However, the MPs said its forecasts have been "biased to over-optimism" with most forecasts having to be revised downwards.
Despite the economic turmoil, over-optimism persists at many banks, countries, and regulatory bodies.
In a regulated economy, the government props up failing firms, thereby creating the moral hazard that adds to the over-optimism.
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Mr Osborne quoted the OBR as saying: "The weaker than expected growth can be more than accounted for by over-optimism regarding net trade".
Another government policy fuels the over-optimism: failure has been (almost) outlawed.
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Mr Osborne is certainly guilty of over-optimism in the past, especially claiming that an aggressive fiscal tightening would show immediate benefits by promoting growth, rather than depressing demand.
Analysis based on cash flow would have stressed the over-valuation of the technology sector in the first weeks of 2000 and now warns about over-optimism in the consumer areas.
And the report also stated that over-optimism among defence chiefs and the defence industry led to unrealistically low estimates of the cost of major pieces of equipment, which later have to be revised upwards during production.
The U.S. equities markets were really a big driver of this pair as optimism over second-quarter bank earnings were all the rage yesterday and led traders to pull back from the safe-haven yen trade.
Coming from Singapore to California during the height of the financial crisis, we uncovered more and more horror stories over casual conversations about debt and over-leverage, fueled by relentless, uninformed optimism.
Last year, Ireland faced England with optimism following a hard-fought victory over Wales.
It could also persuade more firms to consider going public, which could eventually saturate the market (like during the dot-com rush) and dampen investor optimism over the future prospects of these firms.
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But for all the optimism hovering over the continent, its numerous socio-political shortcomings are well documented.
This is an 11-week low for optimism that stock prices will rise over the next six months.
This is an eight-week high for optimism that stock prices will rise over the next six months.
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Instead, the two dueled it out in an ill-advised primary race late last year in which Renzi - and the center-left -- ultimately lost after Bersani sold the party faithful on experience over optimism.
Another reason for my short-term optimism is that a record amount of buybacks have been announced over the past few months.
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There will be much talk about how the eurozone crisis can be solved, what the next step should be in the US where a debt ceiling still casts a dark shadow over optimism, and about how income inequality has become a problem for all - rather than merely an advantage for haves over have-nots.
Over the same period, the Hang Seng Index has risen 14%, reflecting foreign-investor optimism about China's long-term prospects.
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Some commentators also credited the stalemate in long-term European budget talks, which helped forestall further imminent austerity measures and some optimism over Greece and a fiscal cliff resolution.
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Horton not only up big over the last year-plus but also delivering on those expectations with recent profit reports that cleared a high hurdle of optimism.
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In all of the celebration of Ronald Reagan it is striking that GOP die-hards still place his bundle of ideas (economic growth) over how he tapped into a consensus desire (optimism).
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