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Revealing monetary policy preferences

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Abstract

This paper uses multiple criteria decision making, also termed conjoint analysis,to reveal the preferences of central bank policy-makers at the Reserve Bank of New Zealand. Guided by the Policy Targets Agreement between the Governor of the Reserve Bank and the Minister of Finance, we identify policy-makers’ willingness to trade off inflation outcomes for reductions in volatility in GDP, the exchange rate, and interest rates. Using 1000Minds software, policy-makers are presented with a sequence of pairwise choices that ultimately quantify which macroeconomic attributes are most important to them. The paper also distinguishes between the preferences of senior management, and a broader cross-section of economists and other staff.

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File URL: http://rbnz.govt.nz/research_and_publications/discussion_papers/2009/dp09_01.pdf
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Bibliographic Info

Paper provided by Reserve Bank of New Zealand in its series Reserve Bank of New Zealand Discussion Paper Series with number DP2009/01.

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Length: 34p
Date of creation: Apr 2009
Date of revision:
Handle: RePEc:nzb:nzbdps:2009/01

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Cited by:
  1. Paul Hansen & Nicole Kergozou & Stephen Knowles & Paul Thorsnes, 2013. "Developing countries in need: Which characteristics appeal most to people when donating money?," Working Papers 1312, University of Otago, Department of Economics, revised Sep 2013.

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