Economic forecasting -

Date: 20 December 2002 - 20 Dec 2002

From: Reserve Bank of New Zealand oral history project - John Singleton project

By: Reddell, Michael, active 1983-1995

Reference: OHInt-0809-05

Description: Discusses joining the Reserve Bank of New Zealand in 1983 - mentions completing his honours degree in economics at Victoria University of Wellington, which was sponsored by the Bank. Talks about his entry into the Banking Section of the Economics Department - elaborates on the Department's duties. Discusses the culture of the Bank in 1983 - mentions some of the Bank's leading personalities, Roderick Deane, Peter Nicholl, David Archer, and Dick Wilks. Also mentions Bruce White, Andrew Tweedie, and Robert Muldoon. Describes his main duties during his early years with the Bank - mentions setting the Reserve Asset Ratio (RAR) once a month. Talks about being involved in the Bank's thinking on various topics, including the optimal monetary policy, the fully funding approach, the size of government security tenders, and liquidity management arrangements. Discusses the background to full funding - discusses the relationship between primary liquidity, the monetary aggregates and inflation. Details the currency crisis of mid-1984. Explains the move to a focus on settlement cash balances in 1985. Discusses the dispute with Treasury over the government accounts - mentions John Zoharb, Pat Duignan, Paul Atkinson, and Ian Harrison. Discusses the short run and long run consequences that would have followed the withdrawl of the government accounts from the Bank. Discusses his secondment as Economic Advisor to the Bank of Papua New Guinea from 1985 to 1987 - talks about his interest in Papua New Guinea and the work he did during his time there. Discusses his return to New Zealand and becoming Manager of Monetary Policy. Talks about his involvement in inflation targeting - details a briefing meeting between Roger Douglas and officials from Treasury and the Reserve Bank on the 31st of March, 1988 - mentions Lindsay Knight, Arthur Grimes, Howard Fancy, and Grant Spencer. Talks about the development of economic models and forecasting performace - mentions the first monetary policy statement for which he was the author. Talks about being appointed Manager of Forecasting in late 1991 - discusses his role. Details how the Bank was able to make forecasts after the econometric model proved to be unreliable. Describes the introduction of the Forecasting and Policy System (FPS) and the effect it had on forecasting. Talks about the retirement of Spencer Russell and the appointment of Donald Brash as Governor - discusses some of the initial changes within the Bank. Describes the review and restructuring of the Bank in the early 1990s. Discusses his feelings about the reforms of this time. Mentions his involvement in the staff union. Comments on the resignation of Lindsay Knight and the influence he had on the Bank. Discusses his own work in Zambia as part of an IMF-sponsored position between 1993 and 1995 - details his work as Chief Economic Advisor to the central bank Governor. Talks about his return to New Zealand - comments on the changing mindset of the Reserve Bank at the time. Discusses his appointment as the Manager of Financial Markets Operations and details what this role entailed. Describes his position on the Monetary Policy Committee - discusses how the Committee was run. Details the sequence of events which brought about the Monetary Conditions Index (MCI) - mentions Scott Roger, Donald Brash, David Archer, Arthur Grimes, Grant Spencer, Adrian Orr, David Plank, and Michael Cullen. Discusses the market opposition to the Official Cash Rate (OCR). Discusses the changes which have taken place in the area of the payments system - mentions Real Time Gross Settlement (RTGS) and Continuous Linked Settlement. Discusses how the Bank's culture has changed since the mid-1990s - mentions how the induction of new recruits has changed since he joined the Bank in 1983. Details the main challenges facing the Financial Markets Department in upcoming years - discusses his main achievements in the Bank to date. Interviewer(s) - John Singleton Arrangement: Tape numbers - OHC-014820, OHC-014821, OHC-014822 Quantity: 3 C60 cassette(s). 1 printed abstract(s). 2.54 Hours and minutes Duration. Finding Aids: Abstract Available - abstracting complete OHA-5365 - edited transcript. Search dates: 1983 - 2002

