tag:blogger.com,1999:blog-6837159629100463303.post4110160978300523231..comments2023-06-18T01:25:08.748-07:00Comments on Information Transfer Economics: Thought experimentJason Smithhttp://www.blogger.com/profile/12680061127040420047noreply@blogger.comBlogger5125tag:blogger.com,1999:blog-6837159629100463303.post-43926561620215852392016-02-12T13:06:43.054-08:002016-02-12T13:06:43.054-08:00I am always impressed by the Bank of England's...I am always impressed by the Bank of England's ability to believe that they can hit their 2% inflation target in 18 months to two years from any given point in time. Their 'forecasts' are really only confirming their own continued belief in their own competence. It would be interesting to see what would happen if they ever made a different forecast as that would suggest that they didn't believe in their own ability to meet their target.<br /><br />This is really a governance problem rather than a forecasting one. It is unlikely that any organisation would publicly admit its own incompetence / impotence. Better just to hope for the best. <br /><br />The problem is exacerbated by the fact that virtually the entire mainstream economics profession has, for the last 30 years, supported the concept of an independent central bank with an inflation target. This means that challenging the central bank's competence also challenges the competence of the economists' own advice, so that's unlikely to happen either.Jamienoreply@blogger.comtag:blogger.com,1999:blog-6837159629100463303.post-79649755851179201812016-02-05T14:08:07.026-08:002016-02-05T14:08:07.026-08:00Well, that caused Scott to go on record with some ...Well, that caused Scott to go on record with some forecasts of his own. <a href="http://www.themoneyillusion.com/?p=31466#comment-516413" rel="nofollow">Kind of, anyway.</a> :DTom Brownhttps://www.blogger.com/profile/17654184190478330946noreply@blogger.comtag:blogger.com,1999:blog-6837159629100463303.post-84152856544390196912016-02-04T18:31:33.288-08:002016-02-04T18:31:33.288-08:00Ha!Ha!Jason Smithhttps://www.blogger.com/profile/12680061127040420047noreply@blogger.comtag:blogger.com,1999:blog-6837159629100463303.post-86880256191534313412016-02-04T18:28:29.241-08:002016-02-04T18:28:29.241-08:00Here.<a href="http://banking-discussion.blogspot.com/p/toms-super-awesome-macro-theory.html" rel="nofollow">Here.</a>Tom Brownhttps://www.blogger.com/profile/17654184190478330946noreply@blogger.comtag:blogger.com,1999:blog-6837159629100463303.post-22750468778017202372016-02-04T17:18:17.805-08:002016-02-04T17:18:17.805-08:00Too funny! I hope you don't mind, I borrowed t...Too funny! I hope you don't mind, I borrowed those (giving an H/T (and a link) to you of course).Tom Brownhttps://www.blogger.com/profile/17654184190478330946noreply@blogger.com