Graeme Wheeler: Reflections on 25 years of inflation targeting Speech by Mr Graeme Wheeler, Governor of the Reserve Bank of New Zealand, to a Reserve Bank of New Zealand and International Journal of Central Banking conference, Wellington, 1 December 2014. *  *  *  It is now 25 years since the Reserve Bank of New Zealand Act came into force.
Jerome Powell noted that current statistics may understate productivity growth because they miss the value that we increasingly derive from new technologies, such as internet connections and smartphones. The measurement of the digital economy is now an important challenge for statisticians and economists. We need new methodological insights.