Panel Session I, Practical Experiences in Reducing Inflation: The Case of New Zealand
Chapter in NBER book The Great Inflation: The Rebirth of Modern Central Banking (2013), Michael D. Bordo and Athanasios Orphanides, editors (p. 25 - 36)
This chapter contains remarks by Donald Brash, governor of the Reserve Bank of New Zealand (RBNZ) from 1988 to 2002. Brash briefly sketches the course of inflation in New Zealand through the 1970s and early 1980s, then focuses on the factors that led New Zealand to become the first country to formally adopt inflation targeting, on the reasons why that approach to monetary policy seems to have worked there, and finally, on some of the unresolved issues New Zealanders face.
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