Derrick Kanngiesser and Tim Willems This post describes a systematic way for central banks to employ past forecasts (and associated errors) with the aim of learning more about the structure and functioning of the economy, ultimately to enable a better setting of monetary policy going forward. Results suggest that the Monetary Policy Committee’s (MPC’s) inflation … Continue reading Forecast accuracy and efficiency at the Bank of England – and how forecast errors can be leveraged to do better