An Evaluation of Quarterly National Institute Forecasts

Holden, K and Peel, David (1985) An Evaluation of Quarterly National Institute Forecasts. Journal of Forecasting, 4 (2). pp. 227-234. ISSN 0277-6693

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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.

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Journal Article
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Journal of Forecasting
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13 Jul 2012 15:24
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21 Nov 2022 22:32