Date: 6 September 2001 - 06 Sep 2001

From: Reserve Bank of New Zealand oral history project - John Singleton project

By: Knight, Reo Lindsay, 1931-2002

Reference: OHInt-0809-03

Description: Assistant Governor and Deputy Governor between 1977 and 1990. Talks about joining the Reserve Bank of New Zealand as an office boy in 1948 before working in the Chief Accountants Department for 4 years. Mentions leaving briefly to become a saleman before returning to work in the Chief Cashier's Department, followed by the Economic Department. Talks about studying accounting, banking, and economics at Victoria University of Wellington. Discusses his appointment as Assistant Chief Economist, then Assistant Chief Cashier. Discusses the then Deputy Governor's establishment of the Economic Department - details the work done by the Department. Discusses the economic policy which dominated Treasury until 1989 - mentions successive Treasury Secretaries' reluctance to give the Bank more power. Explains the role of commercial banks in New Zealand's financial system. Talks about successive Governors Edward Fussell, Gilbert Wilson, and Alan Low. Mentions the contribution made by economists Roderick Deane, Len Bayliss and Bob Familton. Mentions Secretary of Treasury, Henry Lang. Describes his involvement in BOP forecasting, the preparation of OET statistics, and a report on finance companies. Mentions capital issue regulations - recalls own frustration at financial sector controls. Talks about his appointment as Registrar of Overseas Takeovers - talks about Prime Minister Robert Muldoon's approach to this area. Mentions becoming chairman of the Overseas Investment Committee - discusses how he set up the Foreign Investment Committee. Comments on his role in promoting the liberalisation of inward foreign investment policy. Talks about the part he played in organising loans to Peru in 1969. Discusses being seconded to the Board of the World Bank in Washington under Robert Macnamara - details his time there. Discusses his return to New Zealand and appointment as Chief Cashier at the Reserve Bank - talks about becoming a member of the Policy Committee. Discusses the Kirk Government coming into power - talks about the Bank's attempts to free up interest rates - mentions Henry Lang and Alan Low. Discusses the Kirk Government's reation to the oil shock - realls John Cook's involvement in loan negotiations with Saudi Arabia. Discusses own role in the review of exchange rate agreeements. Talks about his three-year secondment in 1979 to Papua New Guinea as Deputy Governor of the Reserve Bank of Paua New Guinea. Mentions formation of the Knight-Scott Committee - describes the activities of the Committee - mentions Graham Scott and Spencer Russell. Discusses his impressions of Robert Muldoon - talks about the pre-election crisis, the overvalued exchange rate, and the Bank's involvement in the forward exchange market. Describes Roger Douglas's agenda and the reaction of officials. Discusses his part in implementing policies on new banks. Discusses the problems the DFC and BNZ found themselves in during the 1980s. Refers to the changing balance of power between Treasury and the Bank in the 1980s. Talks about the Reserve Bank of New Zealand 1989 - details the role of the Governor under the Act. Comments on the setbacks experienced by New Zealand in recent years. Interviewer(s) - John Singleton Arrangement: Tape numbers - OHC-014816, OHC-014817 Quantity: 2 C60 cassette(s). 1 printed abstract(s). 2.30 Hours and minutes Duration. Finding Aids: Abstract Available - abstracting complete OHA-5363. Search dates: 1948 - 2001

