Of course, the financial crisis explains this massive forecasting error, but the study finds that relatively little was due to fiscal stimulus programmes in response to the downturn.

BBC: Debt and the crisis: How did governments get it so wrong?

Adam Posen, a former U.K. rate-setter with a reputation as a "dove" who consistently played down inflation concerns and favored greater central-bank stimulus, told Parliament last month that abandoning the inflation target would be a "grievous error" that would raise unnecessary concerns over the U.K.'s commitment to sound money.

WSJ: Some of the Carney Gloss Is Coming Off