I have a lot of time for Rodney Dickens and his views (not just because I tend to agree)
How will NZX stand up in another recession?
http://www.sra.co.nz/pdf/RecessionMay14.pdf
Abstract
This flaw and the way successive governors have gone about achieving the target of low inflation have made recessions by-products of monetary policy. This Raving explains the fundamental flaw with the inflation target and shows that Governor Wheeler plans to some extent to follow in the footsteps of his predecessors which means another recession is likely if not inevitable.