دانلود رایگان مقاله مقایسه ذخایر فدرال، بلو چیپ و پیش بینی های سری زمانی رشد تولید آمریکا

عنوان فارسی
مقایسه ذخایر فدرال، بلو چیپ و پیش بینی های سری زمانی رشد تولید آمریکا
عنوان انگلیسی
Comparing Federal Reserve, Blue Chip, and time series forecasts of US output growth
صفحات مقاله فارسی
0
صفحات مقاله انگلیسی
10
سال انتشار
2016
فرمت مقاله انگلیسی
PDF
نشریه
الزویر - Elsevier
کد محصول
E4360
دانشگاه
بخش اقتصاد، دانشکده مدیریت بازرگانی، دانشگاه آمریکایی شارجه، امارات متحده عربی
رشته های مرتبط با این مقاله
مدیریت
کلمات کلیدی
اطلاعات نامتقارن، سرمایه گذاری مسکونی، احساسات مصرف کننده، ارزیابی پیش بینی شده
مجله
مجله مدیریت مالی چند ملیتی - Journal of Multinational Financial Management
چکیده

Abstract

 

We evaluate the predictive content of Federal Reserve and Blue Chip forecasts of output growth by utilizing two comparable forecasts as benchmarks: a univariate autoregressive (AR) model, and a vector autoregressive (VAR) model which includes output growth, growth in residential investment, and consumers’ assessments of business conditions. We first show the forecasts are all directionally accurate, free of systematic bias, and efficient. Second, the asymmetric information hypothesis cannot be supported. Third, the Federal Reserve and private forecasts are generally less informative than the VAR forecasts and thus lack past information on residential investment growth and consumers’ assessments of business conditions.

نتیجه گیری

5. Conclusions A good deal of literature concerns modeling and forecasting future growth in real output (Chauvet and Potter, 2013). In particular, decisions are guided by forecasts, and good forecasts are important in helping policymakers formulate successful economic policy. In this study, we compare the predictive content of both the Federal Reserve and Blue Chip forecasts of output growth using comparable AR and VAR forecasts. The univariate AR forecast contains past information in output growth, and the VAR forecast contains past information in output growth, growth in residential investment, and consumers’ assessments of business conditions known at the time of the forecast. We find that the VAR forecasts are more informative than the AR forecasts, indicating that growth in residential investment and consumers’ assessments of business conditions together are useful in predicting output growth.


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