Armenian governor argues for ‘paradigm shift’ in forecasting
Base case should be abandoned in favour of multiple scenarios, says Martin Galstyan
Central banks should abandon “base case” scenarios, said Martin Galstyan, governor of the Central Bank of Armenia (CBA), on October 13.
Galstyan told the International Monetary Fund-World Bank annual meetings that the CBA is advocating a “paradigm change” in monetary frameworks.
Instead of focusing on a single forecast, Galstyan urged central banks to present multiple scenarios – a hawkish scenario, a dovish scenario, and a “dark corner” scenario.
The hawkish and dovish scenarios present
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