EconPapers    
Economics at your fingertips  
 

Assessment of Consensus Forecasts Accuracy: The Czech National Bank Perspective

Filip Novotný and Marie Raková

Czech Journal of Economics and Finance (Finance a uver), 2011, vol. 61, issue 4, 348-366

Abstract: This paper compares the accuracy of the Consensus forecasts for euro-area GDP growth, consumer and producer price inflation, and the USD/EUR exchange rate to those of the European Commission, International Monetary Fund, and Organization for Economic Co-operation and Development, and also to the naive forecast and the forecast implied by the forward exchange rate. In the period from 1994 to 2009 the Consensus forecasts for effective euro-area consumer price inflation and GDP growth beat the alternatives by a difference which is typically statistically significant. The results are more diverse for the pre-crisis sample (1994–2007). The Consensus forecast for euro-area producer price inflation significantly outperforms the naive forecast in the short term. Finally, the Consensus forecast for the USD/EUR exchange rate during the period from 2002 to 2009 is more precise than the naive forecast and the forecast implied by the forward rate.

Keywords: forecasting accuracy; prediction process; survey forecast (search for similar items in EconPapers)
JEL-codes: E37 E58 (search for similar items in EconPapers)
Date: 2011
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (9)

Downloads: (external link)
http://journal.fsv.cuni.cz/storage/1218_str_348_366._-_novotnypdf.pdf (application/pdf)

Related works:
Working Paper: Assessment of Consensus Forecasts Accuracy: The Czech National Bank Perspective (2010) Downloads
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:fau:fauart:v:61:y:2011:i:4:p:348-366

Access Statistics for this article

More articles in Czech Journal of Economics and Finance (Finance a uver) from Charles University Prague, Faculty of Social Sciences Contact information at EDIRC.
Bibliographic data for series maintained by Natalie Svarcova ().

 
Page updated 2025-03-19
Handle: RePEc:fau:fauart:v:61:y:2011:i:4:p:348-366