All articles tagged with #ben bernanke
A group of nearly 50 prominent economists, including former Federal Reserve Chairs Bernanke and Yellen, filed a brief urging the US Supreme Court to overturn President Trump's global tariffs, arguing they are based on misconceptions about the economy and won't effectively address trade deficits, with oral arguments scheduled for November 5.
Former US Federal Reserve chair Ben Bernanke has recommended that the Bank of England (BOE) consider publishing its own outlook for UK interest rates as part of a comprehensive review of its forecasting and communication practices. Bernanke's 86-page review highlighted the need for the BOE to provide clearer guidance on interest rates and to scrap the fan charts that have been central to its policymaking for over two decades. While the BOE welcomed the report and committed to implementing all 12 of Bernanke's recommendations, it stated that changes would be phased in gradually and likely implemented after the next election. Bernanke also suggested that the BOE should publish alternative scenarios alongside its central forecast and revamp its economic models and infrastructure.
The Bank of England has announced a major overhaul of its inflation forecasting model following a review by former Federal Reserve Chair Ben Bernanke, with 12 recommendations aimed at improving forecasting infrastructure, supporting decision-making within the Monetary Policy Committee, and better communicating economic risks to the public. The overhaul includes scrapping the long-held "fan chart" forecasting system and introducing a revamped forecast framework, as well as improving communication with the public and modernizing software. The review was initiated in response to criticism of the central bank's recent policymaking and aims to ensure the bank's forecasting is fit for a more uncertain world.
Former Federal Reserve Chairman Ben Bernanke has advised the Bank of England to overhaul its main economic model, suggesting that the current framework may not be suitable for the post-pandemic world. Bernanke emphasized the importance of adapting economic models to changing circumstances and incorporating lessons learned from the global financial crisis.
Former Federal Reserve Chair Ben Bernanke and economist Olivier Blanchard argue in an academic paper that central bankers still have work to do to bring down inflation, which will entail slowing down the labor market. They suggest it's possible for the current Fed to orchestrate its way out of this predicament without severely tanking the US economy. The paper notes that inflation has evolved since ballooning to a 40-year high in the summer of 2022, and the new phase is now being pushed by a rise in wages trying to catch up to the surge in prices.