A new paradigm? Understanding the evolving UK macroeconomics profession

Article Abstract:

The Bank of England uses a variety of measures to influence the United Kingdom's economic climate. Economic tools featured in the Bank of England's monetary policy programme are described in the publication entitled Bank of England's Economic Models at the Bank of England (ESRC). Economic aspects of ESRC are discussed. The use of multiple economic models is preferential to the use of a single one.

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Many models at the Bank of England

Article Abstract:

The Bank of England uses a variety of economic models to manage the United Kingdom's economy although one econometric model tends to be used for forecasting purposes. The Bank's core model is somewhat outdated with respect to academic macroeconomics policymaking. Its use, which is described and debated, may become difficult if insufficient knowledge of relevant econometrics exists within the Bank.

Methods, Central banks

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Evaluating the monetary policy committee

Article Abstract:

The United Kingdom Bank of England's Monetary Policy Committee (MPC) economic performance has been reasonably good since its launch in 1997. Relative price index inflationary figures are relatively low and will remain so for the foreseeable future, according to forecasts. The role of the MPC is discussed and reviewed.

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