Problem
According to the Reserve Bank of New Zealand Act of 1989: "The primary function of the Bank is to formulate and implement monetary policy directed to the economic objective of achieving and maintaining stability in the general level of prices."
a) Do you think that this constitutes a hierarchical or dual mandate for the conduct of monetary policy?
b) Is this mandate consistent with a positive inflation rate target?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.