Date: 3 September 2002 - 03 Sep 2002

From: Reserve Bank of New Zealand oral history project - John Singleton project

By: Deane, Roderick Sheldon (Dr Sir), 1941-

Reference: OHInt-0809-02

Description: Deputy Governor of Reserve Bank of New Zealand from 1982 to 1986. Talks about his education - recalls his desire to be a mathematician but 'fell in love' with economics. Mentions working at the Union Steamship Company before joining the Reserve Bank of New Zealand in 1964 as an economist - talks about studying for his PhD - mentions Frank Holmes and Charles Kindleberger. Discusses the culture of the Bank in the 1960s - mentions Phil Coney and Alan Low. Details his early duties - discusses working in the internal economics section. Talks about heading the banking and monetary policy section upon completion of his PhD before being appointed Assistant Chief Economist - discusses his duties. Outlines his role in the establishment of the Reserve Bank's econometric model - talks about going to work at the Reserve Bank of Australia for 6 months in 1970. Details the impact the model had on the advice the Bank gave the Ministers. Details the key intellectual exchanges between the Bank and economists on a national and international level - mentions IMF, RBA and the Bank of England. Mentions John Halliwell, Charles Goodhart, Austin Holmes, Milton Friedman, Graham Scott, Rob Cameron, Bryce Wilkinson, Roger Kerr, Andrew Crockett, Peter Johnston, Chris Higgins, and Bill Norton. Discusses the then Finance Minister Robert Muldoon's abolition of numerous controls over interest rates between 1976-77. Talks about the increasing tension between the Bank and Robert Muldoon in the late seventies, and between Deane and Muldoon in the early eighties after Muldoon became Prime Minister. Comments on Muldoon's relationship with successive Governors Alan Low, Ray White and Dick Wilks. Discusses becoming Deputy Governor in 1982 - talks about the goals he set himself. Describes the price and wage freeze employed by the Bank to control inflation - talk about the main problems the freeze caused for the Bank. Discusses what may have happened at the Bank had National sustained a victory in 1984. Details the chain of events proceeding the election in which Muldoon made personal attacks on Deane through a parliamentary sub-committee chaired by Jim Anderton - talks about how this was handled by the new government. Discusses his impressions of the incoming Labour government - mentions David Lange, Roger Douglas, Geoffery Palmer, and David Caygill. Mentions the abolition of exchange controls on Christmas Eve 1984. Discusses the Board of Directors attitude to the reforms of the mid-eighties. Talks about going to work at the State Services Commission in April of 1986 for a period of 18 months - discusses his reasons for leaving. Discusses the 1989 Resevre Bank Act - mentions Lindsay Knight, Peter Nicholl and Graham Scott. Discusses his reasons for not returning to the Bank after Russell's departure - talks about going on to work for the Electricity Corporation and then Telecom. Compares the management of Telecom and the Electricity Corporation with that employed by the Bank. Talks about his main achievements at the Bank during his time there. Interviewer(s) - John Singleton Arrangement: Tape numbers - OHC-014814, OHC-014815 Quantity: 2 C60 cassette(s). 1 printed abstract(s). 2.33 Hours and minutes Duration. Finding Aids: Abstract Available - abstracting complete OHA-5362 - edited transcript. Search dates: 1941 - 2002

Date: 1982

From: Bromhead, Peter, 1933- :One folder of original cartoons published in the Auckland Star 1970s - 1980s.

Reference: A-305-153

Description: The cartoon shows George Chapman wearing a sandwich board with "The Muldoon economic miracle is nigh" written on it. A man representing New Zealand's history says to him, `as a special farewell present you can keep the sandwich boards...'. George Chapman was president of the National Party in 1982, the cartoon refers to Muldoon's policies and the reactions they got. Chapman seems to be taking some stick for supporting Muldoon's views. Negatives at PA Collection 5371 Bromhead Collection Extended Title - George Chapman...As a special farewell present..you can keep the sandwich boards...NZ's history. Quantity: 1 original cartoon(s). Physical Description: Black ink on card, 180 x 260 mm Provenance: Donated by the artist in 1997.

Date: 1999 - 2000

By: Scott, Thomas Joseph, 1947-; Evening Post (Wellington, N.Z.)

Reference: H-606

Description: 88 cartoons on social and political issues. The topics include student loans and voting, East Timor violence, Jonah Lomu, NZ elections, politics and rugby, Doug Graham, national pride and rugby, children and television, Pakistan politics, the All Blacks, the Alliance at the elections, compulsory military service advocated by Winston Peters, National/Labour health policies, Max Bradford on university campus and peacekeeping, removal of tariffs, television and the world cup, Helen Clark apparently supporting a Green candidate, Winston Peters and coalition partners, election poll results, meat industry, rugby (France vs NZ), rugby world cup, Winston Peters as political dinosaur, list MPs, Winston Peters's supporters, gay issues in politics, NZ First and election policies, electoral advertising, Labour-Alliance coalition, NZ First sinking, excuses for poor performance in rugby and surgery, the Green party, economic growth and political performance, National's poll results, Russia and Chechen terrorism, similarity between party policies, women in politics, political corruption and immigration, Helen Clark's pre-election confidence, Winston Peters comeback, David Lange's alcoholism, drinking age lowered, Helen Clark and Jim Anderton, slow vote counting, the Mars lander, gender difference in education, Greens in parliament, Winston Peters small majority, minority government, beech logging, opposition media training, Labour defence review, Richard Prebble's loss in Wellington Central electorate, Helen Clark's political style, Titewhai Harawira and marae speaking rights, new cabinet ministers, Jim Anderton and TV sports, the Reserve Bank and the NZ economy, Helen Clark to avoid Waitangi, name suppression in American millionaire cannabis charges, Police Commissioner Doone out, Doone in PM's dept, Shipley on Doone, pension goes up, news readers' salaries, builings on Lambton Harbour, Marion Hobbs and TVNZ, destruction of Grozny, national socialism in Austria, Waitangi Marae in 2000, low wages for medical staff, treaty settlement payouts, Jim Anderton as political dinosaur, TV stars' salaries, the F16 aircraft deal, attacks on TVNZ/Paul Holmes, WINZ, Nandor Tanczos and alcohol in parliament, the Americas Cup, NZ cricket, smoking in Australian cricket team, new broadcasting boss, Helen Clark's popularity. Quantity: 88 cartoon bromide(s). Physical Description: Bromides, various sizes.

