Fixing a forecasting model that ain't broke

- Central Banking staff
- 20 Feb 2003

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ARTICLE - The Bank of England is due to start using a new forecasting model from June this year onwards. This article suggests that while it is good to keep up with the latest developments in economics, the new model has not been fully tested and that applying a new model may be dangerous for the Monetary Policy Committee if the changes have not been fully analysed. The author doesn't believe the Bank's assertion that there is no "mechanical link" between the forecast and interest rate decisions

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