Latest publications / Shadow Board

Shadow Board members differ in views on the extent of interest rate increases

New Zealand Institute of Economic Research (Inc) Media release For release 10 am Monday, 23 May 2022 There is a wide range of views within the Shadow Board over how much the Reserve Bank should increase interest rates, particularly for the coming year. The majority view amongst Shadow … Read more

Shadow Board is divided over whether the RBNZ should hike by 50bp

The Shadow Board is sharply divided over how much the Reserve Bank should increase the Official Cash Rate (OCR) at the April meeting, with views split over whether the OCR should increase by 25 or 50 basis points. The surge in inflation pressures has led to growing calls for the Reser … Read more

Shadow Board calls for substantial tightening over the coming year

The Shadow Board is calling for a sharp increase in the official cash rate (OCR) over the coming year in the face of intensifying inflation pressures. Read more

Intense inflation pressures drive calls for higher interest rates

The Shadow Board is overwhelmingly calling for a tightening in monetary policy, primarily through higher interest rates. However, this view was not unanimous, with Shadow Board members in the business community who were more cautious about further tightening at the upcoming meeting. T … Read more

Lockdown divides Shadow Board’s views on tightening

The Shadow Board has become divided over its views on what should happen with monetary policy at the October Monetary Policy Review. This is due to the ongoing lockdown in Auckland to contain the COVID-19 community outbreak and heightened uncertainty over the economic outlook. Read more

NZIER’s Shadow Board calls for tightening at the upcoming meeting

The Shadow Board overwhelmingly calls for a tightening in monetary policy at the August Monetary Policy Statement, with many noting an OCR increase would be appropriate. That said, there remained a wide range of views amongst the Shadow Board. Recent developments point to a rise in in … Read more

NZIER’s Shadow Board calls for tightening within the coming year

There are growing calls amongst Shadow Board members for the Reserve Bank to tighten monetary policy given the pick-up in inflation pressures in the New Zealand economy. Many on the Shadow Board now see a tightening in monetary policy at the upcoming July meeting as appropriate. Beyon … Read more

NZIER’s Shadow Board sees stronger case for tightening

While Shadow Board members still considered current monetary settings as appropriate for the upcoming May meeting, attention turns to a tightening in monetary policy over the coming year. In the near term, members pointed to some uncertainty over how sustainable the recovery will be p … Read more

NZIER’s Shadow Board calls for a ‘wait and see’ approach

There remains a wide range of views amongst the Shadow Board members on what the Reserve Bank should do with monetary policy. The focus on the housing market has become more intense in recent months, and the recent announcements of policy measures to address house price sustainability … Read more

NZIER’s Shadow Board sees little need for further stimulus

In light of recent developments, we have once again revised the format of the views we are seeking from our Shadow Board on what the Reserve Bank should do with monetary policy. Given the Reserve Bank’s growing arsenal of monetary policy tools which includes the Official Cash Rate, qu … Read more

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