Arbeitspapier
Accuracy and properties of German business cycle forecasts
In this paper the accuracy of a wide range of German business cycle forecasters is assessed for the past 10 years. For this purpose, a data set is used comprising forecasts published on a monthly basis by Consensus Economics. The application of several descriptive as well as statistical measures reveals that the accuracy of the 2-years forecasts is low relative to a simple na?ve forecast. This observation can mainly be explained by a systematic overestimation of the growth rates by the forecasters. Moreover, the lack of accuracy can also be explained partly by insufficient information efficiency as well as imitation behaviour. Finally, it is shown that notwithstanding the common errors which affected the accuracy of all forecasters mainly because of their systematic overestimation, they differ significantly in their forecast accuracy.
- Sprache
-
Englisch
- Erschienen in
-
Series: ZEW Discussion Papers ; No. 06-087
- Klassifikation
-
Wirtschaft
Prices, Business Fluctuations, and Cycles: Forecasting and Simulation: Models and Applications
Business Fluctuations; Cycles
Model Evaluation, Validation, and Selection
- Thema
-
business cycle forecasting
forecast evaluation
Consensus forecasts
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Osterloh, Steffen
- Ereignis
-
Veröffentlichung
- (wer)
-
Zentrum für Europäische Wirtschaftsforschung (ZEW)
- (wo)
-
Mannheim
- (wann)
-
2006
- Handle
- Letzte Aktualisierung
-
20.09.2024, 08:22 MESZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Osterloh, Steffen
- Zentrum für Europäische Wirtschaftsforschung (ZEW)
Entstanden
- 2006