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Evaluating Current Year Forecasts Made During the Year: A Japanese Example

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Author Info
H.O. Stekler () (Department of Economics George Washington UniversityAuthor-Name: Kazuta Sakamoto)
Kazuta Sakamoto (Department of Economics George WaExponential smoothing and non-negative datashington UniversityAuthor-Name: Kazuta Sakamoto)

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Abstract

Forecasts for the current year that are made sometime during the current year are not true annual forecasts because they include already known information for the early part of the year. The current methodology that evaluates these ¡°forecasts¡± does not take into account the known information. This paper presents a methodology for calculating an implicit forecast for the latter part of a year conditional on the known information. We then apply the procedure to Japanese forecasts for 1988-2003 and analyze some of the characteristics of those predictions.Length: 24 pages

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Paper provided by The George Washinton University, Department of Economics, Research Program on Forecasting in its series Working Papers with number 2008-005.

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Date of creation: Jul 2008
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Handle: RePEc:gwc:wpaper:2008-005

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Related research
Keywords: Forecasting; Japanese forecasts; evaluation techniques;

Find related papers by JEL classification:
E37 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Forecasting and Simulation

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