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Macroeconomic models, forecasting, and policymaking

Author

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  • Andrea Pescatori
  • Saeed Zaman

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

  • Andrea Pescatori & Saeed Zaman, 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
    DOI: 10.26509/frbc-ec-201119
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    Cited by:

    1. KAMKOUM, Arnaud Cedric, 2023. "The Federal Reserve’s Response to the Global Financial Crisis and its Effects: An Interrupted Time-Series Analysis of the Impact of its Quantitative Easing Programs," Thesis Commons d7pvg, Center for Open Science.
    2. Thomas R. Cook & Aaron Smalter Hall, 2017. "Macroeconomic Indicator Forecasting with Deep Neural Networks," Research Working Paper RWP 17-11, Federal Reserve Bank of Kansas City.
    3. KAMKOUM, Arnaud Cedric, 2023. "The Federal Reserve’s Response to the Global Financial Crisis and Its Long-Term Impact: An Interrupted Time-Series Natural Experimental Analysis," OSF Preprints 53qbm, Center for Open Science.
    4. Rosa Canelli & Riccardo Realfonzo & Francesco Zezza, 2022. "An empirical Stock‐Flow Consistent regional model of Campania," Papers in Regional Science, Wiley Blackwell, vol. 101(1), pages 209-257, February.
    5. 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.
    6. JACKSON Emerson Abraham & TAMUKE Edmund & JABBIE Mohamed, 2019. "Disaggregated Short-Term Inflation Forecast (Stif) For Monetary Policy Decision In Sierra Leone," Revista Economica, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 71(3), pages 31-53, November.

    More about this item

    Keywords

    Macroeconomics; Forecasting;

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