Andrade, Philippe; Le Bihan, Hervé - In: Journal of Monetary Economics 60 (2013) 8, pp. 967-982
Using the ECB Survey of Professional Forecasters to characterize expectations at the micro-level, we emphasize two new facts: forecasters (i) fail to systematically update their forecasts and (ii) disagree even when updating. It is moreover found that forecasters have predictable forecast...