The Constitutional Position of an Independent Central Bank
@article{Goodhart2002TheCP, title={The Constitutional Position of an Independent Central Bank}, author={C. A. E. Goodhart}, journal={Government and Opposition}, year={2002}, volume={37}, pages={190 - 210} }
In 1989 The Reserve Bank Of New Zealand Act Gave The Rbnz the operational independence to vary monetary instruments, in particular to control the level of short-term money market rates, in such a way as to hold inf lation within a stated range over a stated period of time. That numerical range and period were to be agreed in a contractual arrangement between the Minister of Finance and the Governor, and the Governor was to be held personally responsible for achieving those agreed objectives.
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