Do FOMC members herd?

Jan-Christoph Rülke and Peter Tillmann

Economics Letters, 2011, vol. 113, issue 2, 176-179

Abstract: We show that growth and unemployment forecasts submitted by individual FOMC members do not exhibit herding behavior, while the inflation forecasts show strong evidence of anti-herding. Interestingly, anti-herding is more important for non-voting members than for voters.

Keywords: Federal Open Market Committee; Monetary policy; Forecasting; Herding (search for similar items in EconPapers)
JEL-codes: E27 E43 E52 (search for similar items in EconPapers)
Date: 2011
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Citations: View citations in EconPapers (23)

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Working Paper: Do FOMC Members Herd? (2010)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:113:y:2011:i:2:p:176-179

DOI: 10.1016/j.econlet.2011.07.016

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