Question: (a)What do you understand by the term Official cash rate (OCR) in New Zealand, and how does it work as a tool of monetary policy?

(a)What do you understand by the term "Official cash rate (OCR) in New Zealand, and how does it work as a tool of monetary policy? Briefly explain your answer without use of a diagram, citing appropriate references, including webpage of Reserve Bank of New Zealand (RBNZ).

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