Economic models and policy-making

Quarterly Bulletin 1997 Q2
Published on 01 June 1997

By John Whitley of the Bank’s Conjunctural Assessment and Projections Division.

John Whitley outlines how large macroeconometric models were used in the 1970s and 1980s; the reasons why they did not meet the needs of policy-makers; and how the need to incorporate uncertainty about the workings of the economy into policy-making has led to a more eclectic and judgmental approach to models at the Bank of England.

PDFEconomic models and policy-making


Other Quarterly Bulletin 1997 Q2 articles

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