RBA establishes new macro modelling division
External review recommends new approach to “full-system” models
The Reserve Bank of Australia (RBA) has created a new macroeconomic modelling division aimed at improving its forecasting, after a review found shortcomings in the current framework.
The division, a part of the economic analysis department, will support the RBA's policy decisions by developing "full-system" economic models. Assistant governor Christopher Kent said the division's work would "complement" existing forecasting processes, "not replace them".
Adrian Pagan, a professor at the
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