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    Time to reassess inflation targeting

    Leung, Christina; Lees, Kirdan | December 2015
    Abstract
    For over a generation, inflation targeting has been successful in managing inflation without reducing economic growth. But the economic environment is changing. No longer does the Reserve Bank need to lift rates to reduce demand. Today the Reserve Bank needs to deal with supply shocks that rapidly change how New Zealand firms organise activity. Increasingly that makes inflation targeting no longer fit-for-purpose. Instead, targeting income growth – the sum of inflation and economic growth – looks the best bet to deal with new economic conditions.
    Citation
    Leung, Christina; Lees, Kirdan. 2015. Time to reassess inflation targeting. © New Zealand Institute of Economic Research. http://hdl.handle.net/11540/9193.
    Keywords
    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
    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
    Economic indicators
    Growth models
    Gross domestic product
    Macroeconomics
    Economic forecast
    Exports
    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
    Exchange rate
    Economic development projects
    Economic policy
    Economic forecasting
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    Citable URI
    http://hdl.handle.net/11540/9193
    Metadata
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    nzier_insight_57_reassess_inflation_targeting.pdf (483.3Kb)
    Author
    Leung, Christina
    Lees, Kirdan
    Theme
    Economics
    Evaluation
     
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise