Abstract:Using the two-year inflation forecasts provided by CBO, Blue Chips and Administration for USA on the forecasting horizon 1982-2011, the accuracy of forecasts was assessed. According to U1 Theil's statistic, the CBO projections are the best, followed by Administration and Blue Chips predictions. A new accuracy measure is proposed to be introduce in literature (ratio of radicals of sum of squared errors) in order to compare the forecasts with the naïve ones. The same hierarchy of institutions, according to accur… Show more
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