COMBINING THE FORECASTS USING A STATISTICAL APPROACH

Andrei Dospinescu ()

Journal for Economic Forecasting, 2005, vol. 2, issue 2, 72-84

Abstract: The paper analyzes the circumstances in which the combination of forecasts yields better results than the use of the forecasts separately. We propose a method of combining forecasts based on their efficiency on long and medium-term using as benchmarks the combination of forecasts based on regression and the combination of forecasts based on the “hits and misses” criterion proposed by Wenzel (2001). We suggest a method for the calculation of the coefficient of the Wenzel method and we use the method to identify the efficiency of the forecasts on medium and long-term.

Keywords: combination of forecasts; long-term and medium-term efficiency; mean and standard deviation (search for similar items in EconPapers)
JEL-codes: C13 C49 C51 C52 C53 (search for similar items in EconPapers)
Date: 2005
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:rjr:romjef:v:2:y:2005:i:2:p:72-84

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