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The evolution of the Forecasting and Policy System (FPS) at the Reserve Bank of New Zealand

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The Forecasting and Policy System model (FPS) has been a very useful tool for forecasting and communication at the Reserve Bank of New Zealand. In part, its success has been due to pragmatic use, and the evolution of the model to reflect changing views of the New Zealand economy. However, as economic theory and modelling technology have developed, it is likely that the next core model for producing projections at the Reserve Bank will be a DSGE model. This note looks forward to that possibility with two aims in mind. First, the paper discusses how FPS has been used at the Reserve Bank over the last 11 years. Second, we describe how the structure of FPS has changed over time. Classification-E10, E17, E52

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  • Felix Delbrück & Ashley Dunstan & David Hargreaves & Ashley Lienert & Hamish Pepper & Cath Sleeman, 2008. "The evolution of the Forecasting and Policy System (FPS) at the Reserve Bank of New Zealand," Reserve Bank of New Zealand Discussion Paper Series DP2008/19, Reserve Bank of New Zealand.
    • Handle: RePEc:nzb:nzbdps:2008/19
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    File URL: http://www.rbnz.govt.nz/-/media/ReserveBank/Files/Publications/Discussion%20papers/2008/dp08-19.pdf
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    Cited by:

    1. Robert A. Buckle & Aaron Drew, 2008. "The business cycle, housing and the role of policy: summary of a recent conference held by The Treasury and the Reserve Bank of New Zealand," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 71, March.
    2. Neroli Austin & Geordie Reid, 2017. "NZSIM: A model of the New Zealand economy for forecasting and policy analysis," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 80, pages 1-14, January.
    3. Alex Isakov & Petr Grishin & Oleg Gorlinsky, 2018. "Fear of Forward Guidance," Russian Journal of Money and Finance, Bank of Russia, vol. 77(4), pages 84-106, December.

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