Norges Bank deputy backs Bayesian econometrics in policy-making
Norges Bank deputy governor Jan Qvigstad believes Bayesian econometrics are "a key tool for central banks", laying out how they feature in Norwegian policy-making in a speech earlier today.
Qvigstad says that two of Norges Banks' "most important" policy tools – its Norwegian economy model (Nemo) and system of averaging models (Sam) – are the result of advances in Bayesian econometrics.
The central bank published forecasts of its key policy rate since 2005, and Qvigstad says Nemo was "essential"
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