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If theory-consistent models can ever hope to forecast well and to be useful for policy, theyhave to relate to data which though rich in information is uncertain, unbalanced and sometimes forecastsfrom external sources about the future path of other variables. One example from many is financial...
Persistent link: https://www.econbiz.de/10004990998
If theory-consistent models can ever hope to forecast well and to be useful for policy, they have to relate to data which though rich in information is uncertain, unbalanced and sometimes forecasts from external sources about the future path of other variables. One example from many is financial...
Persistent link: https://www.econbiz.de/10004991070
Persistent link: https://www.econbiz.de/10011500137
Globally, the majority of countries using inflation targets have done so when inflation was neither low nor stable. Many such countries have changed their target each year, and our empirical estimates support theoretical predictions that annual changes to the target are endogenous to outcomes....
Persistent link: https://www.econbiz.de/10014087353