Rational bias in macroeconomic forecasts /

This paper develops a model of macroeconomic forecasting in which the wages firms pay their forecasters are a function of their accuracy as well as the publicity they generate for their employers by being correct. In the resulting Nash equilibrium, forecasters with identical models, information, and...

Full description

Bibliographic Details
Main Author: Laster, David
Corporate Author: Federal Reserve Bank of New York
Other Authors: Bennett, Paul, Geoum, In Sun
Format: Book
Language:English
Published: New York, N.Y. : Federal Reserve Bank of New York, 1997
Series:Staff reports ; n. 21
Subjects:
Online Access:https://papers.ssrn.com/sol3/papers.cfm?abstract_id=993826