The Political Economy of Inflation Targets: New Zealand and the UK

C. A. E. Goodhart and Charles Freedman

Chapter 7 in Canadian Policy Debates and Case Studies in Honour of David Laidler, 2010, pp 171-214 from Palgrave Macmillan

Abstract: Abstract One of the several occasions on which my path, as a monetary economist, crossed that of David Laidler relates to the adoption in New Zealand of an inflation target, which was effectively introduced in 1988 and then confirmed by the Act of 1989. There is now a detailed record of the events surrounding the passage of this Act, in Singleton, Grimes, Hawke and Holmes, ‘The Reserve Bank of New Zealand Act, 1989’, (2006), and a somewhat more wide-ranging paper by the same authors, ‘Twenty years of modernisation: The Reserve Bank of New Zealand’ (2005). In this latter paper, the authors note that ‘key reforms have often been tested on leading thinkers internationally before implementation. (For instance, aspects of the reforms contained in the 1989 Reserve Bank Act were run past each of Charles Goodhart, David Laidler and Alan [sic] Meltzer)’.

Keywords: Interest Rate; Monetary Policy; Central Bank; Inflation Target; Monetary Aggregate (search for similar items in EconPapers)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-27430-3_7

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DOI: 10.1057/9780230274303_7

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