Abstract
As we look at the first of the Federal Reserve's enhanced economic projections, it is important to understand what they are and what they are not, says Stephen Cecchetti, the Rosenberg Professor of Global Finance at Brandeis International Business School. The Federal Reserve's revamped economic projections, published on Tuesday, are extremely informative. They are clearly an enormous step toward transparency. Let's look at what we learn from this first set of forecasts.