Irrationality or Efficiency of Macroeconomic Survey Forecasts? Implications from the Anchoring Bias Test
in Review of Finance
November 2013; p ublished online January 2013 .
Journal Article. Subjects: General Aggregative Models; Financial Forecasting and Simulation; Economics; Prices, Business Fluctuations, and Cycles. 10869 words.
Recent findings indicate that macroeconomic survey forecasts are anchoring biased and therefore are inefficient. However, despite highly significant test coefficients, a bias adjustment...