Holden, K and Peel, David (1985) An Evaluation of Quarterly National Institute Forecasts. Journal of Forecasting, 4 (2). pp. 227-234. ISSN 0277-6693Full text not available from this repository.
This paper examines the quarterly forecasts by the U.K. National Institute of Economic and Social Research of the rate of inflation and the change in real gross domestic product and its components for horizons of one to four quarters ahead in the U.K. The forecasts are tested to see if they satisfy three implications of the rational expectations hypothesis: unbiasedness, efficiency and consistency. Explicit consideration is given to the information set available when the forecasts are made. In general, the data are consistent with the rational expectations hypothesis and our results provide encouragement for the view that aggregate expectations will meet the ex post requirements of rationality.
|Journal or Publication Title:||Journal of Forecasting|
|Uncontrolled Keywords:||Econometric forecasts ; Rational expectations U.K. economy ; National institute|
|Subjects:||H Social Sciences > HB Economic Theory|
|Departments:||Lancaster University Management School > Economics|
|Deposited On:||13 Jul 2012 16:24|
|Last Modified:||03 Nov 2015 16:08|
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