Barbados's Worrell calls for new approach to modelling economies

central-bank-barbados

DeLisle Worrell, governor of the Central Bank of Barbados, on Tuesday said central banks could no longer rely on universal modelling techniques, and should tailor models to individual countries' need.

At the Annual Monetary Conference in Bridgetown, Barbados, Worrell said: "The truth is that economies are so diverse in so many ways that the notion of universal theory is problematic. The simplifications which are the essence of modelling will make sense only if they mirror the essential features

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