• Robert MacCulloch

The Empire Strikes Back

As expected (and due to its staff being unelected so not accountable to the public in the same way as our Members of Parliament) the RBNZ is slapping down yesterday's critique that it is speaking to issues unrelated to its remit. The NBR article is here:

The pertinent parts include the following: the Assistant Governor "does not accept MacCulloch’s criticism [although] he does acknowledge the Bank has changed the way it communicates, saying it is now trying to talk to a wider range of stakeholders. He said previously, the Bank’s communication had been technical, academic & focused on a small group of stakeholders who spoke that language. It understood now, though, it needed to broaden its audience, engage with others, listen & learn from that engagement, as well as communicating to them what the bank was doing .... Is there a risk financial markets will take the wrong message from what the bank says? Hawkesby admitted that was a risk but one the central bank was willing to take as part of that longer-term journey of communicating with broader audiences. 'That’s why we have a broader range of people, staff from the Reserve Bank, out talking. I think that just gets financial markets, the broader economy, the public ... used to that approach'.”