Whelan, Karl; D'Agostino, Antonello - School of Economics, University College Dublin - 2008
Using data from the period 1970-1991, Romer and Romer (2000) showed that Federal Reserve forecasts of inflation and … short time horizon and was limited to its forecasts of inflation. In addition, the performance of both the Fed and the … commercial forecasters in predicting inflation and output, relative to that of “naive” benchmark models, dropped remarkably …