Bank of England looks to other central banks in forecasting review

Terms of reference

Former Fed chair Ben Bernanke has revealed he will be looking at other central banks’ experiences for the Bank of England’s forecasting models review.

In the review's terms of reference, Bernanke recognised the UK has had a unique inflationary experience due to a "complex constellation of shocks", such as significant supply chain issues, which have fuelled a sharp rise in inflation. Former Fed chair Ben Bernanke to lead Bank of England forecasting review He argued the Bank of England's inflation targeting was well established to manage risks prior to the energy crisis, the invasion of Ukraine and Covid. However, the more unexpected shocks of the recent years have revealed a higher level of uncertainty around their impact on the e...