ABSTRACT
A model is said to have a decisive role on policy when information based on model properties alters the course that monetary policy would have taken in the absence of that information. As evidence of a decisive role one would like to see unambiguous statements from FOMC members indicating that the decision is solely based on the model or that, out of all considerations, model simulations were decisive. We did not find such statements. This category is, nevertheless, useful because one cannot rule out a priori such a role as new transcripts become available.
