Journal Article
When can we forecast inflation?
Abstract: This article reassesses recent work that has challenged the usefulness of inflation forecasts. The authors find that inflation forecasts were informative in 1977-84 and 1993-2000, but less informative in 1985-92. They also find that standard forecasting models, while generally poor at forecasting the magnitude of inflation, are good at forecasting the direction of change of inflation.
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Bibliographic Information
Provider: Federal Reserve Bank of Chicago
Part of Series: Economic Perspectives
Publication Date: 2002
Volume: 26
Issue: Q I
Pages: 32-44