Some references Bean, C. 2003, “Asset prices, financial imbalances and monetary policy: are inflation targets enough?”, BIS Working Papers, 140, September (with “Discussions” by I. Visco and S. Whadwani, available at http://www.bis.org/publ/work140.pdf?noframes=1. Bernanke, B. 2005, “The global saving glut and the U.S. current account deficit”, BIS Review, 16, available at http://www.bis.org/review/r050318d.pdf. Bordo, M. & Jeanne, O.
In this context, putting, for example, the Bank of England’s risk forecasts under scrutiny, our internal research has made the point that these forecasts contain little, if any, additional information. Finally, let me briefly cover the role of projections in monetary policy and then draw a conclusion.