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Monetary policy implementation and signalling : a discussion document

Reserve Bank of New Zealand

The following document reproduces for the record, a discussion document in which the Reserve Bank outlined possible changes to the way in which monetary policy is implemented. The document was released in March 1997, as a basis for consultation with the financial markets. On 5 June 1997, it was announced that after reviewing the submissions, and in light of the consultations, the Bank had decided not to proceed with the proposals. The September 1997 Bulletin will include a summary of the main issues that arose in the consultations and explain the bases for the conclusion reached.