Fed's Bernanke on monetary policy modeling

In a speech on 'Monetary Policy Modeling: Where Are We and Where Should We Be Going?' given on 27, March Ben Bernanke of the Federal Reserve said researchers should aim to provide more realistic models of the economy, improve economic forecasting and explore how the public forms expectations about the future trend of inflation.

"Because monetary policy works with a lag, the ability of policymakers to stabilize the economy depends critically on our ability to peer into our cloudy crystal balls

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