A report by the International Monetary Fund has called into question the Reserve Bank's inflation-targeting policy.
The report says central banks around the world should be looking at other tools to maintain stable economies.
It says low inflation was not enough to stave off the global financial crisis which struck in 2008 and central banks should consider a stable exchange rate as a prime objective.
New Zealand was the first country to adopt inflation-targeting in 1989.
Former Reserve Bank chief economist, David Mayes, says exchange rate-targeting works for many Asian countries.
But he says those countries have large foreign exchange reserves and New Zealand does not.