Inflation targetting as a monetary policy framework was introduced for the first time in 1990 by New Zealand. By adopting this framework, New Zealand introduced a monetary policy approach which clearly stated its ultimate objective: price stability. A number of countries adopted this policy a p p roach in the decade after it was introduced by New Zealand. Over 50 countries were using explicit inflation targets by 2000, although only 18 of those are classified as inflation targetting (Casteleijn,
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