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Monetary Policy In Review 2017-2022

The Reserve Bank’s review of its monetary policy decisions for the period 2017-2022 was published today, including reports from two independent international experts.

Reserve Bank chairman Professor Neil Quigley says the report is robust, identifying what went well and where there are lessons for the future. “In publicly holding ourselves to account in this review we’re continuing in our tradition of learning as an institution. I would like to thank our international peer reviewers, who also provided a critical and independent assessment to ensure our lessons are robust.”

RBNZ Governor Adrian Orr says “the period reviewed was uniquely challenging, with the global economy responding to globalisation and more lately fragmentation, technological change, declining global interest rates, plus the COVID-19 pandemic and war in Ukraine.

“I am extremely proud of the dedication the team at Te Pūtea Matua displayed, and the outcomes achieved. There is much for us to learn from the conduct of monetary policy during this period, and the review identifies nine areas of focus for improvement, which the Reserve Bank is progressing.”

The review finds that monetary policy decisions were consistent with the data available at the time. The easing in monetary policy during the COVID-19 pandemic was warranted and worst-case economic scenarios were avoided.

Reserve Bank Chief Economist Paul Conway says “the current heightened level of inflation could have been lessened at the margin by an earlier tightening in monetary policy in 2021. However, while we are facing some serious economic challenges, the New Zealand economy has weathered the economic storm created by pandemic and war relatively well. Inflation and unemployment are both low compared to the vast majority of OECD countries.”

More information:

  • Read full report
  • Peer review documents
  • Livestream briefing at 1pm
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