9  Past forecast performance reviews include: McCaw S and Ranchhod S (2002), ‘The Reserve Bank’s forecasting performance’, Reserve Bank of New Zealand Bulletin, Vol.65, No.4; Turner J (2006), ‘An assessment of recent Reserve Bank forecasts’, Reserve Bank of New Zealand Bulletin, Vol.69, No.3; Labbe F and Pepper H (2009), ‘Assessing recent external forecasts’, Reserve Bank of New Zealand Bulletin, Vol.72, No.4.
BIS central bankers’ speeches  3  inflation. To further illustrate the point, figure 2 shows the Bank’s central outlook for annual GDP growth and the error bands around this estimate implied by our past forecast errors.