Pill says BoE has focused too hard on inflation forecast
Chief economist argues “richer and more robust analysis” is needed
The Bank of England (BoE)’s unusually intense focus on the inflation forecast placed strains on monetary policy when the UK was hit by multiple shocks, the bank’s chief economist has said.
Huw Pill told an audience at Cardiff University on March 1 that the centrality of the forecast and the related “fan chart” distinguished the BoE’s monetary policy committee (MPC) from those of other central banks. While he denied that all analysis by BoE economists was funnelled into the forecast, he
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