Figure 7 decomposes the current account balance into the goods, services and investment income balances (primary and secondary – see figure 2 or the note below figure 7). Figure 7: Current account decomposition (annual total, share of GDP)  Source: Statistics New Zealand, RBNZ estimates.
Scientific progress definitely improves the conduct of monetary policy and other central bank tasks over time; but it is likewise true that academics often benefit from practitioners´ deep knowledge of data and institutional detail as well as their broad experience in all aspects of real-world monetary policymaking.