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35 years of flexible inflation targeting - challenges and opportunities

The Reserve Bank of New Zealand is organising a research conference that aims to understand the challenges to flexible inflation targeting and the opportunities to polish it further in the post-pandemic world. This a call for papers.

Date: 6 and 7 March 2025

Location: Wellington 

Persistently high inflation through the 1980s motivated a historical policy initiative in New Zealand. In March 1990, the Reserve Bank of New Zealand – Te Pūtea Matua was tasked with bringing inflation down to a range of 0 to 2%, becoming the first central bank to have a specified inflation target in the monetary policy mandate.  Many central banks across the world soon followed New Zealand’s lead and inflation was successfully brought under control, remaining anchored around targeted levels for the next 3 decades.

The COVID-19 pandemic saw acute disruption to supply chains, adverse geopolitical events, and the return of high inflation, prompting renewed discussions on central bank targets and inflation-targeting strategies. 

Against this backdrop, 35 years after the inception of the inflation-targeting framework, we will host a research conference that aims to understand the challenges to flexible inflation targeting and the opportunities to polish it further in the post-pandemic world.

Keynote speakers

Dr. Ben S. Bernanke (Distinguished Senior Fellow, The Brookings Institution)

Read Ben Bernanke's biography

Note: Dr. Bernanke will give a keynote address at the conference. He has chosen not to speak publicly otherwise during his stay in New Zealand.

Dr. Catherine Mann (External Member of the MPC at the Bank of England. Professor at Alliance Manchester Business School and Brandeis University).

Call for papers

We invite empirical as well as applied theory papers relevant for monetary policy-making covering focus areas including but not limited to:

  • Global value chains, supply shocks and inflation
  • Monetary policy and structural change
  • The use of high-frequency data for monetary policy analysis
  • Transmission of alternative monetary policy tools including large-scale asset purchases, term funding facilities and forward guidance
  • The role of inflation expectations in monetary policy transmission
  • Assessing monetary policy mandates
  • The interaction between fiscal and monetary policy
  • The financial stability implications of monetary policy
  • Neutral interest rates in small open economies
  • Asset market dynamics and monetary policy
  • External shocks and their implications for small open economies
The deadline for submission is 1 November 2024. Papers should be submitted to [email protected]. We'll notify authors of successful submissions by 3 December 2024.
Key dates  
1 November 2024 Deadline for emailing papers to [email protected]
3 December 2024 Notification to authors of successful submissions
7 February 2025  Final versions of papers due
6 to 7 March 2025  Conference

About the conference

The RBNZ’s research conference has been one of the premier conferences for applied macroeconomics in the Australasian region in the past. However, the conference was last held in 2018, before the COVID-19 pandemic. 

The research papers are targeted at central bank researchers and an academic audience involved in macroeconomics and banking. The RBNZ research conference has supported the transfer of technical know-how from international experts to our staff. This improves the technical depth of staff analysis and lifts the quality of the policy advice delivered to the Monetary Policy Committee.

Research conference participants will be by invitation only and numbers will be limited. The conference will not be open to the public, but we will publish the research papers on our website.

Media contact

Email: [email protected]