Major concerns were raised with respect to the prospect of the exit strategy from Quantitative Easing. However, most of these concerns were related to US and the other developed economies which implemented this monetary policy. Less attention has been given the impact on emerging economies.
The literature on exchange rate forecasting and the out of sample evaluation has basically started with the work by Meese and Rogoff (1983). They were the first to show that the basic random walk model outperforms other economic models of exchange rate in terms of forecasting.
I discussed in a previous post about the shortcomings of the Big Mac Index and how these issues might lead to misuses of this index. As one would expect, there is a thin academic literature which discusses or uses the Big Mac Index, however the studies that exist make some interesting points which deserve to be mentioned.
There is a general agreement that the mainstream macroeconomics has largely failed to predict or correctly estimate the last economic and financial crisis, see the introduction here on the website of the Institute for New Economic Thinking. This failure has motivated more than ever different heterodox approaches to macroeconomics.
The Big Mac Index is a popular measure of the degree of undervaluation or overvaluation of a certain currency with respect to US dollar (or any other world currency). It is based on the purchasing power parity theory.