Assessing forecast performance
Assessing the accuracy of macroeconomic forecasts is critical to identifying opportunities to improve macroeconomic advice. For example, revealing and then removing bias – from either persistently under- or over-estimating economic activity – would allow a policymaker to better assess the state of the economy, improving monetary (and fiscal) policy. Policy might also be improved by incorporating the beliefs of forecasters with a good track record.
Volume (Year): 79 (2016)
Issue (Month): (June)
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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.:
- Andrew Bauer & Robert A. Eisenbeis & Daniel F. Waggoner & Tao Zha, 2003. "Forecast evaluation with cross-sectional data: The Blue Chip Surveys," Economic Review, Federal Reserve Bank of Atlanta, issue Q2, pages 17-31.
- Felipe Labbe & Hamish Pepper, 2009. "Assessing recent external forecasts," Reserve Bank of New Zealand Bulletin, Reserve Bank of New Zealand, vol. 72, pages 19-25, December.
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