Fed's forecasts have declined since early 1990s
The Federal Reserve's forecasts of inflation and output have deteriorated since 1991, research published by the Central Bank and Financial Services Authority of Ireland finds.
The Fed's forecasts outperformed those provided by commercial forecasters from 1970 to 1991, according to research by husband and wife team Christina and David Romer, published in 2000. But the central bank's research shows that between 1992 and 2001, the superior accuracy of the Fed's forecasts held only over a very short
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