Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

RBNZ and IMF join efforts on future of inflation targeting

RBNZ and IMF join efforts on the future of inflation targeting


23 August 2019

The Reserve Bank and the International Monetary Fund are hosting a conference in Wellington next week to discuss broad issues around monetary policy, the labour market, and the future of inflation targeting.

Inflation Targeting: Prospects and Challenges has attracted delegates from around the world. It will be co-hosted by the Bank and the IMF’s Regional Office for Asia and the Pacific, and will be held at Te Papa Tongarewa on August 28 and 29.

While inflation targeting has had a history of success in delivering low, stable inflation and substantial macroeconomic stability over the past several decades, the last 10 years have proven to be challenging for monetary authorities.

RBNZ Assistant Governor and General Manager of Economics, Financial Markets and Banking Christian Hawkesby says: “We are now faced with stubbornly low inflation and low interest rates, driven by structural and cyclical factors. If monetary policy is to be successful for a further 30 years, we need to confront these challenges.

“This is what this conference is about — understanding the big questions about inflation targeting and considering how we need to adapt to continue being as successful as possible.”

The conference will feature two keynote speeches:
* Professor Jinnil Kim of Korea University will talk about central bank mandates
* Dr. Mary C. Daly, President and Chief Executive Officer of the Federal Reserve Bank of San Francisco, will discuss using a dual mandate framework for monetary policymaking and the tradeoffs that must be considered in a changing economic environment.

The IMF’s Director of the Office for Asia and the Pacific, Chikahisa Sumi, says that the conference is a timely event.

“New Zealand pioneered inflation targeting three decades ago. Most recently, the RBNZ has again been among the pioneers in the central bank community when revisiting its monetary policy framework.

“Discussions about these frameworks currently happen not only in advanced economies but also in many emerging market countries. This conference is happening in the right place, at the right time, and with the right participants.

“We are delighted to work closely with the Reserve Bank of New Zealand in providing this opportunity for experts from both advanced and emerging economies to share and gain cutting-edge insights about the future of monetary policy making.”

The conference will also feature two policy-oriented panel discussions with senior central bankers from the Asia-Pacific region. The first will focus on the design and conduct of monetary policy and the second on central bank governance and independence.

In addition to RBNZ and IMF representatives, the event will bring together central bankers, thought leaders, academics, and policymakers from more than 20 countries.

More information:
* Inflation Targeting: Prospects and Challenges Conference Programme (https://www.rbnz.govt.nz/research-and-publications/seminars-and-workshops/inflation-targeting-prospects-and-challenges?utm_source=Reserve+Bank+of+New+Zealand&utm_campaign=0f30bd75a4-EMAIL_CAMPAIGN_2019_08_22_11_02_COPY_01&utm_medium=email&utm_term=0_c0c0e9bb78-0f30bd75a4-25504821)
* About the International Monetary Fund Regional Office for Asia and the Pacific (https://www.imf.org/external/oap/about.htm?utm_source=Reserve+Bank+of+New+Zealand&utm_campaign=0f30bd75a4-EMAIL_CAMPAIGN_2019_08_22_11_02_COPY_01&utm_medium=email&utm_term=0_c0c0e9bb78-0f30bd75a4-25504821)


ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Up 0.5% In June Quarter: Services Lead GDP Growth

“Service industries, which represent about two-thirds of the economy, were the main contributor to GDP growth in the quarter, rising 0.7 percent off the back of a subdued result in the March 2019 quarter.” More>>

ALSO:

Pickers: Letter To Immigration Minister From Early Harvesting Growers

A group of horticultural growers are frustrated by many months of inaction by the Minister who has failed to announce additional immigrant workers from overseas will be allowed into New Zealand to assist with harvesting early stage crops such as asparagus and strawberries. More>>

ALSO:

Non-Giant Fossil Disoveries: Scientists Discover One Of World’s Oldest Bird Species

At 62 million-years-old, the newly-discovered Protodontopteryx ruthae, is one of the oldest named bird species in the world. It lived in New Zealand soon after the dinosaurs died out. More>>

Rural Employers Keen, Migrants Iffy: Employment Visa Changes Announced

“We are committed to ensuring that businesses are able to get the workers they need to fill critical skills shortages, while encouraging employers and regions to work together on long term workforce planning including supporting New Zealanders with the training they need to fill the gaps,” says Iain Lees-Galloway. More>>

ALSO:

Marsden Pipeline Rupture: Report Calls For Supply Improvements, Backs Digger Blame

The report makes several recommendations on how the sector can better prevent, prepare for, respond to, and recover from an incident. In particular, we consider it essential that government and industry work together to put in place and regularly practise sector-wide response plans, to improve the response to any future incident… More>>

ALSO: