However, the situation is complicated because individual differences across measures of central tendency
, dispersion, or distributional shape can be considerable (Luce, 1986).
They conclude that the Blue Chip consensus closely matches the FOMC's central tendency
forecasts; and, for 1983-94, the Blue Chip consensus was as good as or a better match for the FOMC forecasts than were the Federal Reserve Board staff Greenbook forecasts.
In order to answer the second task, a student would have to know how to compute (at least) the mean and median, compare the varying results, and then justify his or her choice of the more appropriate measure of central tendency
2] + [alpha] [greater than or equal to] 0 for p [greater than or equal to] 1 and the mean or median are used as the central tendency
Economic projections for 2004 and 2005, per cent Federal Reserve Governors and Reserve Bank presidents Indicator Range Central tendency
2004 Change, fourth quarter to fourth quarter (a) Nominal GDP 6-7 6 1/4-6 3/4 Real GDP 4-4 3/4 4 1/2-4 3/4 PCE price index excluding food and energy 1 1/2-2 1 3/4-2 Average level, fourth quarter Civilian unemployment rate 5 1/4 - 5 1/2 5 1/4-5 1/2 2005 Change, fourth quarter to fourth quarter(a) Nominal GDP 4 3/4-6 1/2 5 1/4-6 Real GDP 3 1/2-4 3 1/2-4 PCE price index excluding food and energy 1 1/2-2 1/2 1 1/2-2 Average level, fourth quarter Civilian unemployment rate 5-5 1/2 5-5 1/4 Source: Federal Reserve Board (2004).
Despite the close agreement regarding variability among these analyses, significant uncertainty remains regarding the appropriate central tendency
Determining which measure or measures of central tendency
to include initially depends on the level of measurement of the variable being described.
The members of the Board of Governors and the Reserve Bank presidents foresee an implicit strengthening of activity after the current rebalancing is over, although the central tendency
of their individual forecasts for real GDP still shows a substantial slowdown, on balance, for the year as a whole.
The revised projections are then reported as a range, listing the high and low values for each item, and as a central tendency
that omits extreme forecasts and is meant to be a better representation of the consensus view.
Source: A Guide to Tax Policy Analysis: The Central Tendency
of Federal Income Tax Liabilities in Distributional Analysis, Joint Economic Committee, U.
In sharp contrast, the present study focused not on measures of central tendency
, but on individual errors.
They recommended using statistical tests that compare distributions rather than central tendency
The issue is not what is happening to the central tendency
error occurs if an evaluator classifies a disproportionate number of employees within a group of his or her subordinates as being average.
FIGURES 1a & b reveal a striking similarity between the age distributions of infants from TABULAR DATA OMITTED Romano-British cemetery and non-cemetery sites, both distributions showing a strong central tendency
at around full term.