RBA paper assesses FOMC’s forecasting performance
RBA and Fed economists collaborate on study of forecasting errors
Economists at the Reserve Bank of Australia (RBA) and US Federal Reserve have collaborated on a study of the effectiveness of the Federal Open Market Committee's (FOMC) forecasts.
The research discussion paper, published by the RBA on February 28, makes a comparison of historical root mean squared errors of the forecasts by individual FOMC members.
David Reifschneider of the Fed and the RBA's Peter Tulip find the difference in errors across FOMC members tends to be small, which they say implies
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