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A brief history of monetary policy objectives and independence in New Zealand

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Abstract

The legislative framework for monetary policy has been fairly settled for more than 20 years. This stability contrasts with the frequent revisions that occurred to statutory provisions dealing with monetary policy objectives and the relationship between the Reserve Bank and the government in the decades following the Bank’s establishment in 1934. This article traces the changes in the legislation governing monetary policy and outlines some of the influences on the evolution of monetary policy objectives and the role of the Reserve Bank in conducting monetary policy.

Suggested Citation

  • James Graham & Christie Smith, 2012. "A brief history of monetary policy objectives and independence in New Zealand," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 75, pages 28-37, March.
    • Handle: RePEc:nzb:nzbbul:mar2012:4
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    File URL: http://rbnz.govt.nz/-/media/ReserveBank/Files/Publications/Bulletins/2012/2012mar75-1grahamsmith.pdf
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    References listed on IDEAS

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    1. B. C. Ashwin, 1930. "Banking And Currency In New Zealand," The Economic Record, The Economic Society of Australia, vol. 6(3), pages 188-204, November.
    2. Matthew Wright, 2006. "The policy origins of the Reserve Bank of New Zealand," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 69, September.
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    Cited by:

    1. Christie Smith & Omar Aziz, 2019. "Monetary policy objectives- price stability and macro stabilisation," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 82, pages 1-14, April.
    2. Geoffrey Brooke & Anthony Endres & Alan Rogers, 2018. "The Economists and Monetary Thought in Interwar New Zealand: The Gradual Emergence of Monetary Policy Activism," Working Papers 2018-09, Auckland University of Technology, Department of Economics.
    3. Chris Hunt, 2017. "Independence with accountability: financial system regulation and the Reserve Bank," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 80, December.

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