The Reserve Bank of New Zealand was the first central bank to publish interest rate projections as a tool for forward … guidance of monetary policy. This paper provides new evidence on the information content of interest rate projections for … market expectations about future short-term rates before and during the financial crisis. While the information content of …

bank policy-makers at the Reserve Bank of New Zealand. Guided by the Policy Targets Agreement between the Governor of the … Reserve Bank and the Minister of Finance, we identify policy-makers’ willingness to trade off inflation outcomes for …

advances in information technology may erode the demand for central bank money and hence threaten the ability of central banks …Most textbook models explain the operation of monetary policy in terms of how the central bank influences the market … that modus of operation the central bank's rate is transmitted to the financial markets. Another question concerns whether …

The 2002 Policy Targets Agreement (PTA) between the Reserve Bank of New Zealand and the government asks the Reserve … Bank to target inflation "over the medium term" rather than over an annual target. This medium term objective shifts …

-quadratic framework and represents the monetary policy problem for the central bank as setting the interest rate in order to minimise an … government, representing society, joins with the central bank to search for the optimal set of loss function parameters to be … embedded in a contract with the central bank. The framework, due to Rogoff (1985), is usefully applied to the case of New …

rule serves a constructive purpose because it abstracts from the Bank's macroeconomic model, FPS, and its performance is …

exchange rate determination are considered. The analysis is carried out in the context of optimal full-information monetary …