RBNZ and Fed ran similar policies despite different mandates, paper finds


The Reserve Bank of New Zealand has managed to respond to changes in inflation in much the same way as the Federal Reserve, despite not operating under a dual mandate, an RBNZ research paper argues.

“On average, monetary policy in New Zealand and the United States has responded to changes in economic activity and inflation in similar ways,” Punnoose Jacob and Amber Wadsworth write. New Zealand’s recently elected centre-left government has introduced a draft law to enlarge the RBNZ’s mandate to

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