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On the accuracy of Federal Reserve forecasts of the budget deficit-output ratio

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  • Hamid Baghestani

Abstract

Monetary authorities, while unable to resolve fiscal imbalances, have to deal with their consequences in formulating monetary policy. This article asks whether the Federal Open Market Committee (FOMC) is provided with accurate forecasts of the federal budget deficit-output ratio. We show that the forecasts made in the period 1982 to 2002 are unbiased with useful predictive information above that contained in time-series forecasts.

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  • Hamid Baghestani, 2010. "On the accuracy of Federal Reserve forecasts of the budget deficit-output ratio," Applied Economics Letters, Taylor & Francis Journals, vol. 17(11), pages 1115-1118.
    • Handle: RePEc:taf:apeclt:v:17:y:2010:i:11:p:1115-1118
    DOI: 10.1080/00036840902817540
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