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Reactions to the Bernanke Review from Bank of England watchers

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  • Aikman, David
  • Barwell, Richard

Abstract

We summarize reactions to the Bernanke Review from the Bank of England watchers community – a diverse group of academics, market economists, and business analysts who closely monitor and analyze the actions of the Bank of England. Key themes include the Review’s recommendations to retire the “fan chart”, increase the use of scenario analysis, and de-emphasize the central forecast conditioned on the market yield curve, as well as its critique of the Bank’s forecasting infrastructure. There is also extensive discussion of areas left unaddressed by the Review, including whether the Monetary Policy Committee should publish its preferred policy rate path, adopt a Fed-style dot plot, or give Bank staff ownership of the forecast.

Suggested Citation

  • Aikman, David & Barwell, Richard, 2026. "Reactions to the Bernanke Review from Bank of England watchers," International Journal of Forecasting, Elsevier, vol. 42(1), pages 3-12.
    • Handle: RePEc:eee:intfor:v:42:y:2026:i:1:p:3-12
    DOI: 10.1016/j.ijforecast.2025.03.006
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    References listed on IDEAS

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    4. Stephen Burgess & Emilio Fernandez-Corugedo & Charlotta Groth & Richard Harrison & Francesca Monti & Konstantinos Theodoridis & Matt Waldron, 2013. "The Bank of England's forecasting platform: COMPASS, MAPS, EASE and the suite of models," Bank of England working papers 471, Bank of England.
    5. Hendry, David F. & Pretis, Felix, 2023. "Analysing differences between scenarios," International Journal of Forecasting, Elsevier, vol. 39(2), pages 754-771.
    6. Flint Brayton & Thomas Laubach & David L. Reifschneider, 2014. "The FRB/US Model: A Tool for Macroeconomic Policy Analysis," FEDS Notes 2014-04-03, Board of Governors of the Federal Reserve System (U.S.).
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