 The Performance of Predictions Based on the Dobrescu Macromodel for the Romanian EconomyJournal for Economic Forecasting, 2014, issue 3, 179-195 Abstract: This research has two main objectives: the evaluation of forecast performance based on the Dobrescu macromodel for the Romanian economy on the horizon 1997-2012 and the proposal of some empirical strategies to improve the prediction accuracy. Seven macroeconomic indicators were selected and the most accurate forecasts are those for exchange rate, the less accurate being export rate predictions. Unlike the rest of the forecasts, these are biased. The best improvement in accuracy for the seven types of forecasts was obtained by applying Hodrick-Prescott filter and Holt- Winters adjustment. During 2004-2012,Dobrescu model offered forecasts with a higher degree of efficiency compared to NCP for GDP deflator, consumer index of prices and exchange rate. Using a fixed-effects model based on three scenarios of the Dobrescu model for GDP deflator, index of private consumption, GDP index and index of consumer prices, the weak efficiency was checked only for GDP deflator and index of private consumption. Keywords: forecasts accuracy; biasness; efficiency; performance; strategy; combined forecasts; Hodrick-Prescott filter (search for similar items in EconPapers) There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:rjr:romjef:v::y:2014:i:3:p:179-195 Access Statistics for this article Journal for Economic Forecasting is currently edited by Lucian Liviu Albu and Corina Saman More articles in Journal for Economic Forecasting from Institute for Economic Forecasting Contact information at EDIRC. |
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