Inflation Targeting in New Zealand: The 1987 Reserve Bank Questionnaire and Related Documents

Brian Silverstone

Working Papers in Economics from University of Waikato

Abstract: New Zealand is acknowledged widely as the first country to implement a formal monetary policy agreement specifying an explicit inflation target. This agreement, signed in March 1990 between the Minister of Finance and the Governor of the Bank, was implemented under Section 9 of the Reserve Bank of New Zealand Act 1989. By 2014, inflation targeting agreements had been established, in several forms, in more than 25 countries. During the evolving 1984-1989 price stability and inflation targeting deliberations in New Zealand, a survey of Reserve Bank economists in early 1987 included the question 'Should the Bank have an explicitly-stated desired inflation time path?' This paper is primarily a record of the background and responses to this question. It also includes the original documents and related material.

Keywords: inflation targeting; monetary policy; New Zealand; Reserve Bank of New Zealand (search for similar items in EconPapers)
JEL-codes: E31 E52 E58 (search for similar items in EconPapers)
Pages: 25 pages
Date: 2014-09-30
New Economics Papers: this item is included in nep-cba, nep-mac and nep-mon
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:wai:econwp:14/11

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