Revisions in official data and forecasting
This paper deals with the topic of revision of data with the aim of investigating whether consecutive releases of macroeconomic series published by statistical agencies contain useful information for economic analysis and forecasting. The rationality of the re-visions process is tested considering the complete history of data and an empirical application to show the usefulness of revisions for improving the precision of forecasting model is proposed. The results for Italian GDP growth show that embedding the revision process in a dynamic factor model helps to reduce the forecast error.
|Date of creation:||Mar 2012|
|Contact details of provider:|| Web page: http://www.dt.tesoro.it|
More information through EDIRC
When requesting a correction, please mention this item's handle: RePEc:itt:wpaper:wp2012-3. 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: (Michele Petrocelli)
If references are entirely missing, you can add them using this form.