Tomcat recently cited a Loehle and McClulloch analysis in which they basically took all prior reconstructions which didn't use tree rings (there were 18 of them), smoothed and standardized them, then averaged them together.
Paper available here:
http://www.ncasi.org/publications/Detail.aspx?id=3025
The paper concluded that MWP temperatures were ~0.3°C warmer than "20th century values". Since 20th century values varied by 0.7°C, I'm not sure what that means. Unfortunately, the paper was also fraught with problems as discussed here:
http://thatstrangeweather.blogspot.com/2007/11/loehle-reconstruction.html
http://www.realclimate.org/index.php/archives/2007/12/past-reconstructions/
McCulloch issued a correction of some of these errors:
http://www.econ.ohio-state.edu/jhm/AGW/Loehle/SupplementaryInfo.pdf
If you look at his final plot on page 12, you'll see that the weighted and culled plots show the MWP peak 0.1°C warmer than 1935, which was 0.55°C cooler than today.
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