One of the many, many interesting things in the Federal Reserve’s 2008 transcripts is the staff briefing materials for the mid-December FOMC meeting, which include: The Federal Reserve’s forecasts as of mid-December surely assume some boost to the economy from a Recovery Act program, but one in the $300 billion-over-three-years rather than the–enacted–$800 billion-over-three-years program. … Continue reading Yes, Christina Romer and Jared Bernstein Were Far on the Pessimistic (and Correct) Side of Forecast Consensus in December 2008. Why Do You Ask?