TY - UNPD A1 - Rülke, Jan-Christoph A1 - Tillmann, Peter T1 - Do FOMC members herd? N2 - Twice a year FOMC members submit forecasts for growth, unemployment and inflation to be published in the Humphrey-Hawkins Report to Congress. In this paper we use individual FOMC forecasts to assess whether these forecasts exhibit herding behavior, a pattern often found in private sector forecasts. While growth and unemployment forecast do not show herding behavior, the inflation forecasts show strong evidence of anti-herding, i.e. FOMC members intentionally scatter their forecasts around the consensus. Interestingly, anti-herding is more important for nonvoting members than for voters. T3 - WHU – Working Paper Series in Economics - WP 11/03 KW - Federal Open Market Committee KW - Monetary policy KW - Geldpolitik KW - Forecasting KW - Prognose KW - Herding KW - Herdentrieb Y1 - 2017 UR - https://opus4.kobv.de/opus4-whu/frontdoor/index/index/docId/421 UR - https://nbn-resolving.org/urn:nbn:de:hbz:992-opus4-4212 VL - 2011 IS - WP 11/03 PB - WHU – Otto Beisheim School of Management CY - Vallendar ER -