ECONOMISTS develop economic models to explain consistently recurring relationships. Their models link one or more economic variables to other economic variables (see “What Are Economic Models,” F&D, ...

A massive staff of PhD's and sophisticated econometric models, what the Fed doesn't have is a track record that inspires confidence, says Caroline Baum. "A group that refuses to acknowledge the key ...

By enhancing forecast precision, the system enables governments to preempt budgetary imbalances, reduce waste, and optimize spending efficiency. The authors argue that the combination of machine ...