Suchergebnisse

At the end of November 2004, well-known and highly respected scholar Steven Kelman of the Kennedy School of Government at Harvard University asked a question about research on outyear budgetary consequences of agency cost savings. Kelman's question stimulated a dialogue on the topic on the IPMN listserver that is represented in this symposium, in roughly the order in which comments were transmitted, with only minor editing. The dialogue tells much about current views on the utility, or lack thereof, of research on outyear savings and the wisdom of allowing agencies to carry-forward savings from one year to another.

Bauer, Rudebusch, and Wu (2014) advocate the use of bias-corrected estimates in their comment on Wright (2011). Econometric estimation of a macro-finance VAR provides quite imprecise estimates of future short-term interest rates. Nonetheless, comparison with survey responses indicates that the proposed bias-corrected point estimates are less plausible than their maximum-likelihood counterparts. (JEL E31, E43, E52, G12, H63)