The FOMC Versus the Staff, Revisited : When Do Policymakers Add Value?

The Board of Governors staff and the Federal Open Market Committee both publish macroeconomic forecasts. Romer and Romer (2008) show that policymakers' attempts to add information to the staff forecasts are counterproductive. In more recent years, however, policymakers have improved upon staff forecasts. We show that policymakers' value-added is greater when economic conditions are unfavorable or uncertain

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Year of publication:	2018
Authors:	Binder, Carola Conces
Other Persons:	Wetzel, Samantha (contributor)
Publisher:	[2018]: [S.l.] : SSRN
Subject:	Zentralbank \| Central bank \| Geldpolitik \| Monetary policy \| Wirtschaftsprognose \| Economic forecast \| Informationswert \| Information value

Extent:	1 Online-Ressource (7 p)
Type of publication:	Book / Working Paper
Language:	English
Notes:	Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments April 9, 2018 erstellt
Other identifiers:	10.2139/ssrn.3163456 [DOI]
Classification:	E3 - Prices, Business Fluctuations, and Cycles ; E5 - Monetary Policy, Central Banking and the Supply of Money and Credit ; D1 - Household Behavior and Family Economics
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10012921517