Date: 2000

By: Bromhead, Peter, 1933-

Reference: H-644-001/023

Description: Strip cartoons. Standard of NZ cartoonists, NZ immigration and choosing the 'right' people, young NZ'ers more interested in tennis than rugby, the Bledisloe Cup is all anyone is talking about at the moment, the business of forcasting economic doom, public boredom with politicians antics, food labelling, attacks on newsprint media for printing 'bad news' stories, new Employment Relations Bill and its down side for workers, politicians funnier than cartoonists, NZ's shrinking dollar, the value of participation in sports, lack of good news for NZ'ers, dangers of watching too much television, Reserve Bank scare tactics, NZ emmigration and brain drain, NZ dollar gets consumed by the American dollar, uncertainties generated by Maori/Pakeha debate, advertising creatives try to sell Fiji to the public after the coup, middle class double standards about boxing, public outcry and interest in topless parties, American criticism of NZ Defence spending, the discontent engendered by ACC placing monetary values on body parts, the public search for the best petrol prices. Quantity: 23 digital print(s). Physical Description: A4 size colour print-outs.

Date: 1999

By: Walker, Malcolm, 1950-; Sunday News (Newspaper)

Reference: A-338-165/180

Description: Political cartoons Quantity: 15 photocopy/ies. 1 original cartoon(s). Physical Description: 15 photocopies, A3 size. 1 original cartoon, pen and ink on paper, A3 size.

Date: 1978

From: Scales, Sid, 1916-2003 :[Political cartoons featuring Robert Muldoon and the Muldoon era]. Published in the Otago Daily Times, 1978 - 1982.

Reference: A-319-058

Description: Robert Muldoon holding up a glass of 'economic miracle wine, 1978 vintage' and commenting that it has turned to vinegar. He is watched by a couple labelled N and Z, looking at their own wine glasses with disgust Quantity: 1 original cartoon(s). Physical Description: Ink on card, 241 x 378 mm Provenance: Donated by Sid Scales in 1998.

Date: 1976

From: Scales, Sid, 1916-2003 :[One folder of cartoons featuring Robert Muldoon and the Muldoon era. Published in the Otago Daily Times, 1976]

Reference: A-319-038

Description: Comments on news items at the time, including a quip that cows' ingesting marijuana was the cause of a batch of milk being foul tasting and rotten smelling; Muldoon's suggesting that fine-tuning was needed to improve the economic picture; and that economic difficulties seemed certain to persist throughout the next two years Inscriptions: Recto - top left - Sid Scales Quantity: 1 original cartoon(s). Physical Description: Ink and crayon on paper, 280 x 380 mm Provenance: Donated by Sid Scales in 1998

