New government, new monetary policy framework
Leung, Christina; Gamperle, Dion | November 2017
Abstract
The new Labour-New Zealand First coalition Government has indicated it would review the Reserve Bank Act, with consideration of “full employment” to be added to the central bank’s inflation target when setting monetary policy. Monetary policy has been extraordinarily loose in the major economies in the wake of the Global Financial Crisis (GFC). Despite that, growth and inflation in the major economies have been slow to pick up. In contrast, asset prices have surged, and household debt levels have expanded rapidly. This divergence between subdued general consumer price inflation and accelerating asset price inflation has raised questions about whether the current monetary policy framework, both abroad and here in New Zealand, is fit for purpose.
Citation
Leung, Christina; Gamperle, Dion. 2017. New government, new monetary policy framework. © New Zealand Institute of Economic Research. http://hdl.handle.net/11540/7671.Keywords
Social condition
Economic dependence
Economic assistance
International monetary relations
International monetary relations
International trade
National accounting
Market
Project impact
Development projects
Program management
Performance appraisal
Project appraisal
Technology assessment
Macroeconomic
Macroeconomic Analysis
Macroeconomic Framework
Macroeconomic Models
Macroeconomic Performance
Macroeconomic Planning
Macroeconomic Policies
Macroeconomic Reform
Macroeconomic Stabilization
Results-Based Monitoring And Evaluation
Project Evaluation & Review Technique
Project Evaluation
Program Evaluation
Performance Evaluation
Operations Evaluation
Evaluation Methods
Evaluation
Exports
Exchange
Comparative economics
Index number
Monetary policy
Value analysis
Adjustment cost
Transaction cost
Conditionality
International relations
Cumulative effects assessment
Grievance procedures
Participatory monitoring and evaluation
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