RBNZ rings changes in policy frameworks
The Reserve Bank of New Zealand (RBNZ) annual report for the financial year 2012–13 reveals how the central bank has overhauled its governance structure, trialled new analytical techniques and created new macro-prudential tools.
One of the key changes saw the RBNZ develop a new forecasting model: the New Zealand Structural Inflation Model. It was implemented earlier this year and was debuted in the June monetary policy statement. Moreover, the report said, the RBNZ has expanded the amount of
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