Forecasts are those that were actually made in real time, that is, at the time at which the corresponding policy rate was chosen. For the period through 2004, these forecasts are the staff forecasts (the so-called Greenbook forecasts) that were prepared for each policy meeting.
As regards deposit insurer’s response to financial crisis, I would like to say that a deposit insurer, in collaboration with the regulator, should develop an advanced sensory system for early detection of crisis and excellent contingency planning with adequate funds on demand so as to nip the crisis in the bud and safeguard depositors’ interests.