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Central Bank Independence, Fiscal Responsability, and the Goals of Macroeconomic Policy: An American Perspective of the New Zealand Experience

Author

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  • Bryant, R.C.

Abstract

In contemporary New Zealand, microeconomics is in the ascendant over macroeconomics, to such an extent that neither the Reserve Bank nor the Cabinet and Treasury appear to give much attention to shorter-run macroeconomic stabilization as a policy goal. This lecture examines why thoughtful New Zealanders are attracted to this atypical aversion, and asks whether that aversion is in New Zealand's best interests.

Suggested Citation

  • Bryant, R.C., 1996. "Central Bank Independence, Fiscal Responsability, and the Goals of Macroeconomic Policy: An American Perspective of the New Zealand Experience," Papers 126, Brookings Institution - Working Papers.
  • Handle: RePEc:fth:brooki:126
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    References listed on IDEAS

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    Citations

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    Cited by:

    1. Paul Dalziel, 1997. "Setting the Reserve Bank’s Inflation Target: The New Zealand Debate," Agenda - A Journal of Policy Analysis and Reform, Australian National University, College of Business and Economics, School of Economics, vol. 4(3), pages 285-296.

    More about this item

    Keywords

    ECONOMIC POLICY ; FINANCIAL POLICY ; MACROECONOMICS ; CENTRAL BANKS;

    JEL classification:

    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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