(Bloomberg) -- The Reserve Bank of Australia is setting up a panel of private-sector economists and expanding the number of attendees in an existing group of academic economists to encourage discussion of economic issues.
The first meeting with private-sector economists is planned for Oct. 6 and the academic panel on Sept. 27, the RBA said in a statement Thursday. The meetings will be chaired by the governor and senior bank staff will participate.
The meeting agenda will include the current challenges facing the economy and the appropriate role of forward guidance in monetary policy, the RBA said. The discussion on forward guidance will be particularly useful ahead of a review of the board’s approach at its November meeting, according to the statement.
“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,” Governor Philip Lowe said. “We look forward to listening, discussing and learning.”
It is envisaged that both panels will consist of up to a dozen members, with participation rotating over time, the central bank said.
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