When I went to the UK for my post-graduate studies in mid 1970s, it was only in the case of subjects he had covered that I did not have the so called knowledge gap. Professor Tilakaratna was not only an academic, but also a policy advisor, manager and administrator. In early 1970s, he functioned as an advisor to the Ministry of Plantations Industry and was appointed as Chairman of the newly established Coconut Marketing Board. Unlike other academics who thought that they knew all, he had the modesty and humility to learn from industry. A big magnate in coconut industry recently related to me how he once visited a coconut factory and insisted on learning a to z of everything there. My frequent visits to him either at the Coconut Marketing Board or at his residence were intellectual and academic journeys through all aspects of and issues relating to the coconut industry. We always returned home being much wiser than before. The university authorities too recognized his academic excellence and erudition fairly early. He was elevated, by double promotion, to the post of Professor of Economics and Head of Department at such a young age as 34. Immediately after that, he re-organized the Department of Economics, introduced a Post Graduate Diploma in Applied Social Statistics and strengthened the Department with new staff. I was one of the students who completed this Diploma in its first batch.
The few examples that I have just described show how research on macro modeling and forecasting is important for our work. We are well aware that there will always be ample room for improvement in our toolbox, and we are fortunate to have such prominent speakers with us here today. This workshop is a great opportunity for us to become familiar with recent advances in Bayesian econometrics. In addition to the pleasure of the scholarly discourse, I also hope you will have the opportunity to enjoy Oslo. BIS central bankers’ speeches  1