BoE’s Weale urges use of more nuanced economic models


Traditional economic models that treat the economy as if it were made up of a single representative agent or firm can conceal important insights into the effects of policies and shocks, according to Martin Weale, an external member of the Bank of England's Monetary Policy Committee.

Addressing the New Zealand Government Economists' Network annual conference, Weale said dividing an economy into different groups to assess the impact of shocks and policy adjustments yielded interesting results

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