Monetary policy and interest rates under inflation targeting in Australia and New Zealand

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buir.contributor.authorBerument, Hakan
dc.citation.epage188en_US
dc.citation.issueNumber2en_US
dc.citation.spage171en_US
dc.citation.volumeNumber49en_US
dc.contributor.authorBerument, Hakanen_US
dc.contributor.authorFroyen, R. T.en_US
dc.date.accessioned2016-02-08T10:25:48Z
dc.date.available2016-02-08T10:25:48Z
dc.date.issued2015en_US
dc.departmentDepartment of Economicsen_US
dc.description.abstractOne advantage cited for formal inflation targeting is that by anchoring inflationary expectations this policy framework would aid in the pricing of long-term securities. Long-term interest rates would become less sensitive to temporary shocks to the economy including policy-induced changes in short-term interest rates. This paper examines the experience in this regard of New Zealand and Australia, two countries that have been inflation targeters for many years. Our results are consistent with inflationary expectations having become more firmly anchored after the move to inflation targeting in each country. There is no evidence that the credibility of the inflation-targeting regime in either country weakened during the recent world financial crisis. © 2014 New Zealand Association of Economists Incorporated.en_US
dc.description.provenanceMade available in DSpace on 2016-02-08T10:25:48Z (GMT). No. of bitstreams: 1 bilkent-research-paper.pdf: 70227 bytes, checksum: 26e812c6f5156f83f0e77b261a471b5a (MD5) Previous issue date: 2015en
dc.identifier.doi10.1080/00779954.2014.929608en_US
dc.identifier.eissn1943-4863
dc.identifier.issn0077-9954
dc.identifier.urihttp://hdl.handle.net/11693/24214en_US
dc.language.isoEnglishen_US
dc.publisherRoutledgeen_US
dc.relation.isversionofhttp://dx.doi.org/10.1080/00779954.2014.929608en_US
dc.source.titleNew Zealand Economic Papersen_US
dc.subjectInflation targetingen_US
dc.subjectLong-term interest rateen_US
dc.subjectMonetary policyen_US
dc.titleMonetary policy and interest rates under inflation targeting in Australia and New Zealanden_US
dc.typeArticleen_US

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