CBO’s Economic Forecasting Record: 2017 Update

Congressional Budget Office

No 53090, Reports from Congressional Budget Office

Abstract: CBO regularly evaluates the quality of its economic forecasts by comparing them with the economy’s actual performance and with the Administration’s forecasts and the Blue Chip consensus, an average of about 50 private-sector forecasts. CBO’s forecasts have been comparable in quality to those of the Administration and the Blue Chip consensus. When CBO’s projections were inaccurate by large margins, the other two forecasters’ projections tended to have similar errors because all forecasters faced the same challenges.

JEL-codes: C53 H20 (search for similar items in EconPapers)
Date: 2017-10-02
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