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Dandan Liu and Michael A Ellis
''FOMC forecasts and economic policy uncertainty''
( 2021, Vol. 41 No.2 )
This paper investigates the influence of economic policy uncertainty on Federal Open Market Committee (FOMC) meeting participants' economic forecasts. We find evidence that during periods when the public had increased uncertainty about economic policy there was little change in the dispersion of views by FOMC meeting participants about the future path of inflation, consistent with increased emphasis on inflation objectives prior to formal inflation targeting. In contrast, there was increased dispersion of FOMC unemployment rate forecasts.
Keywords: Federal Open Market Committee, economic policy uncertainty, forecasting
JEL: E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit: General
Manuscript Received : Aug 03 2020 Manuscript Accepted : Apr 09 2021

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