There's some defence of the Reserve Bank's pandemic response - after a new report was released.

The independent report into its Covid monetary policy finds it began well, with swift OCR cuts, but was slow to respond when the economy bounced back.

Former Reserve Bank economist Michael Reddell says most private sector forecasts were similar to the RBNZ's incorrect predictions. 

He says that doesn't entirely absolve the bank.

"The difference, of course, is that the private sector forecasters weren't responsible for setting monetary policy - the Reserve Bank MPC was."

LISTEN ABOVE

There's some defence of the Reserve Bank's pandemic response - after a new report was released.
The independent report into its Covid monetary policy finds it began well, with swift OCR cuts, but was slow to respond when the economy bounced back.
Former Reserve Bank economist Michael Reddell says most private sector forecasts were similar to the RBNZ's incorrect predictions.&nbsp;
He says that doesn't entirely absolve the bank.
"The difference, of course, is that the private sector forecasters weren't responsible for setting monetary policy - the Reserve Bank MPC was."
LISTEN ABOVE

With a straight down the middle approach, Heather du Plessis-Allan Drive on Newstalk ZB delivers the very latest news and views to New Zealanders as they wrap up their day.

Heather du Plessis-Allan Drive

Michael Reddell: former Reserve Bank economist on the review into the RBNZ's Covid-19 response

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/9f728fea-778d-4521-9a11-b4cd00644034/transcript