2021
DOI: 10.26509/frbc-wp-202106 View full text |Buy / Rent full text
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Abstract: This paper examines data from the European Central Bank's Survey of Professional Forecasters to investigate whether participants display equal predictive performance. We use panel data models to evaluate point-and density-based forecasts of real GDP growth, inflation, and unemployment. The results document systematic differences in participants' forecast accuracy that are not time invariant, but instead vary with the difficulty of the forecasting environment. Specifically, we find that some participants displa… Show more

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