Housing Starts, Forecaster Herding, and the Livingston Survey

Christian Pierdzioch, Jan-Christoph Rulke

Abstract


Recent research shows that forecasts of housing starts provide evidence of forecaster anti-herding. Because this result is in contrast to the widespread belief that forecasters herd, we reexamined the question of forecaster anti-herding using data from the Livingston Survey. Using a novel empirical test developed by Bernhardt et al. (2006, Journal of Financial Economics, 80, 657-67), we found strong evidence that forecasters of U.S. housing starts anti-herd.


Full Text: PDF DOI: 10.5539/ijef.v4n7p52

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International Journal of Economics and Finance  ISSN  1916-971X (Print) ISSN  1916-9728 (Online)

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