The Monetary Policy Challenge
Posted on June 20, 2018
For the fourth year in a row, the Macleans College Monetary Policy team has successfully made it to the National Finals of the Reserve Bank of New Zealand’s Competition in Wellington after a record number of entries this year.
The annual competition attracted teams from over fifty schools across New Zealand, with only six schools being chosen for the National Finals. The team will receive prizes worth $100 each and will represent Macleans College in early July in Wellington with expenses paid by the Reserve Bank.
In order to qualify for the National Finals, the team, consisting of Yang Fan Yun (Snell House - Team Governor), Delos He (Mansfield), George Furniss (Batten), John Sibanda (Mansfield), and Judd Zhan (Snell), was required to analyse the various demand and supply conditions in the economy, and justify their decision to maintain the Official Cash Rate (OCR) of New Zealand at 1.75%. A 20-minute presentation was then made to Reserve Bank representatives, including a challenging question and answer session.
This year was particularly difficult given the new dual mandate of the Reserve Bank, which required unemployment to be considered as well as inflation in the setting of interest rates.
The team looks forward to improving on the runner-up position the Macleans College team achieved last year. The team would also like to thank Mrs Ladkoo for her support and guidance in this achievement