A second difference relative to my experience in the private sector has to do with the way in which judgment and model interact in the development of the forecast.
My first impression of the process at the Board was that the judgmental team made its forecast without a model and the model team made its forecast without judgment, leaving the blending of model and judgment to be worked out in the process of discussion and iteration as the judgmental group looks at the model output and the model group joins the discussion of the forecast.