New Zealand’s McDermott emphasises inflation targeting success


John McDermott, an assistant governor of the Reserve Bank of New Zealand, considered the central bank's use of inflation targeting in a speech delivered today (June 19).

Speaking at a BIS research workshop in Hong Kong, McDermott said the central bank's inflation target had kept inflation anchored during a period of strong demand pressure prior to the financial crisis. "That outcome was far superior to our experience of the 1970s, when inflation was persistently at double-digit levels," he said

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