A defence of the FOMC

A defence of the FOMC

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We defend the forecasting performance of the FOMC from the recent criticism of Christina and David Romer. Our argument is that the FOMC forecasts a worst-case scenario that it uses to design decisions that will work well enough (are robust) despite possible misspecification of its model. Because t...

书目详细资料
Main Authors:	Ellison, M, Sargent, T
格式:	Working paper
出版:	University of Oxford 2009

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