  This paper examines the question whether information is contained in
forecasts from DSGE models beyond that contained in lagged values, which are
extensively used in the models. Four sets of forecasts are examined. The
results are encouraging for DSGE forecasts of real GDP. The results suggest
that there is information in the DSGE forecasts not contained in forecasts
based only on lagged values and that there is no information in the
lagged-value forecasts not contained in the DSGE forecasts. The opposite is
true for forecasts of the GDP deflator.
  Keywords: DSGE forecasts, Lagged values
  JEL Classification Codes: E10, E17, C53
