Latest publications / Shadow Board

Shadow Board sees no change in the OCR in May is warranted

New Zealand Institute of Economic Research (Inc) Media Release, 10 am Monday, 20 May 2024 For immediate release Read more

Shadow Board overwhelmingly in favour of keeping the OCR on hold in April 

The NZIER Monetary Policy Shadow Board recommends the Reserve Bank of New Zealand (RBNZ) keep the Official Cash Rate (OCR) at 5.50 percent in the upcoming Monetary Policy Review on 10 April 2024. Shadow Board members agreed that inflation was easing, but there was uncertainty over whe … Read more

Shadow Board recommends the Reserve Bank should keep the OCR on hold in February

New Zealand Institute of Economic Research (Inc) Media Release, 10 am Monday, 26 February 2024 Read more

Shadow Board recommends no change to the OCR in November

New Zealand Institute of Economic Research (Inc) Media Release, 10 am Monday, 27 November 2023 Read more

Shadow Board recommends the Reserve Bank hold the OCR at 5.50 percent in October

New Zealand Institute of Economic Research (Inc) Media Release, 10 am Monday, 2 October 2023 Read more

Shadow Board recommends the OCR should remain at 5.5 percent in August

Most Shadow Board members recommend that the Reserve Bank keep the Official Cash Rate (OCR) at 5.50 percent in the upcoming August Monetary Policy Statement. The impacts of previous interest rate increases are still flowing through to the household sector, which should help to reduce … Read more

Shadow Board recommends no change to the OCR in July

New Zealand Institute of Economic Research (Inc) Media Release, 10 am Monday, 10 July 2023 For immediate release Most Shadow Board members recommend the Reserve Bank should keep the Official Cash Rate (OCR) at 5.50 percent in the upcoming July Monetary Policy Review. While inflation p … Read more

Shadow Board is divided over whether the Reserve Bank should increase the OCR in May

New Zealand Institute of Economic Research (Inc) Media release For release 10 am Monday, 22 May 2023 Read more

Shadow Board recommends a smaller OCR increase of 25 basis points by the Reserve Bank in April

Shadow Board members recommend a smaller hike in the Official Cash Rate (OCR) in the Reserve Bank’s upcoming April Monetary Policy Review. The majority view was an OCR increase of 25 basis points, given inflation pressures are still high in the economy and inflation expectations remai … Read more

Shadow Board recommends the Reserve Bank increases the OCR by 50 basis points in February

Shadow Board members recommend that the Reserve Bank continue increasing the Official Cash Rate (OCR). The broad view was a 50 basis-points increase in the OCR at the Reserve Bank’s February meeting, given inflation pressures in the New Zealand economy remain strong. Only one member r … Read more

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