Measuring the Information Content of the Beige Book: A Mixed Data Sampling Approach
用混合频率数据抽样模型分析美联储褐皮书对产出和就业的预测能力，发现其全国摘要和地区报告能预测GDP和就业，且多数地区报告对地区就业有信息含量。
Studies of the predictive ability of the Federal Reserve's Beige Book for aggregate output and employment have proven inconclusive. This might be attributed, in part, to its irregular release schedule. We use a model that allows for data sampling at mixed frequencies to analyze the predictive power of the Beige Book. We find that the Beige Book's national summary and District reports predict GDP and aggregate employment and that most District reports provide information content for regional employment. In addition, there appears to be an asymmetry in the predictive content of the Beige Book language.