A theory of the bureaucratic value of Federal Reserve operating procedures
β Scribed by Neil T. Skaggs
- Publisher
- Springer US
- Year
- 1984
- Tongue
- English
- Weight
- 657 KB
- Volume
- 43
- Category
- Article
- ISSN
- 0048-5829
No coin nor oath required. For personal study only.
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## Abstract The Federal Reserve Greenbook forecasts of real GDP, inflation and unemployment are analysed for the period 1974β1997. We consider whether these forecasts exhibit systematic bias, and whether efficient use is made of information, that is, whether revisions to these forecasts over time a
The Federal funds rate is also an ingredient in marc sophisticated measures of monetary policy as described in Bernankc and Mihov (1995) and Strongin (1995). Those measures also incorporate the volumc of nonborrowed and total reserves. 2See, for example, McGee (1995).