Judging the Old Bailey

This week we want give a hat tip to the Financial Times, reporting on how the "Bank of England to review use of economic forecasts." As so often happens with the FT, the comments were even better than the article, which like us have been despairing for years about central bank economic models constantly getting wrongfooted by the real world. Asleep at the wheel or making the best of an impossible job? A second helping of Bailey’s many shortcomings as head of the regulator (the FCA) or victim of circumstance? We put the head of the BoE, Andrey Bailey and the economists and forecasters on the dock about the record of causing, not popping bubbles.

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