Short-term forecasts of euro area real GDP growth: an assessment of real-time performance based on vintage data

Economic policy makers, international organisations and private-sector forecasters commonly use short-term forecasts of real GDP growth based on monthly indicators, such as industrial production, retail sales and confidence surveys. An assessment of the reliability of such tools and of the source of potential forecast errors is essential. While many studies have evaluated the size of forecast errors related to model specifications and unavailability of data in real time, few have provided a complete assessment of forecast errors, which should notably take into account the impact of data revision. This paper proposes to bridge this gap. Using four years of data vintages for euro area conjunctural indicators, the paper decomposes forecast errors into four elements (model specification, erroneous extrapolations of the monthly indicators, revisions to the monthly indicators and revisions to the GDP data series) and assesses their relative sizes. The results show that gains in accuracy of forecasts achieved by using monthly data on actual activity rather than surveys or financial indicators are offset by the fact that the former set of monthly data is harder to forecast and less timely than the latter set. While the results presented in the paper remain tentative due to limited data availability, they provide a benchmark which future research may build on. JEL Classification: C22, C53, E17, E37, E66bridge equations, Conjunctural analysis, forecasting, real-time forecasting, vintage data

Are inflation targets good inflation forecasts?

The authors show that quantified inflation objectives, which have been adopted by many industrialized countries, can be used as rule-of-thumb forecasting devices. Remarkably, they yield smaller forecast errors than widely used forecasting models and the forecasts of professional experts.Inflation (Finance)

Forecasting the central bank’s inflation objective is a good rule of thumb

This paper first shows that the forecast error incurred when assuming that future inflation will be equal to the inflation target announced by the central bank is typically at least as small and often smaller than forecast errors of model-based and published inflation forecasts. It then shows that there are substantial benefits in having rule-of-thumb agents who simply trust that the central bank will deliver its pre-announced inflation objective. JEL Classification: E5credibility, inflation forecast, inflation targeting, monetary policy

Census of Arkansas Post - 1723

Photocopy of original 1723 Census of Arkansas Post. Town identified as Osotehouy, Arkansas; lists the workers of the Concession formerly under the leadership of John Law. Dorothy Jones Core's notes and handwritten transcriptions of the names are found within the document

Census of Arkansas Post - 1723

Census of Arkansas Pos