Posted 4/12/2024, 3:17:09 PM
Bernanke Urges Bank of England to Overhaul Forecasting and Communication Practices
- Bernanke urges Bank of England to publish interest rate forecasts to better communicate policy
- Review finds BOE forecasts during inflation shock no worse than other central banks
- Recommends BOE overhaul economic models, scrap fan charts, provide policy scenarios
- Says BOE software and infrastructure for forecasts is outdated and needs significant upgrade
- BOE welcomes recommendations, promises "once-in-a-generation" overhaul of practices
