Alternative Monetary Policy Statement
September 2011
This Statement is produced to help hold the Reserve Bank accountable for avoiding “unnecessary instability in output,
interest rates and the exchange rate”, as it is required to do under clause 4 (b) of the Policy Targets Agreement (see http://www.rbnz.govt.nz/monpol/pta/3517828.html)
.
Contents
1. Policy assessment 2
2. Assessing the neutral level of the OCR 3
3. Restating the case for a more stable OCR 7
While the Alternative Monetary Policy Statement reports provide an alternative view on what the Reserve Bank of New
Zealand (RBNZ) should do with the OCR, the pay-to-view Monetary Policy Briefing reports provide the best available
insights into what the RBNZ will do with the OCR in the context of the framework it uses for making OCR decisions. For
information on these reports visit http://www.sra.co.nz/monetary.html.
To sign up for future Alternative Monetary Policy Statement reports visit http://www.sra.co.nz/lists/. Subscribers to this distribution list will also receive complementary reports on topical economic issues (Rodney’s
Ravings) and coastal and resort property markets (Property Insights), and infrequently marketing material for seminars
and/or pay-to-view property reports. For information about our pay-to-view reports visit http://www.sra.co.nz or contact Rodney.
This document is available here (pdf).