Mr McCafferty, who has been at the CBI since 2001, will take over from Dr Adam Posen who leaves in September.
Dr Posen has been on the committee for three years and has chosen not to seek another term. Instead, he will be taking up the position of Director at the Peterson Institute, an American economic research institute.

Chancellor George Osborne said: "I am delighted that Ian has agreed to join the MPC. His broad professional experience in business and industry, as well as his knowledge of the UK economy, will be extremely valuable to the committee in dealing with the challenges it faces now and in the future."
John Cridland, CBI director-general, said: "I am delighted that Ian has been appointed to the MPC. At a time when the private sector is so vital to the future of the British economy, it is good news that Ian's excellent understanding of the economy will be available to the Bank.
"I am also very pleased for Ian personally. After 11 years' sterling service at the CBI, this recognition for one of the country's leading economists is much deserved."
The post was first advertised in May and is on a part-time basis averaging three days a week with compensation of £131,771.