RBA to convene a panel of private sector economists

The Reserve Bank of Australia is establishing a panel of private sector economists in a bid to strengthen its dialogue with the economics profession.

It also plans to boost the number of attendees at meetings of its existing panel of economists from academia.

The first meeting of the panel of private-sector economists is planned for 6 October and the academic panel's meeting will be held on 27 September.

The meetings of both panels will be chaired by the RBA Governor Philip Lowe and senior bank staff will participate.

“This is an opportunity for us to hear and discuss the views of other economists in a more structured way than has been done to date. We look forward to listening, discussing and learning,” says Lowe.

According to a release, the RBA envisages that both panels will consist of up to a dozen members, with participation rotating over time. It says it will meet with both panels at least biannually.

The agenda will include the current challenges facing the economy and the appropriate role of forward guidance in monetary policy. The discussion on forward guidance will be particularly useful ahead of a review of the RBA’ss approach at its November meeting.

The central bank says this engagement builds on the regular contact that the bank staff already have with private-sector economists, academics, as well as the longstanding business and community liaison program, the small business finance advisory panel and the educators’ advisory panel.