Policy-makers, forecasters and market analysts all face the same problem: “given the latest news, should I change my current assessment of the economic outlook?” Answering this question is particularly difficult given all the uncertainty in the economy – uncertainty about the current state of the economy, uncertainty about its true structure, uncertainty about the accuracy of the models used, and uncertainty about the quality of the available data.
Interesting Piece, EC4333 students should take a look.
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