Working paper
A defence of the FOMC.
- Abstract:
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We defend the forecasting performance of the FOMC from the recent criticism of Christina and David Romer. Our argument is that the FOMC forecasts a worst-case scenario that it uses to design decisions that will work well enough (are robust) despite possible misspecification of its model. Because these FOMC forecasts are not predictions of what the FOMC expects to occur under its model, it is inappropriate to compare their performance in a horse race against other forecasts. Our interpretat...
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Authors
Bibliographic Details
- Publisher:
- Department of Economics (University of Oxford)
- Series:
- Discussion paper series
- Publication date:
- 2009-10-01
Item Description
- Language:
- English
- UUID:
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uuid:11802978-c355-41af-a6f7-9d78e97e5b8e
- Local pid:
- oai:economics.ouls.ox.ac.uk:14263
- Deposit date:
- 2011-08-16
Related Items
Terms of use
- Copyright date:
- 2009
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