RBNZ can evaluate forecasts using benchmarks – McDermott

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RBNZ looks into improving forecasting model

The Reserve Bank of New Zealand can learn from its forecast errors by benchmarking its performance against others' efforts, according to one of its senior officials.

Speaking on how the bank assesses monetary policy, assistant governor John McDermott noted over the past six years that the bank's forecasting models have been weak in two specific areas. "CPI inflation has been consistently weaker than forecast, while the New Zealand dollar has been stronger than forecast," he said.

One way the

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