Since November 2007, the Federal Open Market Committee (FOMC) of the U.S. Federal Reserve has regularly published participants’ qualitative assessments of the uncertainty attending their individual forecasts of real activity and inflation, expressed relative to that seen on average in the...

Low interest rates in the United States have recently been accompanied by large fiscal stimulus. However, previous discussions of monetary policy did not anticipate this fiscal activism, leading to over-estimates of the costs of the zero lower bound and, hence, of the appropriate inflation...

Participants in meetings of the Federal Open Market Committee (FOMC) regularly produce individual projections of real activity and inflation that are published in summary form. These summaries indicate participants' views about the most likely course for the macro-economy but, by themselves, are...