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

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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.

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  • 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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    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.
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