Policy-making based on the past can lead to big, persistent errors

Using quantitative forecasting models based largely on pre-crisis economic relationships makes no sense

Policy decisions are made now for a time that has not yet arrived. Implicit and explicit forecasts, based on theorised relationships calibrated on past observations, are the tools policymakers use to inform these decisions...

This article is reserved for DispatchLIVE subscribers.

Get access to ALL DispatchLIVE content from only R45.00 per month.

Already subscribed? Simply sign in below.

Already registered on HeraldLIVE, BusinessLIVE, TimesLIVE or SowetanLIVE? Sign in with the same details.

Questions or problems? Email helpdesk@dispatchlive.co.za or call 0860 52 52 00.