“…Our model specification is in the class of ADL-MIDAS regressions, introduced byAndreou et al (2013), offering the structure of augmented distributed lag regression with mixedfrequency data. The inclusion of an autoregressive term of order one is from the literature testing the weak form of forecasting efficiency(Nordhaus 1987; Deschamps and Ioannidis 2013;Dovern et al 2015).Several previous studies proposed diverse functional forms of MIDAS polynomial weights aiming at parsimonious but flexible specifications.15) 13) For an overview of the MIDAS regression framework, seeArmesto et al (2010),Andreou et al (2011), and Foroni and Marcellino (2013). 14) Notations for the revision horizons () are abstracted as each forecast time () matches to one corresponding consensus revision.…”