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Central Bank Independence, Fiscal Responsability, and the Goals of Macroeconomic Policy: An American Perspective of the New Zealand Experience

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Author Info
Bryant, R.C.

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Abstract

In contemporary New Zealand, microeconomics is in the ascendant over macroeconomics, to such an extent that neither the Reserve Bank nor the Cabinet and Treasury appear to give much attention to shorter-run macroeconomic stabilization as a policy goal. This lecture examines why thoughtful New Zealanders are attracted to this atypical aversion, and asks whether that aversion is in New Zealand's best interests.

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Publisher Info
Paper provided by Brookings Institution - Working Papers in its series Papers with number 126.

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Length: 28 pages
Date of creation: 1996
Date of revision:
Handle: RePEc:fth:brooki:126

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Postal: THE BROOKINGS INSTITUTION, 1775 MASSACHUSETTS AVE N.W. WASHINGTON D.C. 20036 U.S.A.
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Web page: http://www.brook.edu/
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Related research
Keywords: ECONOMIC POLICY ; FINANCIAL POLICY ; MACROECONOMICS ; CENTRAL BANKS;

Find related papers by JEL classification:
E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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This page was last updated on 2009-12-16.

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