Tenreyro sheds light on BoE’s ‘epi-macro’ modelling
Staff have conducted several virus simulations, but uncertainty remains high
In remarks today (July 15), the Bank of England’s Silvana Tenreyro revealed some of the efforts central bank economists have made to model Covid-19’s impact on the UK economy.
Tenreyro – an external member of the monetary policy committee – said the BoE was making use of a boom in economic research that tries to merge epidemiology and macroeconomics, so-called epi-macro.
A key tool in this literature is the SIR model, which breaks the population down into “susceptible”, “infected” and
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