Stockton review finds Bank of England’s forecasting ability wanting

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A review of the Bank of England's Monetary Policy Committee's (MPC) forecasting capabilities conducted by former Federal Reserve official, David Stockton, has found a serial bias towards over-predicting output growth and under-predicting inflation.

"The MPC's recent forecast performance has been noticeably worse than prior to the crisis, and marginally worse than that of outside forecasters," Stockton said in a report published today (November 2). "The forecast errors of the MPC have been charac

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