September 2015 issue contents
Applying an Inflation-Targeting Lens to Macroprodential Policy "Institutions"

by Güneş Kamber^a,b, Özer Karagedikli^a, Christie Smith^a,b

Abstract

We describe the origins of inflation targeting in New Zealand, and then use the four key attributes of inflation targeting-independence, the inflation target, transparency, and accountability-as an organizing device to analyze macroprudential policy "institutions"-the rules, regulations, and governance frameworks that implement macroprudential policies.

JEL Codes: E52, E58, E61.

 
Full article (PDF, 35 pages, 390 kb)

Discussion by Charles Bean

^a Reserve Bank of New Zealand 
^b Centre for Applied Macroeconomic Analysis