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Conference Paper
The role of monetary policy: where does unemployment fit in?
Journal Article
How should monetary policymakers respond to the new challenges of global integration?
In a presentation at the Federal Reserve Banks of Kansas City's 2000 symposium, "Global Economic Integration: Opportunities and Challenges," Governor Brash of the Reserve Bank of New Zealand highlighted four issues related to global economic integration that affect central banks. First, increasing foreign trade is causing greater integration of countries and regions and thereby increasing the appeal of regional currency zones. Second, growing integration has potentially caused economies to become less inflation prone. Third, global financial institutions are developing at an accelerating ...
Journal Article
The role of monetary policy: where does unemployment fit in?
Unemployment is one of the biggest problems facing most OECD countries, and there are strong demands on policymakers to provide solutions. But responsible policymakers must recognize there are clear limits to what monetary policy can do to help lower unemployment. Monetary policy does have an important part to play, but it is not a tool we should use directly to stimulate growth or employment. The best contribution monetary policy can make to growth and employment is to maintain stability in the general level of prices.> In remarks made before the Federal Reserve Bank of Kansas City's 1994 ...
Conference Paper
Reducing inflation in New Zealand: some practical issues