Working paper/research report

Publication year: 2010

URL: https://hdl.handle.net/10419/56536

Title of series: MAGKS Joint discussion paper series in economics

Number in series: 2010, 32

Abstract: 

Twice a year FOMC members submit forecasts for growth, unemplyoment and in ation to be published in the Humphrey-Hawkins Report to Congress. In this paper we use individual FOMC forecasts to assess whether these forecasts exhibit herding behavior, a pattern often found in private sector forecasts. While growth and unemployment forecast do not show herding behavior, the in ation forecasts show strong evidence of anti-herding, i.e. FOMC members intentionally scatter their forecasts around the consensus. Interestingly, anti-herding is more important for nonvoting members than for voters.

Harvard Citation style: Rülke, J. and Tillmann, P. (2010) Do FOMC members herd?
. (MAGKS Joint discussion paper series in economics, 2010, 32). Marburg: Philipps-University Marburg. https://hdl.handle.net/10419/56536

APA Citation style: Rülke, J., & Tillmann, P. (2010). Do FOMC members herd?
. (MAGKS Joint discussion paper series in economics, 2010, 32). Philipps-University Marburg. https://hdl.handle.net/10419/56536