The reviewers praised the knowledge, motivation and technical proficiency of our analysts. They also commended the use of models and the spirit of open debate in our internal forecasting discussions. But there is always room to improve. The Review made a number of recommendations, which can be summarised in three categories: the development of new models; changes to forecast procedures; and organisational changes.
Development of new models There were two recommendations regarding the modelling tools we used. •  First, the Review recommended that we put additional resources into developing and analysing “full-system” or “general equilibrium” models of the economy – that is, models which account for the simultaneous responses of a large number of key variables to unexpected developments (or shocks).