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Do survey joiners and leavers differ from regular participants? The US SPF GDP growth and inflation forecasts

Michael Clements

International Journal of Forecasting, 2021, vol. 37, issue 2, 634-646

Abstract: If ‘learning by doing’ is important for macro-forecasting, newcomers might be different from regular, established participants. Stayers may also differ from the soon-to-leave. We test these conjectures for macro-forecasters’ point predictions of output growth and inflation, and for their histogram forecasts. Histogram forecasts of inflation by both joiners and leavers are found to be less accurate, especially if we suppose that joiners take time to learn. For GDP growth, there is no evidence of differences between the groups in terms of histogram forecast accuracy, although GDP point forecasts by leavers are less accurate. These findings are predicated on forecasters being homogeneous within groups. Allowing for individual fixed effects suggests fewer differences, including leavers’ inflation histogram forecasts being no less accurate.

Keywords: Forecast accuracy; Experience; Learning by doing; Probability forecasts; Growth forecasts; Inflation forecasts (search for similar items in EconPapers)
Date: 2021
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Citations: View citations in EconPapers (4)

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Working Paper: Do Survey Joiners and Leavers Differ from Regular Participants? The US SPF GDP Growth and Inflation Forecasts (2020) Downloads
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DOI: 10.1016/j.ijforecast.2020.08.003

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