Grant Spencer: Low inflation and its implications for monetary policy Speech by Mr Grant Spencer, Deputy Governor of the Reserve Bank of New Zealand, to the Institute of Directors, Auckland, 5 December 2017. * * * Thank you to the Institute of Directors for inviting me to speak here in Auckland.
Today I will discuss the low inflation environment we are experiencing here in New Zealand and in many other countries. To start, I would like you to think about the mobile phone in your pocket, because it represents some of the global trends I will refer to.