Abstract
It is now twenty-five years since the Reserve Bank of New Zealand (RBNZ) Act came into force. The Act established the operational independence of the Reserve Bank (Bank) in respect to monetary policy, and specified price stability as the single monetary policy objective. A month later, the minister of finance and the Reserve Bank governor signed the first Policy Targets Agreement (PTA), which specified an annual inflation target of 0 to 2 percent.
Authors
- Graeme Wheeler