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MNI BRIEF: RBNZ Would Have Needed 'Perfect Foresight' - Conway

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Reserve Bank of New Zealand chief economist Paul Conway said Thursday policymakers would have needed "perfect foresight" and the official cash rate would have to have been raised "almost" 7% during the peak of the pandemic to have inflation within its 1% to 3% target band, as he respnded to an internal review that said policy should have been tightened earlier in 2021. (MNI BRIEF: RBNZ Should Have Tightened Earlier - Bank Review)

"(The RBNZ) would have had to increased the OCR to almost 7% a couple of years back when New Zealand was in the thick of a global pandemic with all of the economic turmoil hat would have been unleashed by such an unrealistic decision. This is clearly an implausible scenario," he said.

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Reserve Bank of New Zealand chief economist Paul Conway said Thursday policymakers would have needed "perfect foresight" and the official cash rate would have to have been raised "almost" 7% during the peak of the pandemic to have inflation within its 1% to 3% target band, as he respnded to an internal review that said policy should have been tightened earlier in 2021. (MNI BRIEF: RBNZ Should Have Tightened Earlier - Bank Review)

"(The RBNZ) would have had to increased the OCR to almost 7% a couple of years back when New Zealand was in the thick of a global pandemic with all of the economic turmoil hat would have been unleashed by such an unrealistic decision. This is clearly an implausible scenario," he said.

Keep reading...Show less