Central Bank Independence, Fiscal Responsability, and the Goals of Macroeconomic Policy: An American Perspective of the New Zealand Experience
AbstractIn 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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Bibliographic InfoPaper provided by Brookings Institution - Working Papers in its series Papers with number 126.
Length: 28 pages
Date of creation: 1996
Date of revision:
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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