Lees, Kirdan; Warburton, Sam - In: Journal of International Money and Finance 29 (2010) 5, pp. 819-839
The 2002 Policy Targets Agreement (PTA) between the government and central bank of New Zealand asks the central bank to target inflation "over the medium term" rather than over an annual target. Delegating such a medium term objective to the central bank shifts inflation targeting towards a...
