The Reserve Bank of New Zealand is 'shadow board' is put together by the NZIER.
- The New Zealand Institute of Economic Research
Its Monetary Policy Shadow Board is independent of the Reserve Bank of New Zealand
Its aims to aims to:
- encourage informed debate on each interest rate decision
- help inform how a Board structure might operate
- explore how Board members could use probabilities to express uncertainty.
In its current report, ahead of the RBNZ policy meeting this week ( November 11, announcement due at 0100GMT):
- once again saw a reduced need for a negative OCR and further QE over the coming year
- members continue to highlight the challenges facing New Zealand as it navigates the post-COVID recovery. However, members generally remain sceptical about the effectiveness of a negative OCR to stimulate the economy.
