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A brief history of monetary policy objectives and independence in New Zealand

James Graham, Christie Smith

The legislative framework for monetary policy has been fairly settled for more than 20 years. This stability contrasts with the frequent revisions that occurred to statutory provisions dealing with monetary policy objectives and the relationship between the Reserve Bank and the government in the decades following the Bank’s establishment in 1934. This article traces the changes in the legislation governing monetary policy and outlines some of the influences on the evolution of monetary policy objectives and the role of the Reserve Bank in conducting monetary policy.