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The Economics of Money, Banking, and Financial Markets 10th Edition by Frederic Mishkin
Edition 10ISBN: 978-0132763646The Economics of Money, Banking, and Financial Markets 10th Edition by Frederic Mishkin
Edition 10ISBN: 978-0132763646 Exercise 22
"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 every 10 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 10th Edition by Frederic Mishkin
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