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Origins and early development of the inflation target

Author

Listed:
  • Michael Reddell

    (Reserve Bank of New Zealand)

Abstract

Explicit inflation targeting was pioneered in New Zealand in the late 1980s. This article explains how the system gradually came about. It traces some of the early influences and thinking that had, by the end of 1990, given us pretty much the structures still in use today.

Suggested Citation

  • Michael Reddell, 1999. "Origins and early development of the inflation target," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 62, September.
    • Handle: RePEc:nzb:nzbbul:september1999:6
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    File URL: http://www.rbnz.govt.nz/-/media/ReserveBank/Files/Publications/Bulletins/1999/1999sep62-3Reddell.pdf
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    Citations

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    Cited by:

    1. Alfred Guender & Bevan Cook, 2011. "Monetary policy implementation and uncovered interest parity: Empirical evidence from Oceania," New Zealand Economic Papers, Taylor & Francis Journals, vol. 45(3), pages 209-229, January.
    2. Murray Sherwin., 2000. "Institutional frameworks for inflation targeting?," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 63, December.
    3. Guender, Alfred V. & Oh, Do Yoon, 2006. "Price stability through price-level targeting or inflation targeting? A tale of two experiments," Journal of Economics and Business, Elsevier, vol. 58(5-6), pages 373-391.
    4. Lucotte, Yannick, 2012. "Adoption of inflation targeting and tax revenue performance in emerging market economies: An empirical investigation," Economic Systems, Elsevier, vol. 36(4), pages 609-628.
    5. Austin, Darran & Ward, Bert & Dalziel, Paul, 2007. "The demand for money in China 1987-2004: A non-linear modelling approach," China Economic Review, Elsevier, vol. 18(2), pages 190-204.
    6. Grant Spencer & Ozer Karagedikli, 2006. "Modelling for monetary policy: the New Zealand experience," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 69, pages 1-8., June.
    7. Mr. Scott Roger, 2009. "Inflation Targeting at 20 - Achievements and Challenges," IMF Working Papers 2009/236, International Monetary Fund.
    8. John Janssen, 2001. "New Zealand's Fiscal Policy Framework: Experience and Evolution," Treasury Working Paper Series 01/25, New Zealand Treasury.
    9. Singleton,John, 2010. "Central Banking in the Twentieth Century," Cambridge Books, Cambridge University Press, number 9780521899093.
    10. Emmanuel Carré, 2014. "The origins of inflation targeting regime: the science of central banking or the art of central bankers?," Cahiers d’économie politique / Papers in Political Economy, L'Harmattan, issue 66, pages 127-172.

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