tag:blogger.com,1999:blog-7342528022617501525.post8265926799014318784..comments2024-03-28T15:05:33.781+13:00Comments on Economics New Zealand: The dance of the seven veils (economist version)Donal Curtinhttp://www.blogger.com/profile/03687495556590450225noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-7342528022617501525.post-65296546415663422482015-12-08T18:40:04.138+13:002015-12-08T18:40:04.138+13:00Thanks Michael. Opinions make markets.
Don't k...Thanks Michael. Opinions make markets.<br />Don't know why you can't comment under your own name, I've checked my settings: 'Anyone' can post and there is no moderation turned on. Glitch, gremlin, whatever.Donal Curtinhttps://www.blogger.com/profile/03687495556590450225noreply@blogger.comtag:blogger.com,1999:blog-7342528022617501525.post-89146123399243169882015-12-08T17:25:48.408+13:002015-12-08T17:25:48.408+13:00Lots to disagree with there, but I'll settle f...Lots to disagree with there, but I'll settle for this:<br /><br />So there's an inevitable tendency to want to set rates at a conservatively high level that takes an inflation-above-target outcome out of play. You can see something much the same playing out in the early days of our own experience.<br /><br />Recall that inflation was above the midpoint of the target range, on average, in NZ for the whole IT period up to 2008. Of course, one can argue it was too tight in 1991, but I don't think that was because of hardline anti-inflation/establish credibility factors, but simply because we had the wrong model and totally missed the severe recession until it overwhelmed us. (It was a mistake. Mistakes happen)<br /><br />Michael (your system for some reason isn't letting me comment with my name)<br />Anonymousnoreply@blogger.com