The 2012 Policy Targets Agreement: An Evolution in Flexible Inflation Targeting in New Zealand

Ross Kendall · Tim Ng

8 citations0/0 files storedRePEc: Research Papers in Economics

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Monetary Policy and Economic Impact European Monetary and Fiscal Policies New Zealand Economic and Social Studies

Abstract

The Policy Targets Agreement (PTA) frames monetary policy conduct. It sets out New Zealand's approach to 'flexible' inflation targeting, which seeks to maintain price stability over the medium term while accommodating, to some degree, shocks that can cause unnecessary economic volatility. A new PTA took effect in September 2012 with the appointment of Governor Graeme heeler. This article discusses the new PTA and how the changes fit within the overall monetary policy framework.

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2006Effectiveness of official daily foreign exchange market intervention operations in Japan 2012Monetary Policy in the Last Business Cycle: Some Perspectives

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