Tinkering with rates will not bolster New Zealand employment

The Beehive, New Zealand’s parliament building
The Beehive, New Zealand’s parliament building

In 1989, the New Zealand’s fourth Labour government passed legislation that revolutionised the country’s central bank – and in some respects central banking around the globe. Prior to that time, central banks were of two kinds: either totally independent of political influence (at least in theory), such as the Federal Reserve Board, Deutsche Bundesbank and the Swiss National Bank, or mere implementers of whatever monetary policy finance ministers decreed. Like most other central banks, the

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