How to make the most of forecasts: RBA’s Stevens

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Glenn Stevens, the governor of the Reserve Bank of Australia, on Thursday said policy-makers need to recognise the limitations of numerical forecasts in setting monetary policy and exercise an element of judgement.

At the Australian Business Economists Annual Dinner in Sydney, Stevens said: "It is, in my view, entirely appropriate that there be this degree of limited discretion for the policy-makers in their response to changes in numerical central estimates. It is not that forecasts should be

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