The Reserve Bank has released a Bulletin article examining the core macro-economic model it uses to support the monetary policy decision making process.
The New Zealand Structural Inflation Model (NZSIM) provides the central organising framework for the Reserve Bank’s forecasting and economic analysis. It is a structural model that provides a platform for evaluating the growth and inflation effects of various economic scenarios, including potential policy responses.
The Bulletin article provides a brief review of the Bank’s recent forecasting models, the philosophy underpinning the design of NZSIM and explains how the model is used in the Reserve Bank’s forecasting process.
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