Advances in Endogenous Money Analysis
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Advances in Endogenous Money Analysis

Edited by Louis-Philippe Rochon and Sergio Rossi

The endogenous nature of money is a fact that has been recognized rather late in monetary economics. Today, it is explained most comprehensively by the theory of money in post-Keynesian monetary theory. The expert contributors to this enlightening book revisit long-standing debates on the endogeneity of money from the position of both horizontalists and structuralists, and prescribe new areas of research and debate for post-Keynesian scholars to explore.
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Chapter 14: The horizontalist debate: lessons from New Zealand

Paul Dalziel


New Zealand was the first country in modern times to adopt a formal inflation target, introduced as part of its monetary disinflationary programme in the late 1980s. Initially the Reserve Bank of New Zealand implemented monetary policy through targeting the monetary base before shifting to targeting the banking system’s base interest rate in 1999. During this period, the author was contributing to the horizontalist debate in the post-Keynesian literature sparked by Basil Moore’s 1988 book. This chapter brings together Dalziel’s theoretical contributions and New Zealand’s policy experience to show how post-Keynesian monetary theory remains highly relevant for current policy debates.

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