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A Comparative Analysis of the Rationality of Consensus Forecasts of U.S. Economic Indicators

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  • David C. Schirm

    (John Carroll University)

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    Abstract

    The purpose of this article is to investigate the rationality of two survey forecasts of selective U.S. macroeconomic performance measures that were widely followed in the financial markets during the 19902000 period. The research compares the rationality of survey forecast data from Money Market Services, Inc., and Thomson Financial. This article extends prior research that has evaluated the rationality of Money Market Services data for earlier time periods while also evaluating similar consensus forecast data from Thomson Financial that were widely reported in both Barron's and the Wall Street Journal during the 1990s.

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    Bibliographic Info

    Article provided by University of Chicago Press in its journal Journal of Business.

    Volume (Year): 76 (2003)
    Issue (Month): 4 (October)
    Pages: 547-562

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    Handle: RePEc:ucp:jnlbus:v:76:y:2003:i:4:p:547-562

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    Web page: http://www.journals.uchicago.edu/JB/

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    Cited by:
    1. Hess, Dieter & Orbe, Sebastian, 2011. "Irrationality or efficiency of macroeconomic survey forecasts? Implications from the anchoring bias test," CFR Working Papers 11-13, University of Cologne, Centre for Financial Research (CFR).
    2. Audretsch, David B. & Stadtmann, Georg, 2005. "Biases in FX-forecasts: Evidence from panel data," Global Finance Journal, Elsevier, vol. 16(1), pages 99-111, August.
    3. Ryuichi Yamamoto & Hideaki Hirata, . "Strategy Switching in the Japanese Stock Market," Working Paper 164466, Harvard University OpenScholar.
    4. Pearce, Douglas K. & Solakoglu, M. Nihat, 2007. "Macroeconomic news and exchange rates," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 17(4), pages 307-325, October.

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