The Importance of External Models in the Bank of England

I fear it's not as helpful as it should be. But I do feel it's been important for the Bank both in terms of legitimacy just that you end up having more split votes and more open debate. And occasionally you get things right a little faster because the external members squeaky. You used to have and still probably do. My former colleague Danny Blanchflower, who was quite squeaky but also... He was the worst since Henry VIII I think. So history has shown I was probably right on some of the stuff I squeaked about while I was there. It's useful.

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