Exchange Rate Expectations and Functional Misspecification
用Cooley-Prescott自适应模型检验三种常用汇率预期模型是否存在函数设定错误，并检验预测的异质性，发现没有严重设定错误但存在一定异质性。
The authors employ the Cooley-Prescott adaptive model to examine for functional misspecification in three commonly used exchange rate expectation models. They also test for heterogeneity among forecasts. The authors find no serious misspecification problem but some heterogeneity in expectations. These test results are confirmed by various other regression specification tests. Copyright 1994 by MIT Press.