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- Title
The new Bank of England Quarterly Model.
- Abstract
The Bank of England has developed a new macroeconomic model to help prepare the Monetary Policy Committee’s quarterly economic projections. The new model does not represents a change in the Committee’s view of how the economy works or of the role of monetary policy. Rather, recent advances in economic understanding and computational power have been used to develop a macroeconomic model with a more clearly specified and coherent economic structure than in previous models used by the Committee. This article provides an overview of the new model and includes some simple simulations to illustrate its properties.
- Subjects
MACROECONOMICS; BANK of England; GREAT Britain. Monetary Policy Committee; MONETARY policy; ECONOMIC forecasting; ECONOMETRIC models
- Publication
Bank of England Quarterly Bulletin, 2004, Vol 44, Issue 2, p188
- ISSN
0005-5166
- Publication type
Article