Stockton’s Bank of England review offers forecasting lessons for central banks

David Mayes

The modern habit of not only having regular independent reviews of public sector processes but publishing the results promptly can have enormous advantages beyond their immediate purpose. That is because other parties in a similar position can go through those results and see what lessons they can draw.

The review of the Bank of England’s Monetary Policy Committee’s (MPC) forecasting in the UK, by David Stockton, formerly research division director of the Federal Reserve Board, is an excellent c

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