Labour's Dual Mandate and Inflation
The Reserve Bank has published an update on its progress in responding to recommendations from its review of monetary policy over the 2017 to 2022 period.
"In hindsight, an earlier or more aggressive tightening might have reduced inflation sooner,"
said Reserve Bank chief economist Paul Conway. He noted that this would have been difficult given the data available at the time and could have conflicted with the MPC's mandate, which included maintaining maximum sustainable employment.
This statement is quite telling, implying that Labour's dual mandate led to higher inflation.
Author's summary: Labour's dual mandate contributed to higher inflation.
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