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Central bank macroeconomic forecasting during the global financial crisis: the European Central Bank and Federal Reserve Bank of New York experiences

Luci Alessi, Eric Ghysels (), Luca Onorante, Richard Peach () and Simon Potter

No 680, Staff Reports from Federal Reserve Bank of New York

Abstract: This paper documents macroeconomic forecasting during the global financial crisis by two key central banks: the European Central Bank and the Federal Reserve Bank of New York. The paper is the result of a collaborative effort between the two institutions, allowing us to study the time-stamped forecasts as they were made throughout the crisis. The analysis does not focus exclusively on point forecast performance. It also examines density forecasts, as well as methodological contributions, including how financial market data could have been incorporated into the forecasting process.

Keywords: macro forecasting; financial crisis (search for similar items in EconPapers)
JEL-codes: B41 E32 G01 N20 (search for similar items in EconPapers)
Pages: 41 pages
Date: 2014-07-01
New Economics Papers: this item is included in nep-cba, nep-for, nep-hpe, nep-mac and nep-mon
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (66)

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Journal Article: Central Bank Macroeconomic Forecasting During the Global Financial Crisis: The European Central Bank and Federal Reserve Bank of New York Experiences (2014) Downloads
Working Paper: Central bank macroeconomic forecasting during the global financial crisis: the European Central Bank and Federal Reserve Bank of New York experiences (2014) Downloads
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