The Reserve Bank's conceded earlier or more aggressive OCR hikes may have reduced inflation sooner.
It's been reviewing its response to the recent three-year period of high inflation.
Chief Economist Paul Conway says the central bank was also required to maintain maximum sustainable employment.
It had limited data and less accurate forecasts due to Covid uncertainty.
ANZ Chief Economist Sharon Zollner told Mike Hosking the bank will absolutely draw lessons from the report, just as they did with things like the Christchurch earthquake.
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