Komunjer, Ivana; Owyang, Michael T. - Federal Reserve Bank of St. Louis - 2007
vector forecasts in the growth rate in nominal output, the CPI inflation rate, and a short-term interest rate. … monetary policy (Friedman, 1968), the natural rate hypothesis (Sargent,
1973; Shiller, 1978), and bond markets (Modigliani and … use our test to
study the joint rationality of macroeconomic forecasts in the growth rate of nominal
output, the CPI …