Are 16-month-ahead forecasts useful? A directional analysis of Japanese GDP forecasts
AbstractPast literature casts doubt on the ability of long-term macroeconomic forecasts to predict the direction of change. We re-examine this issue using the Japanese GDP forecast data of 37 institutions, and find that their 16-month-ahead forecasts contain valuable information on whether the growth rate accelerates or not. Copyright © 2006 John Wiley _ Sons, Ltd.
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Bibliographic InfoArticle provided by John Wiley & Sons, Ltd. in its journal Journal of Forecasting.
Volume (Year): 25 (2006)
Issue (Month): 3 ()
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Web page: http://www3.interscience.wiley.com/cgi-bin/jhome/2966
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- Yoichi Tsuchiya, 2012. "Is the Purchasing Managers' Index useful for assessing the economy's strength? A directional analysis," Economics Bulletin, AccessEcon, vol. 32(2), pages 1302-1311.
- Tsuchiya, Yoichi, 2014. "Purchasing and supply managers provide early clues on the direction of the US economy: An application of a new market-timing test," International Review of Economics & Finance, Elsevier, vol. 29(C), pages 599-618.
- Tsuchiya, Yoichi, 2013. "Are government and IMF forecasts useful? An application of a new market-timing test," Economics Letters, Elsevier, vol. 118(1), pages 118-120.
- Blaskowitz, Oliver & Herwartz, Helmut, 2014. "Testing the value of directional forecasts in the presence of serial correlation," International Journal of Forecasting, Elsevier, vol. 30(1), pages 30-42.
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