I will look at recent changes in policy targets for the moment, before returning to current conditions and the relevance of jobs and growth targets for monetary policy. Financial distress, deflation and policy exceptionalism  It is useful to start with the global economic shocks of the past 15 years and their monetary policy implications.
At some point, either New Zealanders will decide to borrow less or foreigners will decide to lend us less. If foreigners tire of lending us their savings before we New Zealanders tire of borrowing them, the likely outcome is a change in the mix of monetary conditions, in the direction of a lower exchange rate and somewhat higher interest rates.