tag:blogger.com,1999:blog-2499715909956774229.post6319516513169324745..comments2024-03-22T22:37:02.639-07:00Comments on Stephen Williamson: New Monetarist Economics: Bullard DissentStephen Williamsonhttp://www.blogger.com/profile/01434465858419028592noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-2499715909956774229.post-73415477965228954912013-06-21T12:45:53.176-07:002013-06-21T12:45:53.176-07:00Bernanke seems to be much more focused on the outl...Bernanke seems to be much more focused on the outlook than Bullard. Does Bernanke really believe that the Fed can accurately forecast the macro economy 4-6 quarters into the future? Theoretically it makes sense for the FOMC to be forward looking, but it's less useful if in reality the Fed's forecasts come with substantial error bands. Real-time confirmation matters a geat deal, I think.<br /><br />KP<br /><br />KPAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-2499715909956774229.post-42142657801524455762013-06-21T11:18:22.270-07:002013-06-21T11:18:22.270-07:00Note that, in Bernanke's statement, he tells y...Note that, in Bernanke's statement, he tells you that the dates are conditional on the Fed's forecast. I guess what you're saying is that the forecast isn't worth much. Maybe that's Bullard's point too.Stephen Williamsonhttps://www.blogger.com/profile/01434465858419028592noreply@blogger.comtag:blogger.com,1999:blog-2499715909956774229.post-30617127495927854792013-06-21T11:05:45.255-07:002013-06-21T11:05:45.255-07:00It doesn't make any sense that the FOMC is spe...It doesn't make any sense that the FOMC is specifying dates for policy changes, precisely because the FOMC policy is data dependent. The FOMC has no clue what it will do next year; it all depends on how the data are coming in.<br /><br />KPAnonymousnoreply@blogger.com