The Reserve Bank today named the six secondary schools that have made it to the national final of the 2010 Monetary Policy Challenge (MPC).

The finalists were selected from 45 schools that competed in regional finals from 6 to 13 August 2010. Three economists from the Reserve Bank were judges.

The national finalists are: Kristin School from the Auckland regional final; Tauranga Boys' College from the Hamilton regional final: Scots College from the Wellington regional final; Christchurch Girls' High School from the Christchurch regional final; and Timaru Boys' High School from the Dunedin regional final. St Kentigern College from the Auckland regional final was selected as the 2010 Wildcard entry.

The judges were impressed with the calibre of presentations this year, and said that deciding the overall national finalists was a very difficult task.

The MPC is designed to enhance senior secondary school economics students' understanding of monetary policy and links to NCEA achievement standards.

Like economists working in the Reserve Bank, each team analyses the economic conditions facing New Zealand and the outlook for inflation. On the basis of that analysis, they decide on an appropriate setting for the Official Cash Rate (the Reserve Bank's interest rate). Each team presents the reasons for their decision in a written submission and, if selected as a regional finalist, an oral presentation.

The national final takes place at the Reserve Bank in Wellington on 26 August 2010. The winning team will receive $2,500 for their school and will be invited back to the Reserve Bank on 16 September 2010 to watch the Governor announce the Monetary Policy Statement.