Friday, August 5, 2011

Central bankers without a clue

Bernanke Models Prove Faulty as Fed Forecasts Succumb to Downward Revision

-- “We haven’t had any historical event that really would allow us to reliably statistically calibrate an event like the one we’ve had,” David Stockton, director of the Fed’s Division of Research and Statistics, who has overseen forecasting for a decade, said in an interview at the end of June. “There isn’t going to be a simple story here.” --
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