I chose to apply for an internship at the Reserve Bank of New Zealand because of its international reputation as the best small central bank in the world. The Bank is renowned and respected for the quality of its research, its credibility and commitment to promote the New Zealand economy. The Reserve Bank attracts the most talented economists in the country and from around the world, so where else would I want to go!
This summer I have been working in the forecasting team in the Economics Department. I was involved in analysing the household sector and my work was directly input into the February Monetary Policy Statement. I also investigated the growth of the ‘gig’ economy in New Zealand to help the Bank better understand the possible implications for labour market dynamics and the challenges it poses to the implementation of monetary policy under a dual mandate.
During my time at the Bank I have been able to attend countless committee meetings, workshops and social engagements. The Bank is a constant hive of activity and everyday there are opportunities to attend different events or listen to visiting academics from other central banks and universities throughout the world. Anytime you have some downtime you are able to work your way over to other teams and ask them to explain what they are working on and everyone is always happy to share.
Working in the forecasting team meant I was at the centre of the monetary policy decision making process. From the first initial meeting, right through to the press conference, I was able to witness discussions and work that eventually resulted in the final OCR decision. I was also given the memorable opportunity to give a presentation at forecasting week to the Monetary Policy committee, providing an overview of the developments in the New Zealand housing market and our forecast for the sector over the near and medium term.
Interning at the Bank gives you an unparalleled opportunity to understand how the economy works. At the Reserve Bank you are working alongside the most intelligent, gifted and fun economists in the country. Each day you are surrounded by stimulating discussions regarding issues presently facing the world and New Zealand economy. From day one you are immediately thrown in the ‘deep end’ and given amazing opportunities and tremendous responsibility to conduct research on some very pertinent issues. At the end of my few months at the Bank I am leaving more passionate than ever about my studies, with a clear direction of where I want to go; and leaving with so many great memories and lifelong friends.