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A Strategy To Improve The Gdp Index Forcasts In Romania Using Moving Average Models Of Historical Errors Of The Dobrescu Macromodel

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  • Mihaela BRATU (SIMIONESCU)

    () (Faculty of Cybernetics, Statistics and Economic Informatics, Academy of Economic Studies, Bucharest)

Abstract

In this paper article, two strategies based on the econometric approach are proposed in order to improve the forecast accuracy of GDP index in Romania. First, the index is predicted starting from an econometric model that reflects the relationship between the GDP index and the GDP deflator. Then, the errors of these forecasts are computed. On the other hand, the errors result directly from an econometric model that shows the relationship between the GDP index forecast errors and the GDP deflator prediction errors. The data series are historical errors of forecasts based on the Dobrescu macromodel. The forecasts errors of the GDP index based on the Dobrescu macromodel historical errors for 2009-2011 are lower than the errors taken directly from the proposed econometric model. However, the Dobrescu macromodel provided a better accuracy for the GDP index. If the historical errors are predicted using updated MA(1 )models, the one-step-ahead forecasts are the most accurate, this being a suitable strategy to improve the prediction accuracy.

Suggested Citation

  • Mihaela BRATU (SIMIONESCU), 2012. "A Strategy To Improve The Gdp Index Forcasts In Romania Using Moving Average Models Of Historical Errors Of The Dobrescu Macromodel," Romanian Journal of Economics, Institute of National Economy, vol. 35(2(44)), pages 128-138, December.
  • Handle: RePEc:ine:journl:v:2:y:2012:i:44:p:128-138
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    References listed on IDEAS

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    Citations

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    Cited by:

    1. Simionescu, Mihaela, 2014. "New Strategies to Improve the Accuracy of Predictions based on Monte Carlo and Bootstrap Simulations: An Application to Bulgarian and Romanian Inflation || Nuevas estrategias para mejorar la exactitud," Revista de Métodos Cuantitativos para la Economía y la Empresa = Journal of Quantitative Methods for Economics and Business Administration, Universidad Pablo de Olavide, Department of Quantitative Methods for Economics and Business Administration, vol. 18(1), pages 112-129, December.
    2. Mihaela Simionescu, 2015. "A New Technique based on Simulations for Improving the Inflation Rate Forecasts in Romania," Working Papers of Institute for Economic Forecasting 150206, Institute for Economic Forecasting.

    More about this item

    Keywords

    accuracy; econometric models; forecasts; predictions; errors;

    JEL classification:

    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • E27 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Forecasting and Simulation: Models and Applications
    • C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
    • C53 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Forecasting and Prediction Models; Simulation Methods

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