BoE Economist Says CB Has Improved its Forecasting Abilities

The Bank of England has made “big improvements” in its ability to forecast the UK economy, the Bank’s chief economist has told MPs.

Andy Haldane made his comment to the Treasury Select Committee.

He acknowledged that “sizeable” economic forecasting errors had been made in the past, especially at the time of the 2008 financial crisis.

He also said more forecasting errors were likely or possible, though not on the same scale as before.

Mr Haldane was being questioned along with other Bank officials, including governor Mark Carney, about their most recent inflation forecast, which substantially upgraded the Bank’s forecast for the UK’s economic growth this year.

via BBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza