exclusively upon contemporaneous sources, including the recently released transcripts of Federal Open Market Committee (FOMC …) meetings during 1979. We then present and discuss in detail the reasons for the FOMC's adoption of the reform and the … inflation targeting. The record suggests that the reform was adopted when the FOMC became convinced that its earlier gradualist …

proposition in the context of FOMC policy decisions over the past 20 years using publicly available FOMC projections from the … biannual monetary policy reports to the Congress (Humphrey-Hawkins reports). Our results indicate that FOMC decisions can … indeed be predominantly explained in terms of the FOMC's own projections rather than observed outcomes. Thus, a forecast …

FOMC decisions varies 5 to 10 basis points between the best and worstperformers across the sample. This heterogeneity is … important as it leads to greater financial market volatility after FOMC meetings. Finally, policy-makers are not impotent in …

novel database for 268 professional forecasters since 1999, the average forecast error of FOMC decisions varies 5 to 10 … financial market volatility after FOMC meetings. Finally, Fed communication may exert an influence on forecast accuracy. …