Hutchison, Michael M.; Walsh, Carl E. - 1999
New Zealand was successful in switching from a moderate inflation regime to a low-inflation regime between 1986 … Bank of New Zealand (RBNZ) Act of 1989 established a more independent central bank and a regime of inflation targeting in …" inflation within a 0-3 percent band--policy success that many have attributed to the consistency and "credibility" of policy …