Academic journal article The Reserve Bank of New Zealand Bulletin

March 2010 Reserve Bank Bulletin Released: Date 31 March 2010

Academic journal article The Reserve Bank of New Zealand Bulletin

March 2010 Reserve Bank Bulletin Released: Date 31 March 2010

Article excerpt

Implications for policy in light of the global financial crisis, both in New Zealand and across the globe, are the focus of the March 2010 Reserve Bank of New Zealand Bulletin, released today.

The lead article notes that, while inflation targeting has been successful in reducing the level and volatility in inflation, it has not guaranteed financial stability or macroeconomic stability. The article looks at the debate around whether monetary policy should have leant more strongly against economic imbalances in the lead-up to the crisis, and whether the policy toolkit for macroeconomic stabilisation needs to be expanded.

The second article summarises some of the issues discussed at a recent monetary policy conference marking the 20th anniversary of inflation targeting As part of the conference, Mark Gertler, Professor of Economics at New York University and the author of a key paper on the crisis, visited the Reserve Bank of New Zealand. The third article in the Bulletin is an interview with Mark Gertler, who offers his thoughts on a variety of topics, including inflation targeting and the global financial crisis. …

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