ECB and Bank of England macroeconomic models for forecasting and policy analysis: state of play - appraisal - way forward

Central banks have recently come under substantial criticism for not having forecast the strong surge of inflation following covid and Russia’s war against Ukraine. This online workshop will bring together top experts from the ECB and the Bank of England to, first, provide an overview of these two central banks’ forecasting and monetary policy simulation toolboxes, including modifications and additions implemented over the past years in reply to recent shocks. Second, it will summarize the findings of the “Bernanke review” and the Bank of England’s thoughts and lessons from this report. Third, two international experts will offer their own comments on the ECB’s and Bank of England’s macroeconomic forecasting and monetary policy evaluation modelling toolbox. Participants will have ample room to ask questions.

Program committee: Ernest Gnan (SUERF), Matthieu Darracq-Paries (ECB), Juha Kilponen (Bank of Finland) and Alessandro Notarpietro, Bank of Italy (Bank of Italy)