Are Market Forecasts Rational?
Frederic S. Mishkin
Columbia Business School - Finance and Economics; National Bureau of Economic Research (NBER)
NBER Working Paper No. w0507
This paper conducts tests of the rationality of both inflation and short-term interest rate forecasts in the bond market. These tests are developed with the theory of efficient markets and make use of security price data to infer information on market expectations.
Number of Pages in PDF File: 20working papers series
Date posted: March 21, 2001
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