Thought experiment

What would central bank [plus other government agency, and economists'] forecasts look like (compared to data) if they were using the wrong macroeconomic theory?

My gallery ...

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Update 14 April 2016

Here's another one:

Update 9 June 2016, H/T @NinjaEconomics

Update 15 March 2017, H/T @Rumplestatskin (Cameron Murray)

Update 11 July 2017

Update 6 October 2017 (H/T Simon Wren-Lewis)

(Counterpoint: this dynamic information equilibrium model.)


Update 13 August 2018 (H/T Ernie Tedeschi)

(Counterpoint: this dynamic information equilibrium model.)

Update 12 December 2018 (H/T J.W. Mason)

Also in the same thread (adorable):

Update 2 May 2019 (H/T Ernie Tedeschi)

Update 10 June 2019 (H/T Jared Bernstein via Tim Duy and Tom Buerkle):

Update 15 December 2019 (H/T Greg IP)

Update 17 September 2020 (from here via Fabio Ghironi)