In a 86-page doc revealed immediately (12 April), Bernanke urged the Financial institution to modernise its “old-fashioned” forecasting infrastructure as a excessive precedence and contemplate supplementing its central financial forecast with so-called ‘various situations’.
The previous central banker additionally referred to as on the BoE to both scrap or revamp COMPASS, the Financial institution’s baseline financial mannequin, wherein he discovered “vital shortcomings”.
He additionally argued for the elimination of the Financial institution of England’s fan charts, which he mentioned endure from “vital” analytical weaknesses, and have “outlived their usefulness”.
B…
