Munich Personal RePEc Archive

Review of New Zealand Monetary Policy

Grimes, Arthur (2001): Review of New Zealand Monetary Policy. Published in: Agenda , Vol. 8, No. 4 (2001): pp. 303-320.

[thumbnail of MPRA_paper_69395.pdf]

Download (205kB) | Preview


In May 2000, Professor Lars Svensson was invited by the then newly-elected New Zealand Minister of Finance ‘to review the way in which New Zealand's monetary policy is conducted and its effectiveness in contributing to broader social and economic objectives’. The report of the Review was published recently (Svensson, 2001). The goal of the review was to examine the legislative framework and the practice of monetary policy after ten years ‘to ensure that the monetary policy framework and the Reserve Bank's operations within that framework are appropriate to the characteristics of the New Zealand economy and best international practice’. This article is devoted to a critique of the theoretical frameworks that lie behind Svensson’s key findings and a review of their application to the matters raised by the terms of reference and Svensson's key findings. Some of the insights raised in the review are applied to current Australian central bank arrangements, in order to contemplate how a review — based on similar approaches — might judge aspects of Reserve Bank of Australia (RBA) performance and governance structures.

Atom RSS 1.0 RSS 2.0

Contact us: mpra@ub.uni-muenchen.de

This repository has been built using EPrints software.

MPRA is a RePEc service hosted by Logo of the University Library LMU Munich.