Leitner, Johannes; Schmidt, Robert; Bofinger, Peter - Wirtschaftswissenschaftliche Fakultät, Bayerische … - 2003
The empirical performance of macroeconomic exchange rate models is more than disappointing. This dismal result is also reflected in the forecasting capabilities of professional analysts: all in all, analysts are not in a position to beat naïve random walk forecasts. The root for this deficient...
