Döpke, Jörg; Hartmann, Daniel; Pierdzioch, Christian - 2006
We report results on the ex ante predictability of monthly excess stock returns in Germany using real-time and revised … macroeconomic data. Our real-time macroeconomic data cover the period 1994-2005. We report three results. 1) Real-time macroeconomic … noisy real-time macroeconomic data would have been comparable to the performance of an investor who had access to revised …
