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Finally, we compare the baseline results obtained using IMF forecast errors with those obtained using the forecast errors of other forecasters, including the European Commission (EC), the Organization for Economic Cooperation and Development (OECD), and the Economist Intelligence Unit (EIU). Here, we find that the results hold for all the forecasters considered, with coefficients ranging from –1.1 to –0.4. The results are strongest, in terms of both economic and statistical significance, for forecasts published by the IMF and, to a slightly lesser extent, by the EC. .