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About Us
We’re one of 12 regional Federal Reserve Banks working together with the Board of Governors to support a healthy economy. Our job is to serve the American public — to serve you. And our mission is to foster economic stability and strength.

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Economic Research
We conduct research to support policymaking and thought leadership on issues important to the Federal Reserve and the Fifth District. We also inform the public through our data and economic analysis, publications, presentations and educational resources.

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Banking & Supervision
We help ensure our financial system is operating safely and effectively, and we help support secure and efficient methods to transfer your funds through our financial system.
Education
We work with teachers, students and the public to enhance understanding of economics, personal finance and the Federal Reserve.

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Community Development
We work with community partners to identify and address economic challenges and opportunities in low- and moderate-income communities in the Fifth District.

Economic Review

Nov/Dec, 1987

The Irrelevance of Tests for Bias in Series of Macroeconomic Forecasts

The idea of rational expectations has revolutionized macroeconomics. Several authors believe that the idea can be easily tested by a simple econometric procedure. This paper, however, presents several reasons for questioning the relevance of such tests.

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Karl Rhodes (804) 697-8144

Economic Review

Nov/Dec, 1987

The Irrelevance of Tests for Bias in Series of Macroeconomic Forecasts

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