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Monetary policy and macroeconomic forecasts - the last fifty years

· Fabio Panetta, Governor of the Banca d'Italia (Italy)

Summary written by Dark Majestic in its own words · topics: monetary policy and interest rates

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· Fabio Panetta Wiki · Banca d'Italia WikiMonetary policy and macroeconomic forecasts - the last fifty years

ContextKeynote at the Prometeia 50 conference at the Museum of Science and Technology in Milan; the Bank of Italy safeguards price and financial stability and relies on economic forecasts amid high uncertainty.

Why it mattersItaly's governor reviews fifty years of forecasting errors and lessons for monetary policy.

Problems raised
  1. The macroeconomic landscape changed profoundly over 50 years.
  2. Forecasts can err in crises.
  3. Models must adapt.
Solutions proposed
  1. Correct forecasts quickly.
  2. Improve modelling tools.
  3. Learn from past crises.
Read full speech on bis.org ↗

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