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Bernanke fails to criticize MPC members but points to infrastructure and modelling failings

BOE
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  • So far the Treasury Select Committee Chair seems to be getting Bernanke to criticize the BOE's decision making process and trying to get him to agree that the BOE missed things that were transitory.
  • Bernanke's not really playing ball with that - he's saying things like it's not necessarily group think to be looking at similar data and getting similar conclusions.
  • He has said that some of the extent of the recommendations he made surprised him. But he mainly focused on models, technology and the econometrics availability letting down policymakers rather than MPC members or BOE staff causing issues.
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  • So far the Treasury Select Committee Chair seems to be getting Bernanke to criticize the BOE's decision making process and trying to get him to agree that the BOE missed things that were transitory.
  • Bernanke's not really playing ball with that - he's saying things like it's not necessarily group think to be looking at similar data and getting similar conclusions.
  • He has said that some of the extent of the recommendations he made surprised him. But he mainly focused on models, technology and the econometrics availability letting down policymakers rather than MPC members or BOE staff causing issues.