Economic Models at the Bank of England

Abstract

In April 1999, the Bank of England published Economic models at the Bank of England, a book that described the economic modelling tools that help the Monetary Policy Committee (MPC) in its work. It was made clear at the time that economic models should not be thought of as fixed in form or content, and that model development is a continual process. An update to the book was published in September 2000 covering model developments over the past 18 months, particularly in relation to the Bank's main macroeconometric modelling tool. The update, while giving details of the core macroeconometric model, also refers to other work within the Bank that has added to the range of models used by the MPC.