For example, no country has adopted price level targeting or targeted nominal income given the practical difficulties and theoretical challenges to those frameworks. However, several central banks, like the RBNZ, have expressed concerns that the unprecedented monetary accommodation in the aftermath of the GFC has led to excessively inflated asset prices.
Many countries have introduced macro-prudential policies to help alleviate the risks this poses to domestic financial stability. 8  The average annual percentage change (in NZ dollar terms) in goods and services import prices was 2 percent in the period 2005–2007 and –1.9 percent in the period 2012 – 2016 Q1. 9  Several RBNZ speeches discuss the merits of flexible inflation targeting.