In particular, they note, the use of forecast-based policies does not require that the policy committee members adhere strictly to a particular econometric model or economic theory. Economic forecasts, in central banks as in the private sector, typically reflect the output of a suite of models and statistical methods, plus a heavy dose of the judgment and insights of experienced economists.
At this point, I think it is too soon to say. The Federal Reserve and the Conference of State Bank Supervisors began this conference three years ago in order to stimulate research on community banks, with the goal of improving our understanding of their condition and their important contributions to economic growth and prosperity.