Berger, Helge; Ehrmann, Michael; Fratzscher, Marcel - Fachbereich Wirtschaftswissenschaft, Freie Universität … - 2008
monetary policy decisions. Based on a novel database for 268 professional forecasters since 1999, the average forecast error of … anticipating monetary policy. This evidence is indicative that limited attention and heterogeneous priors are present even for … anticipating important events such as monetary policy decisions. Moreover, the paper shows that such heterogeneity is economically …