Whereas the language in the various Beige Books was relatively conservative, the Wall Street Journal sources may have used more extreme words or more exaggerated statements.
Evaluating the Eleventh District's Beige Book Federal Reserve Bank of Dallas Economic and Financial Review.
The regressions in panel A include data for Beige Books released between March 1994 and December 2001; panel B includes data for Beige Books released between May 1983 and February 1994.
Fettig, Rolnick, and Runkle used forecasts made later in the quarter than the Beige Books, whereas Balke and Petersen focused on forecasts released prior to or at the same time as the Beige Books.
Each author read and scored the Beige Books separately, assigning a value between -2 and 2 to each district and to the national summary.
The latter study used forecasts made later in the quarter than the Beige Books whereas Balke and Petersen focused on forecasts released prior to or at the same time as the Beige Books.
Louis District and roughly covers the time period of the two previous Beige Books.
All of this information is then summarized for the Beige Book by sector and district.
A smaller number of Fed districts have reported slower economic growth in recent Beige Books, with the latest showing only one clearly reporting a slowdown, compared with two in the October report and five in the September report.
As for the housing market, the Beige Book said, ''Almost all districts reported that overall housing market activity continued to slow, especially in the single-family segment.
To achieve some consistency of scoring using this approach, however, the researcher must read all the Beige Books "blind" (without knowing the date of each report) so as to prevent hindsight knowledge from contaminating scores.
Given the summary statements in each of the Beige Books described above, we can take advantage of the almost standardized formats of these statements and assign scores to the strength of the modifying adjectives used in these summaries, based on a pre-determined list of word values.