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The irrelevance of tests for bias in series of macroeconomic forecasts

Roy H. Webb

Economic Review, 1987, vol. 73, issue Nov, 3-9

Abstract: 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.

Keywords: Forecasting (search for similar items in EconPapers)
Date: 1987
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Handle: RePEc:fip:fedrer:y:1987:i:nov:p:3-9:n:v.73no.6