July 28 (UPI) — The Bank of England has announced that Ben Bernanke, former chair of the Federal Reserve and winner of the Nobel Prize in economics, will lead a comprehensive review of the institution’s forecasting and related processes.
Bernanke will receive support from the bank’s Independent Evaluation Office in order to develop and strengthen the bank’s support for the Monetary Policy Committee’s approach to forecasting and monetary policymaking.
The purpose of the review is to examine the forecast and assess how procedures and analysis support the MPC’s deliberations and decision-making.
“Dr. Bernanke is a highly esteemed economist with an impressive career, which makes him the ideal person to lead this review,” stated Andrew Bailey, governor of the Bank of England.
He continued, “Given the series of unprecedented and unpredictable shocks faced by the U.K. economy, this review will allow us to reflect on our processes and ensure they adapt to a world characterized by significant uncertainty.”
Bernanke expressed the importance of forecasting as a tool for central banks in developing economic outlooks. He emphasized the need to review the design and use of forecasts in policymaking, particularly in light of major economic shocks.
“I am honored to lead this work for the bank,” said Bernanke, who alongside Douglas W. Diamond of the University of Chicago and Philip H. Dybvig of Washington University in St. Louis, was awarded the Nobel Prize in 2022 for their studies on preventing widespread bank collapses.
Prior to this role, Bernanke served as the Federal Reserve Chairman under Presidents George W. Bush and Barack Obama from 2006 to 2014.
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