##downs. fiscal policy, like monetary policy, acts with significant lags. many of the first - best options for long - term investment have the longest lead times. it is therefore best to set plans in place sooner rather than later, lest a second - best response be rushed out at a later date, with lesser impacts that arrive too late. applying our risk management approach : there is little downside to investing now, and many downsides if the spending comes too late. when we talk about unconventional monetary policy and fighting slowdowns, it is of course important to take a step back and look through the gloom : we are not in a recession, and we expect the economy to recover over 2020. it is possible that uncertainty could clear up in the coming year if there is closure on the topics of brexit and trade tensions. we are readying ourselves if we need to act further. conclusion monetary policy is one tool. it needs to be seen in the context of all the reserve bank ’ s tools as well as the wider economic levers which have seen less in recent times. in these uncertain times we must continue to communicate and offer forward guidance as to future path of policy. yes, there is uncertainty. yes, it is affecting us. no, monetary policy cannot directly resolve this issue. but we can offset its effects and empower others to fuel economic activity that will benefit us in both the short and long - term. there has never been a greater time to make use of accommodative monetary policy for investing in productive assets. meitaki, thank you. references aldridge, t., & wood, a. ( 2014 ). monetary policy decision - making and accountability structures : some cross - country comparisons. reserve bank bulletin, 77 ( 1 ). au, j. and karacaoglu, g. ( 2018 ) beyond gdp measuring new zealand ’ s wellbeing progress. deloitte new zealand state of the state article 2. bis ( 2019 ) annual economic report. brainard, l. ( 2018 ). what do we mean by neutral and what role does it play in monetary policy? a speech at the detroit economic club, detroit, michigan ( no. 1011 ). callaghan, m., cassion, e., vehbi, t., & wong, b. ( 2019 ). opening the toolbox : how does the reserve bank analyse the world? reserve bank bulletin, 82 (

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