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The Ends of Three Small Inflations: Australia, New Zealand and Canada

  • Guy Debelle

The increase in the independence of the Reserve Bank of New Zealand in 1989 allows a test of the theoretical implications of the central bank independence literature. Furthermore, the similar inflationary experiences of Australia and Canada provide a rare set of controls. This paper shows that in the short term, the cost of disinflation have not been less in New Zealand than in Australia and that in Canada, where increased credibility was only supported by rhetoric and not legislation, the costs were higher. However, other concurrent reforms in New Zealand may have clouded the picture and the true test may be the path of inflation in the three countries as the economies continue to recover.

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Article provided by University of Toronto Press in its journal Canadian Public Policy.

Volume (Year): 22 (1996)
Issue (Month): 1 (March)
Pages: 56-78

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Handle: RePEc:cpp:issued:v:22:y:1996:i:1:p:56-78
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  1. Patricia S. Pollard, 1993. "Central bank independence and economic performance," Review, Federal Reserve Bank of St. Louis, issue Jul, pages 21-36.
  2. Doug Hostland, . "CHANGES IN THE INFLATION PROCESS IN CANADA: Evidence and Implications," Working Papers 95-5, Bank of Canada.
  3. Laurence Ball, 1994. "What Determines the Sacrifice Ratio?," NBER Chapters, in: Monetary Policy, pages 155-193 National Bureau of Economic Research, Inc.
  4. Andreas Fischer, 1993. "Inflation Targeting: The New Zealand and Canadian Cases," Cato Journal, Cato Journal, Cato Institute, vol. 13(1), pages 1-27, Spring/Su.
  5. Daniel Racette & Jacques Raynauld, 1994. "Canadian Monetary Policy 1989-1993: What Were the Bank of Canada's True Actions in the Determination of Monetary Conditions?," Canadian Public Policy, University of Toronto Press, vol. 20(4), pages 365-384, December.
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