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An Empirical Analysis of Stein Effects in Regional Forecasts

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  • West, Carol Taylor
  • Theil, Henri

Abstract

A Stein-like shrinking methodology is proposed for modifying sets of metropolitan area economic forecasts. The technique is applied to historical published quarterly forecasts of the twenty metropolitan statistical areas of Florida. Stein-like shrinking is found to yield modest improvement in accuracy as evaluated by three alternative criteria, but the gains diminish with length of forecast horizon.

Suggested Citation

  • West, Carol Taylor & Theil, Henri, 1991. "An Empirical Analysis of Stein Effects in Regional Forecasts," Empirical Economics, Springer, vol. 16(3), pages 363-373.
    • Handle: RePEc:spr:empeco:v:16:y:1991:i:3:p:363-73
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