Comments on ‘The state of macroeconomic forecasting’ |
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| Authors: | Arnold Zellner |
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| Institution: | Department of Economics, University of Wisconsin, 1180 Observatory Drive, Madison, WI 53706-1393, USA |
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| Abstract: | The paper by Fildes and Stekler provides an overview of empirical results in macroeconomic forecasting. They do not address three key issues: (1) the importance of data revisions and the use of real-time data; (2) the statistical significance of differences between forecasts; and (3) the role of macroeconomic theory in formulating and evaluating macroeconomic forecasts. |
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| Keywords: | Forecasting Data revisions Real-time data Forecast evaluation |
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