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Alternative Rules for Monetary Policy and Fiscal Policy in New Zealand: A Priminary Assessment of Stabilization Properties

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  • Bryant, R.C.

Abstract

In this paper, I focus on the stabilization properties of alternative simplified approaches to the conduct of monetary policy and fiscal policy. The paper is motivated by questions of topical interest in New Zealand, for example what the costs might be in terms of lost credibility if the Reserve Bank of New Zealand were to have multiple goals rather than the exclusive goal of price stability, and whether output smoothing might significantly reduce the costs of the economy adjusting to shocks without compromising the long-run goals of a low rate of inflation and sustainable, prudent long-run evolution in the government's budget. The paper uses an illustrative model of a small open economy with features like New Zealand's, developed while the author was visiting New Zealand in the spring of 1966.

Suggested Citation

  • Bryant, R.C., 1996. "Alternative Rules for Monetary Policy and Fiscal Policy in New Zealand: A Priminary Assessment of Stabilization Properties," Papers 127, Brookings Institution - Working Papers.
  • Handle: RePEc:fth:brooki:127
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    Keywords

    ECONOMIC POLICY ; FINANCIAL POLICY;

    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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