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Evaluating short-run forecasting properties of the KOF employment indicator for Switzerland in real time

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  • Boriss Siliverstovs

Abstract

This study investigates the usefulness of the business tendency surveys collected at the KOF institute for short-term forecasting of employment in Switzerland aggregated in the KOF Employment Indicator. We use the real time dataset in order to simulate the actual predictive process using only the information that was available at the time when predictions were made. We evaluate the presence of predictive content of the KOF Employment Indicator both for nowcasts that are published two months before the first official release and for one-quarter ahead forecasts published five months before the first official release. We find that inclusion of the KOF Employment Indicator leads to substantial improvement both in in-sample as well as, more importantly, in out-of-sample prediction accuracy. This conclusion holds both for nowcasts and one-quarter ahead forecasts.

Suggested Citation

  • Boriss Siliverstovs, 2009. "Evaluating short-run forecasting properties of the KOF employment indicator for Switzerland in real time," KOF Working papers 09-226, KOF Swiss Economic Institute, ETH Zurich.
    • Handle: RePEc:kof:wpskof:09-226
    DOI: 10.3929/ethz-a-005817192
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    File URL: http://dx.doi.org/10.3929/ethz-a-005817192
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    Cited by:

    1. María Alejandra Hernández-Montes & Ramón Hernández-Ortega & Jonathan Alexander Muñoz-Martínez, 2022. "Aporte de las expectativas de empresarios al pronóstico de las variables macroeconómicas," Borradores de Economia 1202, Banco de la Republica de Colombia.
    2. Klaus Abberger & Matthias Bannert & Andreas Dibiasi, 2014. "Metaumfrage im Dienstleistungssektor," KOF Analysen, KOF Swiss Economic Institute, ETH Zurich, vol. 8(2), pages 51-62, June.
    3. Boriss Siliverstovs, 2009. "Der KOF Beschäftigungsindikator – Zielsetzung, Konstruktion und Aussagekraft," KOF Analysen, KOF Swiss Economic Institute, ETH Zurich, vol. 3(4), pages 39-50, December.

    More about this item

    Keywords

    Business tendency surveys; Forecasting; Real-time data; Bayesian model averaging; Employment;
    All these keywords.

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