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Inflation Targeting In Practice: Models, Forecasts and Hunches - speech by Rachel Lomax
In a speech today to the 59th International Atlantic Economic Conference in London, Rachel Lomax - Deputy Governor for Monetary Policy and a member of the Monetary Policy Committee (MPC) - discusses the role of economic models and forecasting within the UK's monetary policy framework.
Published on
12 March 2005
Ms Lomax says that "no monetary policy-maker can avoid taking a view on the future. That view needs to be coherent and disciplined. But it also needs to reflect ..the massive uncertainties inherent in any forecast." She explains how forecasts help to organise, inform and focus the MPC's discussions, and provide transparency about the MPC's thinking.
Press release