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The Economics of Money, Banking and Financial Markets 4th Edition by Frederic Mishkin
Edition 4ISBN: 978-0133859997The Economics of Money, Banking and Financial Markets 4th Edition by Frederic Mishkin
Edition 4ISBN: 978-0133859997 Exercise 11
"Whenever it is snowing when Joe Commuter gets up in the morning, he misjudges how long it will take him to drive to work. Otherwise, his expectations of the driving time are perfectly accurate. Considering that it snows only once everY₁0 years where Joe lives, Joe's expectations are almost always perfectly accurate." Are Joe's expectations optimal? Why or why not?
Explanation
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Optimal forecast:
Optimal forecast is t...
The Economics of Money, Banking and Financial Markets 4th Edition by Frederic Mishkin
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