A reappraisal of the Meese–Rogoff puzzle

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A reappraisal of the Meese–Rogoff puzzle

Several explanations have been put forward for the Meese–Rogoff puzzle that exchange rate models cannot outperform the random walk in out-of-sample forecasting. We suggest that a simple explanation for the puzzle is the use of the root mean square error (RMSE) to measure forecasting accuracy, presen...

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Bibliographic Details
Main Authors:	Moosa, I., Burns, Kelly
Format:	Journal Article
Published:	Routledge 2014
Subjects:	random walk forecasting exchange rate models direction accuracy
Online Access:	http://hdl.handle.net/20.500.11937/5932

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