BoE Court recommends forecasting rethink
Review spots weaknesses in forecasting approach
A review of the Bank of England's (BoE) forecasting today (November 5) called for the central bank to take a more systemic approach to testing its ability to make accurate predictions and consider broadening its modelling options.
The report, published by the BoE's Independent Evaluation Office (IEO), uses statistical methods to test the accuracy, bias and efficiency, or systematic use of all available information, of the central bank's forecasts.
The IEO was formed in September 2014 as a body
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