MPC member Gertjan Vlieghe tells MPs that central bank’s financial models ‘are just not that generous’ for predicting even a recessionThe Bank of England is unlikely to predict the next financial crisis,according to one of the central banks leading policymakers, who said economic models were unable to provide flawless forecasts for the UK economy.
Monetary policy committee member Gertjan Vlieghe said it was impossible for the Bank to forecast a recession, and let alone the next crash,and no amount of fine-tuning models of the way the contemporary economy operates would change that harsh reality. Related: Chief economist of Bank of England admits errors in Brexit forecasting Continue reading...
Source: theguardian.com