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Discussion Paper

Connecting “The Dots”: Disagreement in the Federal Open Market Committee


Abstract: People disagree, and so do the members of the Federal Open Market Committee (FOMC). How much do they disagree? Why do they disagree? We look at the FOMC’s projections of the federal funds rate (FFR) and other variables and compare them with those in the New York Fed’s Survey of Primary Dealers (SPD). We show that the members of the FOMC tend to disagree more than the primary dealers and offer some potential explanations.

Keywords: FOMC; Primary Dealer Survey; Disagreement; Summary of Economic Projections (SEP);

JEL Classification: E2; E5;

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Bibliographic Information

Provider: Federal Reserve Bank of New York

Part of Series: Liberty Street Economics

Publication Date: 2014-09-25

Number: 20140925a