What is forecasting for? Bernanke and the future of BoE projections
The Bernanke review pushes central banks to rethink the role of forecasts in policy-making
Ben Bernanke, the former chair of the Federal Reserve, had a lot to say about the Bank of England’s forecasting process in his April 12 review, much of it not pretty. The bank’s key model has “significant shortcomings”. The forecast that emerges from the BoE’s “complicated and unwieldy” systems is a mash-up of staff projections and the views of the monetary policy committee (MPC), resulting in a projection that, potentially, no-one believes in. Communication, in Bernanke’s view, is hampered
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@centralbanking.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@centralbanking.com