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What Do We Know About G-7 Macro Forecasts?

Author

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  • Herman O. Stekler

    (Department of Economics The George Washington University)

Abstract

Fildes and Stekler’s (2002) survey of the state of knowledge about the quality of economic forecasts focused primarily on US and UK data. This paper will draw on some of their findings but it will not examine any additional US forecasts. The purpose is to determine whether their results are robust by examining the predictions of other countries. The focus will be on (1) directional errors, (2) the magnitude of the errors made in estimating growth and inflation, (3) whether there were biases and systematic errors, (4) the sources of the errors and (5) whether there has been an improvement in forecasting ability.

Suggested Citation

  • Herman O. Stekler, 2008. "What Do We Know About G-7 Macro Forecasts?," Working Papers 2008-009, The George Washington University, Department of Economics, H. O. Stekler Research Program on Forecasting.
    • Handle: RePEc:gwc:wpaper:2008-009
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    File URL: https://www2.gwu.edu/~forcpgm/2008-009.pdf
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    References listed on IDEAS

    as
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    Cited by:

    1. Dovern, Jonas & Jannsen, Nils, 2017. "Systematic errors in growth expectations over the business cycle," International Journal of Forecasting, Elsevier, vol. 33(4), pages 760-769.
    2. Ullrich Heilemann & Herman Stekler, 2010. "Perspectives on Evaluating Macroeconomic Forecasts," Working Papers 2010-002, The George Washington University, Department of Economics, H. O. Stekler Research Program on Forecasting.
    3. Ademmer, Martin & Boysen-Hogrefe, Jens & Fiedler, Salomon & Groll, Dominik & Jannsen, Nils & Kooths, Stefan & Potjagailo, Galina & Wolters, Maik H., 2017. "Deutsche Konjunktur im Herbst 2017 - Deutsche Wirtschaft nähert sich der Hochkonjunktur [German Economy Autumn 2017 - German economy approaches boom period]," Kieler Konjunkturberichte 35, Kiel Institute for the World Economy (IfW Kiel).
    4. Heilemann, Ullrich & Stekler, H. O., 2003. "Has the accuracy of German macroeconomic forecasts improved?," Technical Reports 2003,31, Technische Universität Dortmund, Sonderforschungsbereich 475: Komplexitätsreduktion in multivariaten Datenstrukturen.
    5. Dovern, Jonas & Jannsen, Nils, 2017. "Systematische Prognosefehler in unterschiedlichen Konjunkturphasen," Kiel Insight 2017.15, Kiel Institute for the World Economy (IfW Kiel).

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    More about this item

    Keywords

    G7 forecasts; evaluation techniques;

    JEL classification:

    • E37 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Forecasting and Simulation: Models and Applications

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