An evaluation of real GDP forecasts: 1996-2001
During the second half of the 1990s, forecasters made large and persistent underpredictions of GDP growth; subsequently, they missed the drop off into the recession of 2001. Forecasters do not appear to have behaved unusually during this period: Their out-period forecasts were not far from their perceptions of longer-run trends. This suggests that the forecast errors in 1996-2001 likely reflected some unusual behavior in the economy.
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Volume (Year): (2003)
Issue (Month): Q I ()
Pages: 2-21
| Handle: | RePEc:fip:fedhep:y:2003:i:qi:p:2-21:n:v.27no.1 |
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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Allen N. Berger & Spencer D. Krane, 1983.
"The informational efficiency of econometric model forecasts,"
Research Papers in Banking and Financial Economics
67, Board of Governors of the Federal Reserve System (U.S.).
- Berger, Allen N & Krane, Spencer D, 1985. "The Information Efficiency of Econometric Model Forecasts," The Review of Economics and Statistics, MIT Press, vol. 67(1), pages 128-34, February.
- Dean Croushore, 1993. "Introducing: the survey of professional forecasters," Business Review, Federal Reserve Bank of Philadelphia, issue Nov, pages 3-15.
- John Y. Campbell & Robert J. Shiller, 2001.
"Valuation Ratios and the Long-Run Stock Market Outlook: An Update,"
NBER Working Papers
8221, National Bureau of Economic Research, Inc.
- John Y. Campbell & Robert J. Shiller, 2001. "Valuation Ratios and the Long-run Stock Market Outlook: An Update," Cowles Foundation Discussion Papers 1295, Cowles Foundation for Research in Economics, Yale University.
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