Do Economic Restrictions Improve Forecasts?

Elizabeth A. Murphy, Bailey Norwood () and Michael Wohlgenant ()

Journal of Agricultural and Applied Economics, 2004, vol. 36, issue 3, 10

Abstract: A previous study showed that imposing economic restrictions improves the forecasting ability of food demand systems, thus warranting their use even when they are rejected in-sample. This article evaluates whether this result is due to economic restrictions enhancing degrees of freedom or containing nonsample information. Results indicate that restrictions improve forecasting ability even when they are not derived from economic theory, but theoretical restrictions forecast best.

Date: 2004
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Journal Article: Do Economic Restrictions Improve Forecasts? (2004)
Working Paper: Do Economic Restrictions Improve Forecasts? (2003)
Working Paper: Do Economic Restrictions Improve Forecasts? (2003)
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Persistent link: https://EconPapers.repec.org/RePEc:ags:joaaec:43447

DOI: 10.22004/ag.econ.43447

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