'Animal spirits' and expectations in U.S. recession forecasting

Elliott Middleton

Papers from arXiv.org

Abstract: A two-variable model is developed to forecast the probability of recession in the U.S. economy. Like many others, the model uses data a year or more old to explain movements of a dichotomous dependent variable for recession. The innovation of the present effort is the introduction of a confidence variable, which appears to increase the qualitative accuracy and structural stability of the model in validation testing compared to others.

Date: 2001-08, Revised 2001-08
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Persistent link: https://EconPapers.repec.org/RePEc:arx:papers:nlin/0108012

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