A defence of the FOMC
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...
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| Format: | Working paper |
| Udgivet: |
University of Oxford
2009
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