New Zealand’s Reserve Bank Chief Economist John McDermott is stepping down in February next year to join economic research institute Motu as an Executive Director.

His resignation comes after a month of being appointed as the Chief Economist and Department Head. Earlier he was serving as the Assistant Governor role which he held under the past two governors.

Reserve Bank governor Adrian Orr shared, “We wish John every success in his new role and thank him for the solid work and culture he leaves behind at the Bank.”

On McDermott’s appointment, Motu said he would begin his Executive Directorship in early March 2019. He has been with Motu as an Associate since 2002.

At Motu McDermott will work with Arthur Grimes. Grimes has also been RBNZ Chief Economist and was Chair of the central bank's board.

RBNZ will begin searching the new RBNZ Chief Economist in the New Year. 

McDermott joined the Central Bank in 2007, leading its economic function and was promoted to the role of Assistant Governor by 2008.

McDermott has published many articles on international commodity prices, real exchanges rates, and business cycles.

He has held posts at Victoria University of Wellington, the International Monetary Fund and National Bank of New Zealand. He is also a visiting scholar at the International Monetary Fund and taught at the World Bank Institute.

He holds a BSc and M.Com Economics from the University of Auckland, and a Ph.D. in Economics from Yale University.

ImageCredits: Reserve Bank of New Zeeland