This work must be credible with academics, because we rely on them to do research that complements ours, and to train the next generation of central bankers. So, the Bank is making its data and models more open, in multiple digital formats that let researchers more easily verify, enhance and challenge our findings.
Programs can always be expanded in the future should the resources for them become available, but they cannot be easily curtailed if resources later fall short of commitments. I fear that we may have already committed more physical resources to the baby-boom generation in its retirement years than our economy has the capacity to deliver.