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    Inattentive professional forecasters

    Access Status
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    Authors
    Le Bihan, Herve
    Andrade, P.
    Date
    2013
    Type
    Journal Article
    
    Metadata
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    Citation
    Le Bihan, H. and Andrade, P. 2013. Inattentive professional forecasters. Journal of Monetary Economics. 60 (8): pp. 967-982.
    Source Title
    Journal of Monetary Economics
    DOI
    10.1016/j.jmoneco.2013.08.005
    ISSN
    0304-3932
    School
    School of Economics and Finance
    URI
    http://hdl.handle.net/20.500.11937/55886
    Collection
    • Curtin Research Publications
    Abstract

    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 errors. These facts are qualitatively supportive of recent models of inattention and suggest a setup where agents imperfectly process information due to both sticky information à la Mankiw-Reis, and noisy information à la Sims. However, building and estimating such an expectation model, we find that it cannot quantitatively replicate the error and disagreement observed in the data. © 2013 Elsevier B.V.

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