Ben Bernanke didn’t pull any punches in his review of the Bank of England’s forecasting and communications and recommended a full revamp of the Bank’s main forecasting model, using alternative scenarios to express uncertainties rather than fan charts and putting less emphasis on the central forecast for inflation based on market interest rate expectations. But it’s a shame he stopped short of recommending the Monetary Policy Committee publishes projections for interest rates. That would have been a big step forward.
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