National, the Greens, ACT and a former Reserve Bank chairman are calling for a public inquiry into the Reserve Bank's response to Covid.

It comes after Graeme Wheeler says central banks made serious errors in wake of the pandemic which now need to be acknowledged and corrected.

A research paper co-authored by Bryce Wilkinson for the New Zealand Initiative argues central banks were too confident about their monetary policy framework; were too confident about their models; were too confident they could control output and employment.

Business commentator Rod Oram joined Heather du Plessis-Allan.

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