Date: 8 November 2001 - 08 Nov 2001

From: Reserve Bank of New Zealand oral history project - John Singleton project

By: Sherwin, Murray A, active 1976-2001

Reference: OHInt-0809-07

Description: Deputy Governor from 1995 to 2001. Talks about studying economics at the University of Waikato before joining the Chief Cashier's Department of the Reserve Bank of New Zealand in 1976 - mentions his secondment to the Organisation for Economic Cooperation and Development (OECD) in 1979. Describes the work done by the Chief Cashier's Research Office - details some of the projects he was involved in including the construction of the exchange rate basket, overseas borrowing programmes, exchange control, the Overseas Investment Commission, and the foreign exchange trading desk. Discusses his interest in macroeconomic policy. Talks about being appointed Principal of the Balance of Payments Section in 1980 - describes what this position entailed. Discusses the 'crawling peg' exchange rate - talks about how the Bank and the Treasury were both pressing for the real to be reduced. Mentions Governor Ray White's work on inflation accounting - mentions the 1982 freeze. Discusses his appointment to Prime Minister Rober Muldoon's Advisory Group in 1982 - describes the work done by this policy unit. Mentions Bernard Galvin and Graham Scott. Discusses his interaction with Muldoon and his role as mediator between the Bank and the Prime Minister. Discusses the problems with foreign reserves management. Details his activities during the 1984 pre-election exchange rate crisis. Discusses Muldoon's attack on the Bank after the election. Refers to his promotion to Chief Manager International. Details the decision to float the dollar in 1985 - discusses the exchange rate as an indicator of monetary conditions. Discusses his appointment as Director of the World Bank from 1987 to 1989. Provides some background on the Reserve Bank of New Zealand Act 1989. Talks about his appointment as Chief Manager of Financial Markets at the Reserve Bank in 1989 - discusess the Department's duties. Discusses the establishment of the Debt Management Office (DMO) - details the debate between the Bank and Treasury over the Crown's optimal debt. Refers to taking the position of Chief Manager of Banking Systems in 1993 - talks about his initial reluctance to enter this department. Mentions his role as Deputy Governor, a position he held from 1995 to 2001. Comments on his and Ulf Shoefish's push to loosen New Zealand's monetary policy in 1995 - mentions Governor Donald Brash. Compares Australia and New Zealand's monetary policy and economic performance - comments on the present structure of New Zealand's monetary policy. Gives reasons for the failure of the Monetary Conditions Index (MCI) - discusses the adoption of the Official Cash Rate (OCR). Discusses the planning for the Real Time Gross Settlement System. Mentions the Executives' Meeting of East and Asia-Pacific (EMEAP) and his involvement in the South East Asia, New Zealand and Australia (SEANZA) Banking Course training programmes. Discusses the issue of who should be responsible for monetary policy. Talks about changes made within the Bank under the governorship of Donald Brash. Describes the changing role of the Directors. Discusses the aspects of his work he would like to be remembered for at the Bank. Interviewer(s) - John Singleton Arrangement: Tape numbers - OHC-014825, OHC-014826, OHC-014827 Quantity: 3 C60 cassette(s). 1 printed abstract(s). 2.50 Hours and minutes Duration. Finding Aids: Abstract Available - abstracting complete OHA-5367. Search dates: 1976 - 2001

Date: 1998

From: Easton, Brian Henry, 1943-: Cartoons and papers from the collection of Brian Easton

By: Horrocks, Dylan, 1966-

Reference: C-181-029

Description: A very nervous weatherman relates the dire economic state of the country, pointing to a black map of New Zealand covered in rain clouds, with financial profits indicated blowing offshore. Quantity: 1 original cartoon(s). Physical Description: Ink and white corrector on card, 225 x 320 mm

Date: 1974

From: Lodge, Nevile Sidney 1918-1989 :[Archive of original cartoons for the Evening Post and Sports Post, 1941 to 1988]

Reference: B-137-371

Description: Cartoon shows five vignettes: a businessman predicts bright prospects if his office-based golf putting practice can bring good results on the course; another businessman predicts a dismal six months while his mother-in-law is staying; another hopes to cushion financial setbacks with a win at the races and asks the interviewer for a racing tip; one is more worried about the 1974 financial situation and begs for a dollar; another believes in living for the present and offers his secretary a diamond bracelet along with dinner and drinks at his apartment. Quantity: 1 original cartoon(s). Physical Description: Ink drawing on sheet 389 x 336 mm Finding Aids: Photocopies available in Pictorial Reference Service.

Date: 1962-1986

From: Deane, Roderick Sheldon, 1941- : Papers

Reference: Series-3659

Description: Papers relate to Dr Deane's tenure at the Reserve Bank, 1963-1974, 1976-1986. They include inward correspondence and carbon copies of outward correspondence; subject files relating to various aspects of the Bank's activities including files on devaluation of the New Zealand currency, exchange rate policy, economic policy, interest rates policy, fiscal policy, incomes policy, monetary aggregates and general monetary policy; memoes; Reserve Bank research and discussion papers; papers relating to conferences and courses attended by Dr Deane and itineraries and travel arrangents for trips he undertook on Reserve Bank business. The correspondence is arranged chronologically and the subject files are arranged in alphabetical order. Quantity: 171 folder(s).

