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Predictability And Complexity In Macroeconomics. The Case Of Gross Fixed Capital Formation In The Romanian Economy

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Author Info
Scutaru, Cornelia () (Institute of Economic Forecasting, Romanian Academy)
Saman, Corina () (Institute of Economic Forecasting, Romanian Academy)
Stanica, Cristian () (Institute of Economic Forecasting, Romanian Academy)

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Abstract

There is a relationship between predictability and complexity. The problem of evaluating the complexity of the macroeconomic phenomenon can be reduced to decomposition into its principal components (which may have, in their turn, a certain degree of complexity) and to identify its common sources of evolution that are predictable. In this paper, we evaluate the predictability of economic indicators and continue with its decomposition until the simplest sources allowed by available statistical data are obtained, then use this predictable sources to construct a forecasting model.

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File URL: http://www.ipe.ro/rjef/rjef4_08/rjef4_08_9.pdf
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Publisher Info
Article provided by Institute for Economic Forecasting in its journal Romanian Journal for Economic Forecasting.

Volume (Year): 5 (2008)
Issue (Month): 4 (December)
Pages: 196-205
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Handle: RePEc:rjr:romjef:v:5:y:2008:i:4:p:196-205

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Related research
Keywords: predictability; complexity; principal components; consumption; investment; foreign trade; time series forecasting;

Find related papers by JEL classification:
E20 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
E27 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Forecasting and Simulation
C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions
C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation

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This page was last updated on 2009-12-13.

This information is provided to you by IDEAS at the Department of Economics, College of Liberal Arts and Sciences, University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics.