Economists Like Jokes Too

Economics may be known as the dismal science, but we know how to crack a joke here and there as well.  Here's some proof that the Fed isn't just a bunch of tightly-wound Ph.D's but people who know how to appreciate a good laugh:

These jokes are from Mr. Stockton who works in the research arm of the Federal Reserve Bank:

In March 2004: “When asked in the past how confident I have been about various aspects of our projection, I believe the record will show that I have almost consistently responded “not very.” It looks as though I’ll be pretty safe sticking to that answer.” [Laughter]

In May 2004: “After countless meetings and much effort to assemble the Greenbook over the past few weeks, I must admit that it was disappointing to come to work last Thursday to find that our forecast had a half-life shorter than a jar of mayonnaise in the Mojave Desert. [Laughter] As you know, the BEA reported that their advance estimate of the growth in real GDP in the first quarter was 4.2 percent at an annual rate—a full percentage point less than the forecast that we had published only the day before. {WSJ NOTE: The Greenbook is the internal economic forecast of Fed staff.}

In November 2004: I suspect that for many current and former New Englanders, the stirring victory of the Boston Red Sox last month gave hope to other long-deferred dreams. In my case, I mused that if the Red Sox could come from behind to beat the Yankees and then sweep the World Series, wasn’t it possible for the staff one day to get the near-term employment forecast right? [Laughter]

In December 2004: “If the partial-expensing effect turns out to be smaller than we have estimated and underlying demand for equipment correspondingly stronger, the economy is likely to carry somewhat greater momentum into early next year than is implicit in our forecast. While crossing one’s fingers is not a forecasting methodology typically covered in graduate-level econometrics, that is what we will be doing over the next few months.” [Laughter]

On second thought, I don't think Dane Cook has to worry about this upcoming comedian too much.

(Original article is found here.)

-Brandon