Alan Bollard: The crisis and monetary policy – what we learned and where we are going Address by Dr Alan Bollard, Governor of the Reserve Bank of New Zealand, to the Canterbury Employers’ Chamber of Commerce, Christchurch, 29 January 2010.
*  *  *  Background paper by Dr Alan Bollard, Governor, and Mr Felix Delbruck, Economics Department, Reserve Bank of New Zealand. 1. Introduction  Inflation targeting is a monetary policy framework that was developed in response to the high inflation and macroeconomic instability of the 1970s and 1980s.