The accuracy of individual and group forecasts from business outlook surveys
作者:
Victor Zarnowitz,
期刊:
Journal of Forecasting
(WILEY Available online 1984)
卷期:
Volume 3,
issue 1
页码: 11-26
ISSN:0277-6693
年代: 1984
DOI:10.1002/for.3980030103
出版商: John Wiley&Sons, Ltd.
关键词: Macroeconomic forecasting;Surveys of business economists and analysts;Aggregate and individual forecasts;Relative accuracy and consistency;Summary measures of error
数据来源: WILEY
摘要:
AbstractThis paper reports on the accuracy of quarterly multiperiod predictions of inflation, real growth, unemployment and percentage changes in nominal GNP and two of its more volatile components. The survey data are highly differentiated; they cover 79 professional forecasters (mostly economists, analysts and corporate executives). Combining corresponding predictions from different sources can result in significant gains; thus the group mean forecasts are on the average over time more accurate than most of the corresponding sets of individual forecasts. But there is also a moderate degree of consistency in the relative performance of a sufficient number of the survey members, as evidenced in positive rank correlations among ratios of the individual to group root mean square errors.
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