Also, our empirical techniques are “living” in a sense—we are continually improving them as we learn from experience and ongoing research.x Plus, in the annual reassessment, we further account for uncertainty by publishing ranges around our estimates and projections that expand with time.
We also list the factors that could lead potential growth to be lower or higher within those ranges.xi I would like to stress that the Bank recognizes the difficulties associated with measuring potential and the related uncertainty, and so takes a deliberate and rigorous approach to managing this uncertainty. We work hard to ensure that our models evolve in line with prevailing best practices.