Karen Kufuor Principal Lecturer in Westminster Business School (WBS) attended the June Lunchtime Masterclass hosted by the Society Of Business Economists (SBE) on June 26th. The monthly lunch meeting was one of the many members-only events held by the SBE. The masterclass was entitled ‘Macroeconomic forecasting at the Bank of England’ and was presented by Matt Waldron. Karen Kufuor was accompanied by Business Economics undergraduate student, Olivia Welsch and two postgraduate students, Aroub Farooq and Erika Vergara both studying MSc. International Economic Policy and Analysis. For the past two years the Economics and Quantitative Methods department at WBS has financed membership of SBE for a select group of students.
“Attending these events gives our students a wonderful opportunity to network with working Economists, as well as exposing students to various applications of economics in the real world,” says Karen.
At the Masterclass, presenter Matt Waldron discussed the Bank of England’s multipronged approach to macroeconomic forecasting. This included a detailed description of COMPASS, the Bank’s New Keynesian DSGE model. Matt explained that the Bank of England’s macroeconomic forecasts were a combination of a number of influences including COMPASS and the Monetary Policy Committee’s (MPC’s) judgemental forecasts. He also explained the way in which models are used to produce policy analysis to inform the MPC and help them think about monetary policy.
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