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relationship between a change in trend growth rates and forecast bias, as suggested in the literature, breaks down when only …
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The idea of rational expectations has revolutionized macroeconomics. Several authors believe that the idea can be easily tested by a simple econometric procedure. This paper, however, presents several reasons for questioning the relevance of such tests
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examine how tests for bias in expectations, measured using the Survey of Professional Forecasters, have changed over time. In … how to measure the accuracy of forecasts. The results of bias tests are found to depend on the subsample in question, as …
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