Taking stock of Bernanke: the original sin of forecasting
Jagjit Chadha says the Bernanke review should be the start of more profound discussion at the BoE
While the Bernanke review of forecasting at the Bank of England provides a welcome moment for us to assess the mistakes that have resulted from the current practices of the monetary policy committee (MPC), it should not be the final word. The original sin of economic forecasters is that they will always be wrong. Any honest producer of forecasts will make this point clear, as I have at every forecast release at the National Institute of Economic and Social Research since my appointment in May
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