For related assessments of forward guidance, see Campbell and others (2012); Engen, Laubach, and Reifschneider (2015); Campbell and others (2017); and Swanson (2017). 24 Starting in 1979, the Federal Reserve published a summary of individual economic projections from various Board members, FOMC members, or FOMC participants in the semiannual Monetary Policy Report.
With the introduction of the Summary of Economic Projections (SEP) in 2007, the FOMC increased the frequency of the releases of policymaker projections, expanded the set of economic variables included, and extended the forecast horizon.