RAMPed up: RBNZ's Additional Monetary Policy toolkit

Brandon Kengmana
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Brandon Kengmana: Reserve Bank of New Zealand, http://www.rbnz.govt.nz

Reserve Bank of New Zealand Bulletin, 2021, vol. 84. No.1, No 1, 32 pages

Abstract: The Reserve Bank of New Zealand Te Putea Matua responded decisively to the arrival of COVID-19 in New Zealand and its associated economic headwinds. Given the low interest rate environment coming into 2020 and the operational constraints associated with cutting the OCR into negative territory, we rapidly developed and introduced additional monetary policy (AMP) tools. This article summarises our current thinking and understanding of each of these tools, building on the analysis expressed in our 2018 Bulletin on AMP. It demonstrates how we applied our principles when considering the use of these tools. With continued uncertainty ahead, the Reserve Bank keeps the range of AMP tools under consideration. They remain essential for us to achieve our purpose Toitu te Ohanga, Toitu te Oranga to enable the economic wellbeing and prosperity of all New Zealanders.

Date: 2021
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