We examine the forecasting performance of standard macro models of exchange rates in real time, using dozens of different vintages of the OECDs Main Economic Indicators database. We calculate out-of-sample forecasts as they would have been made at the time, and compare them to a random walk...

In various screening environments agents have preferences that are independent of their type, making standard techniques infeasible. We show how a principal who faces multiple agents and whose preferences exhibit complementarities can benefit by coordinating her actions. Coordination delivers a...