Monetary policy in the last business cycle: some perspectives
AbstractMonetary policy has an important, but limited, role to play in providing a reasonably stable backdrop for real economic activity. Against that standard, the flexible inflation targeting approach that has guided New Zealand’s monetary policy for over 20 years served the country relatively well through some very testing times. The strength and length of the boom – and the associated increase in private debt and asset prices - surprised us,and most other economists. And just how tepid the recovery over the past three years has been is perhaps even more of a surprise.
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Bibliographic InfoArticle provided by Reserve Bank of New Zealand in its journal Reserve Bank of New Zealand Bulletin.
Volume (Year): 75 (2012)
Issue (Month): (June)
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- 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.
- Chris Hunt, 2013. "The last financial crisis and the case for macro-prudential intervention," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 76, pages 3-16, June.
- Willy Chetwin & Tim Ng & Daan Steenkamp, 2013. "New Zealand’s short- and medium-term real exchange rate volatility: drivers and policy implications," Reserve Bank of New Zealand Analytical Notes series AN2013/03, Reserve Bank of New Zealand.
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