BoE governor gives optimistic forecast about scenario approach
Bailey says new method allows for better projections, given growing frequency of ‘black swans’
The governor of the Bank of England said the UK central bank’s new scenario-based approach enabled it to provide better forecasting, while accounting for the uncertainty of a world increasingly characterised by ‘black swan’ events that defy historical expectations.
In a speech at the Reykjavík Economic Conference in Iceland today (May 9), Andrew Bailey said it had been reasonably simple to make economic projections during the relative stability of the 1990s and early 2000s. However, in more
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