Forecastable Money-Growth Revisions: A Closer Look at the Data
The data for preliminary and revised U.S. money-growth data are reexamined. The findings contrast with those of the previous literature, which has concluded that the data revisions behave like classical measurement errors. This paper finds that the revisions are forecastable, which contradicts the random-measurement hypothesis as well as the efficient-forecast hypothesis. Although ill behaved in this manner, it is possible that the announcements represent observations rather than forecasts; however, the evidence suggests that they are a mixture of the two. This finding offers a potential explanation for the failure of the data to show significant real effects of money-growth revisions.
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Volume (Year): 23 (1990)
Issue (Month): 3 (August)
|Contact details of provider:|| Postal: Canadian Economics Association Prof. Steven Ambler, Secretary-Treasurer c/o Olivier Lebert, CEA/CJE/CPP Office C.P. 35006, 1221 Fleury Est Montréal, Québec, Canada H2C 3K4|
Web page: http://economics.ca/cje/
More information through EDIRC
|Order Information:|| Web: http://economics.ca/en/membership.php Email: |
When requesting a correction, please mention this item's handle: RePEc:cje:issued:v:23:y:1990:i:3:p:593-616. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Prof. Werner Antweiler)
If references are entirely missing, you can add them using this form.