25 See December 2017 Monetary Policy Statement, Box C.  26  Özer Karagedikli and C J McDermott, “Inflation expectations and low inflation in New Zealand”, RBNZ Discussion paper 2016/09.
13  Conclusion Forecasting is a valuable part of the monetary policy process, helping the Bank to plan for the future, make well-founded policy decisions, communicate its understanding and intentions, and accommodate new information as it appears. It requires the Bank to be rigorous, unbiased, and open to new ideas in formulating and implementing monetary policy.