Inflation Targeting and Economic Reforms in New Zealand
Bibliographic record
Abstract
We study the consequences of economic reforms in New Zealand since the beginning of the 1990s. Inflation targeting became the monetary policymaking framework of the RBNZ in 1990. In the years that followed, New Zealand implemented labor market reform and became increasingly integrated in world trade. We use a New Keynesian model with rich trade microfoundations and labor market dynamics to study the per-formance of inflation targeting versus alternative monetary policy rules for New Zealand in relation to these market charac-teristics and reforms. We show that nominal income targeting would have been a better choice than inflation targeting or price-level targeting prior to market reforms by delivering more stable unemployment dynamics in a distorted economic envi-ronment. Nominal income targeting would also have been bet-ter than inflation targeting with respect to the transition costs ∗This is a revised version of the paper presented at the IJCB-RBNZ
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How this classification was reachedexpand
Full frame distilled prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. Learned from the 10,348 direct Codex labels and 10,348 direct Gemma labels. Candidate is the union of thresholded teacher heads; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels or direct frontier model labels.
Codex and Gemma teacher scores by category
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.000 | 0.000 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.000 | 0.000 |
| Science and technology studies | 0.000 | 0.000 |
| Scholarly communication | 0.000 | 0.000 |
| Open science | 0.000 | 0.000 |
| Research integrity | 0.000 | 0.000 |
| Insufficient payload (model declined to judge) | 0.000 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one teacher head, not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".