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A statistical decision rule incorporating judgment does not perform worse than a judgmental decision with a given … whose probability of underperforming the judgmental decision is closest to the chosen probability. It is identified by the … statistical decision rule incorporating judgment with lowest in sample loss. Averaging decision rules according to their …
Persistent link: https://www.econbiz.de/10011921425
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We evaluate forecasts made in real time to support monetary policy decisions at Sveriges Riksbank (the central bank of Sweden) from 2007 to 2013. We compare forecasts made with a DSGE model and a BVAR model with judgemental forecasts published by the Riksbank, and we evaluate the usefulness of...
Persistent link: https://www.econbiz.de/10011443632
We evaluate forecasts made in real time to support monetary policy decisions at Sveriges Riksbank (the central bank of Sweden) from 2007 to 2013. We compare forecasts made with a DSGE model and a BVAR model with judgemental forecasts published by the Riksbank, and we evaluate the usefulness of...
Persistent link: https://www.econbiz.de/10012992089
This paper studies monetary policy committee transparency (MPCT) based on a new index that measures central bankers' educational and professional backgrounds as disclosed through central bank websites. Based on a novel cross-sectional data set covering 75 central banks, we investigate the...
Persistent link: https://www.econbiz.de/10013059625
We introduce heterogeneity into a monetary policy committee by allowing the degree of model uncertainty to differ across members. It is shown that in this framework the stage at which members reach consensus matters. An aggregation protocol under which members only average policy deemed optimal...
Persistent link: https://www.econbiz.de/10003980593
This paper studies monetary policy committee transparency (MPCT) based on a new index that measures central bankers' educational and professional backgrounds as disclosed through central bank websites. Based on a novel cross-sectional data set covering 75 central banks, we investigate the...
Persistent link: https://www.econbiz.de/10009305845
Persistent link: https://www.econbiz.de/10009259921
non-voting member following strategic motives in forecasting, i.e. non-voting members use their forecast to influence …
Persistent link: https://www.econbiz.de/10003962970
Persistent link: https://www.econbiz.de/10012211292