Banks, Asset Management or Consultancies' Inflation Forecasts: is there a better forecaster out there?
The Focus Survey is a cunningly designed economic survey carried out by the Central Bank of Brazil. However, along its existence there have occasionally been some criticisms that its median forecast is “biased” due to allegedly strategic reasons. Although different groups of agents do have different strategic behaviours, one cannot take for granted that some groups predict differently from others. This paper tests if there are statistically significant differences in forecast accuracy between different groups of participants in the Focus Survey. Evidence shows some differences in forecasting ability among groups, but overall financial system forecasters have similar forecasting accuracy than consultancies.
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.:
- Victor Zarnowitz & Louis A. Lambros, 1983. "Consensus and Uncertainty in Economic Prediction," NBER Working Papers 1171, National Bureau of Economic Research, Inc.
- William T. Gavin & Rachel J. Mandal, 2000.
"Forecasting inflation and growth: do private forecasts match those of policymakers?,"
2000-026, Federal Reserve Bank of St. Louis.
- William T. Gavin & Rachel J. Mandal, 2001. "Forecasting inflation and growth: do private forecasts match those of policymakers?," Review, Federal Reserve Bank of St. Louis, issue May, pages 11-20.
- D'Agostino, Antonello & McQuinn, Kieran & Whelan, Karl, 2010.
"Are Some Forecasters Really Better Than Others?,"
Research Technical Papers
5/RT/10, Central Bank of Ireland.
- D'Agostino, Antonello & McQuinn, Kieran & Whelan, Karl, 2011. "Are some forecasters really better than others?," MPRA Paper 32938, University Library of Munich, Germany.
- Antonello D'Agostino & Kieran McQuinn & Karl Whelan, 2010. "Are some forecasters really better than others?," Working Papers 201012, School of Economics, University College Dublin.
- Lloyd B. Thomas, 1999. "Survey Measures of Expected U.S. Inflation," Journal of Economic Perspectives, American Economic Association, vol. 13(4), pages 125-144, Fall.
- Batchelor, R A, 1990. "All Forecasters Are Equal," Journal of Business & Economic Statistics, American Statistical Association, vol. 8(1), pages 143-44, January.
- Jordi Pons-Novell, 2003. "Strategic bias, herding behaviour and economic forecasts," Journal of Forecasting, John Wiley & Sons, Ltd., vol. 22(1), pages 67-77.
- Lahiri, Kajal & Teigland, Christie & Zaporowski, Mark, 1988. "Interest Rates and the Subjective Probability Distribution of Inflation Forecasts," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 20(2), pages 233-48, May.
- Harvey, David I. & Newbold, Paul, 2003. "The non-normality of some macroeconomic forecast errors," International Journal of Forecasting, Elsevier, vol. 19(4), pages 635-653.
- David Laster & Paul Bennett & In Sun Geoum, 1999. "Rational Bias in Macroeconomic Forecasts," The Quarterly Journal of Economics, Oxford University Press, vol. 114(1), pages 293-318.
- Zarnowitz, Victor & Lambros, Louis A, 1987. "Consensus and Uncertainty in Economic Prediction," Journal of Political Economy, University of Chicago Press, vol. 95(3), pages 591-621, June.
When requesting a correction, please mention this item's handle: RePEc:bcb:wpaper:310. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Francisco Marcos Rodrigues Figueiredo)
If references are entirely missing, you can add them using this form.