Monitoring Short-Term Economic Developments in Foreign Economies

Russell Barnett and Pierre Guérin

Bank of Canada Review, 2013, vol. 2013, issue Summer, 22-31

Abstract: The Bank of Canada uses several short-term forecasting models for the monitoring of key foreign economies—the United States, the euro area, Japan and China. The design of the forecasting models used for each region is influenced by the level of detail required, as well as the timeliness and volatility of data. Forecasts from different models are typically combined to mitigate model uncertainty, and judgment is applied to the model forecasts to incorporate information that is not directly reflected in the most recent indicators.

Date: 2013
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