This paper addresses the question whether forecasters could have been able to produce better forecasts by using the available information more efficiently (informational efficiency of forecast). It is tested whether forecast errors covariate with indicators such as survey results, monetary data,...

This paper addresses the question whether forecasters could have been able to produce better forecasts by using the available information more efficiently (informational efficiency of forecast). It is tested whether forecast errors covariate with indicators such as survey results, monetary data,...