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KDI 경제교육·정보센터

ENG
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최신자료
Learning from forecast errors: the Bank’s enhanced approach to forecast evaluation
Bank of England
2026.04.16
The Bernanke Review and forecasting challenges of recent years have highlighted the importance of continuous learning from forecast errors. Following substantial investment by Bank staff, and alongside the publication of a new Forecast Evaluation Report in 2026, this paper provides technical detail on the Bank‘s enhanced forecast evaluation approach. We describe a wide range of evaluation techniques allowing us to characterise the Bank‘s forecast performance statistically, as well as to interrogate specific forecast errors in greater detail, including their economic drivers. Worked examples are provided throughout, focusing on a subset of macroeconomic variables relevant to monetary policy makers. The statistical techniques described in this paper are also implemented and published as part of a new Python package, to facilitate ongoing forecast evaluation and continued development of this toolkit.