Forecasting of ECB and New York Fed became ‘noticeably worse’ during crisis


The forecast performance of the European Central Bank (ECB) and the Federal Reserve Bank of New York got "noticeably worse" during the financial crisis, but was still "comparable to that of outside forecasters", according to a working paper published by the ECB yesterday.

In particular, the paper notes, the central banks missed opportunities to improve their performance, as they could have used high-frequency financial data "more efficiently".

The paper – Central Bank Macroeconomic Forecasting

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