---
title: NZIER’s Shadow Board favours further QE over negative OCR
description: 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.
---

[Latest publications | NZIER ](https://www.nzier.org.nz/publications)

# [NZIER’s Shadow Board favours further QE over negative OCR](https://www.nzier.org.nz/publications/nziers-shadow-board-favours-further-qe-over-negative-ocr)

 Written by [The NZIER Team](https://www.nzier.org.nz/publications/author/the-nzier-team) | May 10, 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 emergency 75 basis points cut in the OCR to take it to 0.25%. The central bank indicated in its accompanying statement it expected the OCR to remain at 0.25% “for at least the next 12 months”.

[View full post](https://www.nzier.org.nz/publications/nziers-shadow-board-favours-further-qe-over-negative-ocr)

```json
{
  "@context" : "http://schema.org",
  "@type" : "BlogPosting",
  "author" : {
    "@type" : "Person",
    "name" : "The NZIER Team"
  },
  "dateModified" : "2022-04-26T20:41:29.859Z",
  "datePublished" : "2020-05-10T22:00:00Z",
  "headline" : "NZIER’s Shadow Board favours further QE over negative OCR",
  "image" : {
    "@type" : "ImageObject",
    "height" : 1436,
    "url" : "https://f.hubspotusercontent30.net/hubfs/20712581/Public%20Publications/Images/Shadow%20Board.jpg",
    "width" : 2089
  },
  "mainEntityOfPage" : "https://www.nzier.org.nz/publications/nziers-shadow-board-favours-further-qe-over-negative-ocr",
  "publisher" : {
    "@type" : "Organization",
    "logo" : {
      "@type" : "ImageObject",
      "height" : 60,
      "url" : "/hs/hsstatic/content_shared_assets/static-1.4092/img/default-amp-logo.png",
      "width" : 60
    },
    "name" : "Latest publications"
  }
}
```