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Twenty years of inflation targeting


  • David Baqaee
  • Christie Smith

    (Reserve Bank of New Zealand)


In December 2009 the Reserve Bank of New Zealand, in conjunction with Northwestern University’s Centre for International Economics and Development (CIED), hosted a monetary policy conference to mark the 20th anniversary of the Reserve Bank of New Zealand Act. Passed in December 1989, the Act was one of the seminal events in the development of inflation targeting as a monetary policy regime. As of 2009, 26 countries have explicitly adopted inflation targeting, including Canada, the UK, Australia, Sweden and Norway. The decline in global economic activity in 2009 – now being termed ‘the Great Recession’ in the US – has prompted renewed scrutiny of macroeconomic stabilisation policy, financial systems, and the regulatory frameworks within which financial institutions operate.

Suggested Citation

  • David Baqaee & Christie Smith, 2010. "Twenty years of inflation targeting," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 73, pages 17-22, March.
  • Handle: RePEc:nzb:nzbbul:mar2010:3

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