Markiewicz, Agnieszka; Pick, Andreas - In: Journal of Economic Behavior & Organization 107 (2014) PB, pp. 685-707
professional forecasters. For macroeconomic series they usually perform significantly better than a naïve random walk forecast. In …This paper investigates the ability of the adaptive learning approach to replicate the expectations of professional … forecasters. For a range of macroeconomic and financial variables, we compare constant and decreasing gain learning models to …