NZIER’s Shadow Board considers negative OCR unnecessary
August 10, 2020
We are continuing to seek our Shadow Board members’ views on whether the Official Cash Rate (OCR) should be negative and if the Reserve Bank should expand its quantitative easing (QE). Read more
NZIER’s Shadow Board continues to favour further QE over a negative OCR
June 22, 2020
There remains a wide range of views amongst the Shadow Board on whether more monetary policy stimulus is required, and in what form. Overall, the consensus amongst the Shadow Board is that more stimulus would be required over the next twelve months, with the majority favouring an expa … Read more
NZIER’s Shadow Board favours further QE over negative OCR
May 11, 2020
The significant changes in monetary policy implementation in recent weeks in response to the effects of the COVID-19 outbreak has led us to revamp the format of our Shadow Board reporting. The Reserve Bank of New Zealand (RBNZ) on 16 March 2020 announced it was undertaking an emergenc … Read more
NZIER’s Shadow Board recommends no change under coronavirus cloud
February 10, 2020
There remains a wide range of views amongst the NZIER Policy Shadow Board on the appropriate level of the OCR at the Monetary Policy Statement (MPS) release on Wednesday. Although Shadow Board members acknowledged the positive developments in the New Zealand economy, the recent corona … Read more
NZIER’s Shadow Board remains divided on where OCR should be
November 11, 2019
The range of views amongst the NZIER Policy Shadow Board on the appropriate level of the OCR at the Monetary Policy Statement (MPS) release on Wednesday has widened since September. Shadow Board members, on average, still called for the OCR to be kept on hold, but there was an increas … Read more
NZIER’s Shadow Board divided on where OCR should be
September 23, 2019
There has been increased divergence in views amongst the NZIER Monetary Policy Shadow Board on what the OCR should be at the OCR Review this Wednesday. This widening in the range of views follows the Reserve Bank’s surprise decision to cut the OCR by 50 basis points at its August meet … Read more
NZIER’s Shadow Board sees stronger easing bias as appropriate
August 5, 2019
NZIER’s Monetary Policy Shadow Board have lowered their recommendation for the OCR but remained centred on a no-change decision for Wednesday. There was a wide range of views this time, and NZIER Shadow Board members distinguished between their views on what they think the Reserve Ban … Read more
NZIER’s Shadow Board adjusts OCR recommendation in the wake of cut
June 24, 2019
NZIER’s Monetary Policy Shadow Board has adjusted their recommendation in the wake of the Reserve Bank’s OCR cut in May. The NZIER Shadow Board recommends the Reserve Bank should leave the OCR on hold at the OCR Review on Wednesday. However, there have been mixed views as to whether t … Read more
NZIER’s Shadow Board still recommends the OCR be kept on hold
May 6, 2019
NZIER’s Monetary Policy Shadow Board continues to remain of the view that the OCR should not be changed at the Reserve Bank’s Monetary Policy Statement on Wednesday. However, there has been an increase in easing bias relative to the previous OCR decision. Read more
NZIER’s Shadow Board continues to recommend unchanged OCR
March 25, 2019
NZIER’s Monetary Policy Shadow Board continues to remain firmly of the view that the OCR should not be changed ahead of the Reserve Bank’s OCR Review on Wednesday. Read more