Foreward

Jagit S. Chadha ()

National Institute Global Economic Outlook, 2021, issue 1, 3

Abstract: The Institute started publishing projections of key components of GDP with the inception of the National Institute Economic Review in 1959. The arrival of Wynne Godly in 1963 from H M Treasury led to the development of a formal system of equations in an econometric model. This work continued from 1966 with the support of the newly established Social Science Research Council. The UK models benefitted from a great deal of discussion and co-operation with modellers at the London Business School, Southampton University, Imperial College and H M Treasury. Ultimately by 1983, the ESRC Macroeconomic Modelling Bureau at the University of Warwick became a repository and forum for modelling expertise. Over time this knowledge has scattered with some loss but in a parallel development the Bank of England and the Office for Budget Responsibility have become policy institutes with considerable expertise. And so it is the collective memory of developing judgement with models in an independent research environment that the Institute guards.

Date: 2021
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