunt, 2004. "Interpreting clause 4(b) of the Policy Targets Agreement: avoiding unnecessary instability in output, interest rates and the exchange rate," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 67, june.
    11. Michael Reddell, 1988. "Inflation and the monetary policy strategy," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 51, june.
    12. Benjamin M. Friedman, 1984. "The Value of Intermediate Targets in Implementing Monetary Policy," NBER Working Papers 1487, National Bureau of Economic Research, Inc.
    13. Rebecca Williams, 2017. "Characterising the current economic expansion: 2009 to present day," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 80, pages 1-22, June.
    14. Benjamin M. Friedman, 1984. "The value of intermediate targets in implementing monetary policy," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 169-199.
    15. Arthur Grimes, 2014. "Four Lectures on Central Banking," Working Papers 14_02, Motu Economic and Public Policy Research.
    16. Dr Don Brash, 2002. "Inflation targeting 14 years on," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 65, March.
    17. Willy Chetwin & Michael Reddell, 2012. "Monetary policy in the last business cycle: some perspectives," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 75, pages 3-14, June.
    18. Michelle Lewis & C. John McDermott, 2016. "New Zealand's experience with changing its inflation target and the impact on inflation expectations," New Zealand Economic Papers, Taylor & Francis Journals, vol. 50(3), pages 343-361, September.
    19. repec:nzb:nzbbul:jul2016:07 is not listed on IDEAS
    20. Ashley Dunstan, 2014. "The interaction between monetary and macro-prudential policy," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 77, pages 15-25, June.
    21. Lars E O Svensson, 1997. "Inflation targeting in an open economy: strict or flexible inflation targeting?," Reserve Bank of New Zealand Discussion Paper Series G97/8, Reserve Bank of New Zealand.
    22. Willy Chetwin, 2012. "Business cycle review, 1998-2011," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 75, pages 14-27, March.
    23. Rebecca Williams, 2017. "Business cycle review: 2008 to present day," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 80, pages 1-22, March.
    24. Alan Bollard & Tim Ng, 2008. "Flexibility and the limits to inflation targeting," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 71, September.
    25. Ross Kendall & Tim Ng, 2013. "The 2012 Policy Targets Agreement: an evolution in flexible inflation targeting in New Zealand," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 76, pages 3-12, December.
    26. Murray Sherwin, 1999. "Inflation targeting: 10 years on," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 62, September.
    27. Brash, Donald, 1998. "Inflation Targeting in New Zealand: Experience and Practice," Seminar Papers 641, Stockholm University, Institute for International Economic Studies.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Buckle, Robert A., 2018. "Thirty years of inflation targeting in New Zealand: The origins, evolution and influence of a monetary policy innovation," Working Paper Series 8086, Victoria University of Wellington, Chair in Public Finance.
    2. Kim, Young Min & Kang, Kyu Ho & Ka, Kook, 2020. "Do bond markets find inflation targets credible? Evidence from five inflation-targeting countries," International Review of Economics & Finance, Elsevier, vol. 67(C), pages 66-84.
    3. Ehrmann, Michael, 2021. "Point targets, tolerance bands or target ranges? Inflation target types and the anchoring of inflation expectations," Journal of International Economics, Elsevier, vol. 132(C).
    4. Davig, Troy & Foerster, Andrew, 2023. "Communicating Monetary Policy Rules," European Economic Review, Elsevier, vol. 151(C).
    5. Ricardo D. Brito & Robison F. Kudamatsu & Vladimir K. Teles, 2021. "Inflation Targeting Mattered: a multivariate synthetic control approach," Working Papers, Department of Economics 2021_26, University of São Paulo (FEA-USP).
    6. Alstadheim, Ragna & Bjørnland, Hilde C. & Maih, Junior, 2021. "Do central banks respond to exchange rate movements? A Markov-switching structural investigation of commodity exporters and importers," Energy Economics, Elsevier, vol. 96(C).
    7. Julia Ratcliffe & Ross Kendall, 2019. "Monetary policy strategy in New Zealand," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 82, pages 1-25, April.
    8. Richard T. Froyen & Alfred V. Guender, 2021. "A re-evaluation of the choice of an inflation target in the wake of the global financial crisis," New Zealand Economic Papers, Taylor & Francis Journals, vol. 55(3), pages 277-288, September.
    9. Clayton, Christopher & Schaab, Andreas, 2022. "A Theory of Dynamic Inflation Targets," TSE Working Papers 22-1389, Toulouse School of Economics (TSE).
    10. Christie Smith & Omar Aziz, 2019. "Monetary policy objectives- price stability and macro stabilisation," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 82, pages 1-14, April.
    11. MBASSI, Christophe Martial & HYOBA, Suzanne Edwige Clarisse & SHAHBAZ, Muhammad, 2023. "Does monetary policy really matter for environmental protection? The case of inflation targeting," Research in Economics, Elsevier, vol. 77(3), pages 427-452.
    12. Alfred A. Haug & India Power, 2022. "Government Spending Multipliers in Times of Tight and Loose Monetary Policy in New Zealand," The Economic Record, The Economic Society of Australia, vol. 98(322), pages 249-270, September.

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