Do FOMC forecasts add value to staff forecasts?
Abstract
This paper compares the economic forecasts of members of the Board of Governors and presidents of the Federal Reserve Banks, and then investigates the value of each group's forecasts in supplementing the forecasts of the Board of Governors' staff. We find that the presidents tend to forecast higher inflation and real GDP growth, and lower unemployment than the members of the Board of Governors. We also find that the presidents' real GDP and...
Paper Details
Title
Do FOMC forecasts add value to staff forecasts?
Published Date
Dec 1, 2013
Volume
32
Pages
332 - 340
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