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Macroeconomic models, forecasting, and policymaking

Author

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  • Pescatori, Andrea
  • Zaman, Saeed

Abstract

Models of the macroeconomy have gotten quite sophisticated, thanks to decades of development and advances in computing power. Such models have also become indispensable tools for monetary policymakers, useful both for forecasting and comparing different policy options. Their failure to predict the recent financial crisis does not negate their use, it only points to some areas that can be improved.

Suggested Citation

  • Pescatori, Andrea & Zaman, Saeed, 2011. "Macroeconomic models, forecasting, and policymaking," Economic Commentary, Federal Reserve Bank of Cleveland, issue Oct.
  • Handle: RePEc:fip:fedcec:y:2011:i:oct5:n:2011-19
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    Cited by:

    1. Cook, Thomas R. & Smalter Hall, Aaron, 2017. "Macroeconomic Indicator Forecasting with Deep Neural Networks," Research Working Paper RWP 17-11, Federal Reserve Bank of Kansas City, revised 04 Sep 2017.
    2. Alberto Locarno, 2012. "Monetary policy in a model with misspecified, heterogeneous and ever-changing expectations," Temi di discussione (Economic working papers) 888, Bank of Italy, Economic Research and International Relations Area.

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    Keywords

    Forecasting; Macroeconomics;

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