Orphanides, Athanasios; Wieland, Volker - 2008
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 …