DoeS THe FeDeraL reSerVe STaFF STiLL beaT PriVaTe ForeCaSTerS ?

Abstract

The aim of this paper is to assess whether the findings of Romer and Romer (2000) on the superiority of staff forecasts are still valid today. The paper uses both latest available econometric techniques as well as conventional tests. Several tests for forecast rationality show that a necessary condition for good forecast performance is satisfied both for… (More)

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