Uncertainty and disagreement in economic prediction: the Bank of England Survey of External Forecasters
Jeremy Smith and
Kenneth Wallis ()
No 269751, Economic Research Papers from University of Warwick - Department of Economics
This article introduces a new source of survey data, namely the Bank of England Survey of External Forecasters. The survey collects point and density forecasts of inflation and GDP growth, and hence offers the opportunity of constructing direct measures of uncertainty. We present a simple statistical framework in which to define and interrelate measures of uncertainty and disagreement. The resulting measures are compared with other direct measures of uncertainty, nationally and internationally. A significant, sustained reduction in inflation uncertainty followed the 1997 granting of operational independence to the Bank of England to pursue a monetary policy of inflation targeting.
Keywords: Financial Economics; Risk and Uncertainty (search for similar items in EconPapers)
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Journal Article: Uncertainty and Disagreement in Economic Prediction: The Bank of England Survey of External Forecasters (2008)
Working Paper: Uncertainty and disagreement in economic prediction: the Bank of England Survey of External Forecasters (2006)
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Persistent link: https://EconPapers.repec.org/RePEc:ags:uwarer:269751
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