Kontogeorgos et all, Georgios, “Working Paper Series: An analysis of the Eurosystem/ECB projections“, No 2291 / Ιούνιος 2019
The Eurosystem/ECB staff macroeconomic projection exercises constitute an important input to the ECB’s monetary policy. This work marks a thorough analysis of the Eurosystem/ECB projection errors by looking at criteria of optimality and rationality using techniques widely employed in the applied literature of forecast evaluation. In general, the results are encouraging and suggest that Eurosystem/ECB staff projections abide to the main characteristics that constitute them reliable as a policy input. Projections of GDP – up to one year – and inflation are optimal – in the case of inflation they are also rational. A main finding is that GDP forecasts can be substantially improved, especially at long horizons.
Σχετικές Αναρτήσεις
- ECB, (2019), «Eurosystem staff macroeconomic projections for the euro area», Ιούνιος
- Huizing, Harry and Laeven Luc (2019), «The procyclicality of banking in the euro area«, VOX CEPR Policy Portal, Mάιος
- Mohamed A. El-Erian, (2019), «How Inflation Could Return», Project Syndicate, Mάιος