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
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@centralbanking.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@centralbanking.com
More on Monetary Policy
Turkey official inflation surges to nearly 70%
Finance minister Şimşek says inflation will peak in May and then decline
Neutral interest rates at pre-pandemic levels, Bank of Canada finds
Nominal neutral interest rates in both countries sit between 2.25% and 3.25%
Czech National Bank cuts rates by 50 basis points
Central European country follows in Hungary’s footsteps in easing
Bank of Russia holds rates
Nabiullina hints at significant fiscal change and says “inflationary pressure” remains
Pakistan holds interest rate ahead of IMF loan review
Central bank says inflation remains high even after dropping in March
Research probes US consumers’ dislike of inflation
People prefer inflation close to zero but may misunderstand the underlying processes, studies find
Thai prime minister tells lenders to cut interest rates
Move comes amid continued tensions between government and central bank
Ukraine cuts rates as inflation falls
Central bank is positive over foreign aid but says economic damage from war could worsen
Most read
- ECB staff speak out against changes to internal survey
- Central bank of the year: Central Bank of Brazil
- Fed holds rates as it struggles with inflation’s last mile