Survey respondents over-forecast inflation: they expect it to be higher than itturns out to be. Furthermore, people are generally overconfident in theirforecasts. In two experiments, we show that providing outcome feedback thatinforms people of the actual level of the inflation that they have forecastreduces both over-forecasting and overconfidence in forecasts. Theseimprovements were preserved even after feedback had been withdrawn, a findingthat indicates that they were not produced because feedback had a temporaryincentive effect but because it had a more permanent learning effect. However,providing forecasters with more outcome feedback did not have a greater effect.Feedback appears to provide people with information about biases in theirjudgments and, once they have received that information, no additional advantageis obtained by giving it to them again. Reducing over-forecasting also had noclear effect on overall error. This was because providing outcome feedback afterevery judgment also affected the noise or random error in forecasts, increasingit by a sufficient amount to cancel out the benefits provided by the reductionin over-forecasting.