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With people in NZ constantly yelling about the dollar, and yelling at the Reserve Bank, I thought I would host a hypothetical discussion that hopefully helps to explain the issues – and why inflation targeting isn’t the cause of any of the perceived problems. Here it goes: Intelligent non-economist (INE): The dollar is too high, […]
The new policy targets argreement is out today. What have we got? For the purpose of this agreement, the policy target shall be to keep future CPI inflation outcomes between 1 per cent and 3 per cent on average over the medium term, with a focus on keeping future average inflation near the 2 per […]
Update: Given all the links in this post, I’m adding it to the rarely used “inflation debate” tab. An area where I rant incoherently about monetary policy in a way that is aiming to help this debate – rather than just be critical. From what I can tell, the current debate about monetary policy taking […]
Recently I was sitting at my computer looking at Twitter, when the following popped up in my feed: NZIER calls for changes to the RBNZ’s Policy Targets Agreement to combat the overvalued NZ dollar – http://bit.ly/Q6aOWX I found this surprising, as earlier in the day I had read a piece on the NZIER site that […]
After seeing David Parker claim that inflation targeting was dead, I felt obliged to chip in with my two cents – which Rates Blog kindly allowed me to do. In the article I looks at the critique of RBNZ policy based on “imported price spikes” and “credit flows” and point out how the RBNZ framework […]
Fortuitously stumbled across this while looking for something else. Arthur Grimes investigates the Arbee: In his “Life Among the Econ” Axel Leijonhufvud took an ethnographic approach to describing the Econ tribe and, especially, two of its components: the Macro and the Micro. My purpose is to delve further into the life of the Macro, specifically […]