Economic data measuring the overall state of the economy are sometimes subject to significant revisions and often released with a long delay. Furthermore, many of the variables that guide our policy decisions are not measured with precision. For example, we assess the level of maximum sustainable employment based on a wide range of imperfect indicators.
1  2 3 4  3  The MPC’s Remit is available here: https://www.rbnz.govt.nz/-/media/ReserveBank/Files/Monetary%20policy/About%20monetary%20policy/ Remit-for-Monetary-Policy-Committee-Order-Feb-2021.pdf?revision=de3ef331-3ad9-4c12-9793-e35868c353a4. The Remit was updated on 1 March 2021 to require the Committee to assess the effects of its monetary policy decisions on the government’s policy to support more sustainable house prices. See Kendall and Ratcliffe (2019). Greenspan (2004). See Conway (2000).