Technically, at any time the FOMC consists only of the members of the Board of Governors and the presidents of five of the 12 regional Federal Reserve Banks. For simplicity, however, in this paper “members” is used as shorthand for the governors and all the regional bank presidents.
A New Data Set on Monetary Policy: The Economic Forecasts of Individual Members of the FOMC
Version of Record online: 15 JUL 2010
© 2010 The Ohio State University
Journal of Money, Credit and Banking
Volume 42, Issue 5, pages 951–957, August 2010
How to Cite
ROMER, D. (2010), A New Data Set on Monetary Policy: The Economic Forecasts of Individual Members of the FOMC. Journal of Money, Credit and Banking, 42: 951–957. doi: 10.1111/j.1538-4616.2010.00314.x
This paper is an outgrowth of joint work with Christina Romer, who provided invaluable suggestions and comments. In addition, David Small answered numerous inquiries; Donald Kohn, Vincent Reinhart, and the referees provided helpful comments; Ioannis Tokatlidis provided research assistance; and the National Science Foundation provided financial support. The views expressed do not necessarily reflect the views of the International Monetary Fund.
- Issue online: 15 JUL 2010
- Version of Record online: 15 JUL 2010
- Received September 1, 2009; and accepted in revised form March 3, 2010.
- monetary policy;
This paper describes a new data set of the forecasts of output growth, inflation, and unemployment prepared by individual members of the Federal Open Market Committee. The paper discusses the scope of the data set, possibilities for extending it, and some potential uses. It offers a preliminary examination of some of the cross-sectional features of the data.