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Do IMF fiscal forecasts add value?

delete2018-05-18
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PRE
AI
Z
Zidong An
J
João Tovar Jalles *
P
Prakash Loungani
R
Ricardo M. Sousa
DOI:10.1002/for.2527delete
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摘要

摘要

En 中文
We used a panel of 29 advanced and emerging market countries to investigate whether the IMF's World Economic Outlook (WEO) fiscal forecasts add value in terms of forecast accuracy and information content, relative to private sector forecasts (from Consensus Economics). We find that: (i) WEO forecasts are not significantly less accurate than Consensus forecasts; (ii) WEO and Consensus forecasts tend to mutually encompass one another; and (iii) each source of forecasts appears to contain some information that is not embedded in the other source.
Keyword:
asymmetry
bias
budget balance
efficiency
forecast comparison
information rigidity
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Journal of Forecasting 封面图
Journal of Forecasting
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U
universidade do minho
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A
American University
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I
International Monetary Fund
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