Karamé, Frédéric; Patureau, Lise; Sopraseuth, Thepthida - Maison des Sciences Économiques, Université Paris 1 … - 2003
Meese and Rogoff [1983] show that macroeconomic models of the Seventies fail to outperform the random walk exchange rate forecasts. Macroeconomics thus provides useless information as far as out-of-sample exchange rate forecasting is concerned. However, since Meese and Rogoff's seminal paper,...