Is The Bank of England Broken?
Many Happy Returns
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Challenges and Evolution at the Bank of England
An in-depth look into the Bank of England's economic modeling process, critiquing the limitations of their software Compass and the reliance on outdated forecasting methods. Highlighting the complexity of predicting inflation expectations and the impact on economic behaviors, the chapter emphasizes the need for transparent and adaptable central bank communication. The discussion also covers recent initiatives and changes within the Bank of England, reflecting on historical shifts in policy-making independence and the evolution of central banking practices.
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