16 March 2004
This year the Reserve Bank of New Zealand will once again be hosting the Monetary Policy Challenge.
The Challenge is aimed at secondary school economics students and is designed to expand their understanding of monetary policy. The competition involves students becoming, in effect, central bankers. Just like the economists working at the Reserve Bank, teams of students assess the economic conditions facing New Zealand and the outlook for inflation and then prepare advice on what the Official Cash Rate (OCR) should be.
Past winners of the competition have been Logan Park High School from Dunedin (2002) and Tawa College from Wellington (2003).
The competition starts on 31 May 2004 and runs throughout the second and third school terms. Regional heats will be held in Dunedin, Christchurch, Wellington, Hamilton and Auckland during August. The winning team from each region will be invited to the Reserve Bank to compete in the finals, held on 7 September 2004.
The winning school will receive a cash prize and its team will be invited to attend an actual Monetary Policy Statement release in Wellington.
Reserve Bank Governor Alan Bollard commented "This competition brings to life for students the dilemmas that central bankers face. Rather than just expecting students to learn established facts, this competition confronts students with the challenge, ambiguity and uncertainly of actual decision making."
To help with their assessment of the economy and the outlook for inflation, participants will have access to up-to-date economic data via the Reserve Bank's website at (www.rbnz.govt.nz/challenge).
A Monetary Policy Challenge information pack has been mailed to Economics teachers around the country.
For further information contact
Ph 04 471 3767
Mob 021 2225225