Separate from the work that directly supports the Fed’s decisions on monetary policy and financial oversight, Fed economists and other researchers in Washington and at each of the 12 Reserve Banks are engaged in a broad array of independent academic research aimed at adding to the general knowledge and understanding of the economy.
4 Conclusion Ladies and gentlemen, the discovery of the “Clever Hans phenomenon” was a major breakthrough for experimental psychology and led to further research on the effects of expectations. For example, evidence was found that teachers’ expectations could have an impact on students’ performance. [9] More generally, “Clever Hans” may highlight the importance of designing experiments properly in order to avoid biased results.