Policy Tracker is an analytical platform that compares New Zealand’s Official Cash Rate (OCR) set by the Reserve Bank of New Zealand (RBNZ) against a rule-based benchmark known as the Taylor Rule.
The goal is not to judge policy decisions, but to provide a structured, data-driven way to understand how monetary policy evolved relative to a consistent theoretical framework over time.
The platform combines official RBNZ datasets (OCR, inflation, output gap, neutral rate estimates) into a unified historical panel and recalculates policy benchmarks under different assumptions.
For full mathematical definitions, assumptions, and regression methodology, see the Methodology page.
All datasets are sourced from official RBNZ and Stats NZ publications and updated on a rolling schedule aligned with each Monetary Policy Statement (MPS).
Historical data may be revised when new MPS vintages are released, meaning past values can change as estimates are refined.
| SOURCE | SERIES | COVERAGE | NOTES |
|---|---|---|---|
| RBNZ Monetary Policy Statements | OCR, output gap, CPI, unemployment | 2000 – present | Primary source for monetary policy variables and forecasts. |
| RBNZ B1 Exchange Rates | NZD/USD exchange rate | 1999 – present | Used for FX sensitivity analysis. |
| RBNZ Core Inflation Measures | Trimmed mean, sectoral factor model | Varies | Used for alternative inflation specifications in Taylor Rule. |
| Policy Targets Agreements & Remits | Inflation target π* | 1990 – present | Defines historical inflation target bands. |
Policy Tracker is an independent project and is not affiliated with the Reserve Bank of New Zealand.