Bernanke calls for total redesign of BoE forecasting
Report calls for major changes to infrastructure, core models, staffing, communications and more
Ben Bernanke called on the Bank of England (BoE) to make far-reaching changes to how it constructs, uses and presents forecasts today (April 12).
The former US Federal Reserve chair’s review of the BoE’s forecasting found the bank’s core model, Compass, has “significant shortcomings” and may have to be replaced. Bernanke also urged the central bank to make a host of other changes, to its use of data, IT infrastructure, staffing policies, scenario analysis and communication.
As had been widely
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