Date: 1967

From: Lodge, Nevile Sidney 1918-1989 :[Archive of original cartoons for the Evening Post and Sports Post, 1941 to 1988]

By: Lodge, Nevile Sidney, 1918-1989

Reference: B-133-621

Description: Two men drinking beer in a bar have a conversation about the 'old kiwi fighting spirit'. They both hold newspapers, one noting the headline about the future and asking, 'Have we lost the old kiwi will to win?' The other notes another headline - Allocation of lottery profits cut - and says, 'It looks like it - we're not buying as many Golden Kiwi tickets as we used to.' Quantity: 1 original cartoon(s). Physical Description: Black ink and pencil, 291 x 455 mm Finding Aids: Photocopies available in Pictorial Reference Service.

Date: 1992

From: Clark, Laurence [Klarc], 1949- :New Zealand Herald cartoons, 17 March - 6 May 1992

Reference: H-009-021

Description: Shows Jim Bolger reading Treasury's forecasting, which seems to rely on fortune-telling and luck. Refers to Treasury's inability to make accurate deficit forecasts Quantity: 1 cartoon bromide(s). Physical Description: Bromide photograph

Date: 1979

From: Bromhead, Peter, 1933- :One folder of original cartoons published in the Auckland Star in the 1970s and 1980s.

Reference: A-305-158

Description: The cartoon shows a man (The Economy) consulting a fortune teller. She looks into her crystal ball and asks him, 'Do you know a man in a top hat who carries a tape measure?' Refers to the poor state of the New Zealand economy. The 'man in a top hat' may be the Mad Hatter in Alice in Wonderland. Negatives at PA Collection 5371 Bromhead Collection Extended Title - Do you know a man in a top hat who carries a tape measure? Quantity: 1 original cartoon(s). Physical Description: Black ink on card, 250 x 160 mm Provenance: Donated by the artist in 1997.

Date: 1975

From: Lodge, Nevile Sidney 1918-1989 :[Archive of original cartoons for the Evening Post and Sports Post, 1941 to 1988]

By: Lodge, Nevile Sidney, 1918-1989; Evening Post (Wellington, N.Z.)

Reference: B-134-777

Description: This cartoon shows new Prime Minister Muldoon as Father Christmas. He is unloading his sack of presents with a wicked look under a Christmas tree. A couple who have been singing have stopped to watch, with horrified looks, to see what is coming next Label on verso dated Wed 17/12/75 Part of sequence with B-134-778 and 9 Other Titles - Songs for a joyous Noel Extended Title - 'On the eleventh day to Christmas my P.M. gave to me a no-immigration-entry- and a gloomy economic prophecy. On the tenth day to Christmas my PM gave to me one petrol price increase - a no-immigration-enrty, and a gloomy economic prophecy. On the ninth day to Christmas, my PM gave to me one Labour super refund - one petrol price increase, a no-immigration entry and a gloomy economic prophecy. On the eighth day to Christmas my PM gave to me a no-devaluation guarantee - one Labour super refund, one petrol price increase, a no-immigration entry and a gloomy economic prophecy. On the seventh day to Christmas my PM gave to me .........?' Quantity: 1 original cartoon(s). Physical Description: Ink and letratone, 320 x 390 mm

Date: 1992

From: Scott, Thomas 1947- :Editorial cartoons. 1 July - 30 September 1992

Reference: H-110-066

Description: Shows a bearded scientist peering through a microscope at a specimen, which he claims, has doubled in the last 48 hours. Refers to confirmation by forecasters, including the National Bank, that the economy is growing Quantity: 1 cartoon bromide(s).

Date: 1999

By: Ellison, Anthony, 1966-; Sunday star times (Newspaper)

Reference: H-563

Description: Political cartoons Quantity: 3 photocopy/ies. Physical Description: Photocopies, A4 size

Date: 1994

From: Tremain, Garrick fl 1970s-1990s :Editorial cartoons. 23 March - 14 June 1994

Reference: H-106-039

Description: Shows a beach hit by gale-force winds and lightning. Beach umbrellas, balls, deckchairs and picnic hampers are being scattered. Refers to Treasury's economic forecasting Quantity: 1 cartoon bromide(s).