Monetary Policy School Competition
The Reserve Bank today launched a competition for senior secondary school students whereby students become, in effect, central bankers and prepare advice on the Reserve Bank's interest-rate decisions.
The competition is called the Monetary Policy Challenge and will run in the third school term starting 15 July.
Each secondary school can enter one team only, with at least three, but no more than five members. Team members must elect one of their number as "Governor".
Each team must prepare an interest rate-decision with a written explanation and must email or mail this to the Reserve Bank. Participants will also be required to make a 10-minute team presentation of their decision to a Reserve Bank economist at a venue in their region. Regional winners will compete in a final round, in September, in Wellington. To help with their assessment of the economy and the outlook for inflation, Monetary Policy Challenge participates will have access to up-to-date economic data via a specially developed website - http://www.rbnz.govt.nz/education/mpc/index.html.
Rod Carr, who is acting as Reserve Bank Governor, commented "The Monetary Policy Challenge offers students a great opportunity to learn how the Reserve Bank makes monetary policy decisions. Participants will learn how interest rates affect inflation and what matters when making interest rate decisions".
A Monetary Policy Challenge information pack has been mailed to Economics teachers around the country.