FOMC members too bullish on growth, researchers at San Francisco Fed say
US monetary policymakers persistently overoptimistic about future growth since crisis
Since 2007, Federal Open Market Committee participants have persistently been too optimistic about future US economic growth, according to a Federal Reserve Bank of San Francisco economic letter published yesterday.
Persistent Overoptimism about Economic Growth, by Kevin Lansing and Benjamin Pyle, notes real GDP growth forecasts have "typically started high" before being revised down over time "as the incoming data continue to disappoint".
Possible explanations for this pattern include missed
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