Ex-Bank of England official warns against following Fed policy too closely ahead of crucial review
Charlie Bean’s come ahead of the publication of Ben Bernanke, a former chair of the Federal Reserve’s, review into the bank’s forecasting model
A major review examining Bank of England’s economic forecasting systems must restore confidence among rate-setters in the lender’s modelling framework, a former top official at the institution has said.
Charlie Bean, the ex-deputy governor for monetary policy, expressed concern that members of the British central bank's monetary policy committee (MPC) had "lost faith" in the central modelling.
The former MPC member was speaking as the bank braces for the publication of a wide-ranging review by Ben Bernanke, the former Federal Reserve chair, after sustained criticism of Threadneedle Street for failing to predict and then quickly reduce high inflation.
