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

by Güneş Kambera,b, Özer Karagediklia, Christie Smitha,b


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