05172oam 22011534 450 991097247460332120250426110450.0978661382731997814623942101462394213978145271887314527188739781283514866128351486997814519085581451908555(CKB)3360000000443659(EBL)3014480(SSID)ssj0000940046(PQKBManifestationID)11479993(PQKBTitleCode)TC0000940046(PQKBWorkID)10948362(PQKB)10908861(OCoLC)694141156(MiAaPQ)EBC3014480(IMF)WPIEE2006059(IMF)WPIEA2006059WPIEA2006059(EXLCZ)99336000000044365920020129d2006 uf 0engur|n|---|||||txtccrAn Evaluation of the World Economic Outlook Forecasts /Allan Timmermann1st ed.Washington, D.C. :International Monetary Fund,2006.1 online resource (108 p.)IMF Working Papers"March 2006."9781451863192 1451863195 Includes bibliographical references.""Contents""; ""I. INTRODUCTION AND SUMMARY""; ""II. DESCRIPTION OF WEO DATASET""; ""III. PROPERTIES OF OPTIMAL FORECASTS""; ""IV. EMPIRICAL RESULTS""; ""V. ANALYSIS OF STATISTICAL SIGNIFICANCE""; ""VI. CAN THE WEO FORECAST ERRORS BE PREDICTED?""; ""VII. DIRECTIONAL ACCURACY""; ""VIII. REVISIONS FROM BOARD TO PUBLISHED FORECASTS""; ""IX. RECENT PERFORMANCE OF WEO FORECASTS""; ""X. LONG-RUN FORECASTING PERFORMANCE FOR G-7 ECONOMIES""; ""XI. COMPARISON OF WEO AND CONSENSUS FORECASTS""; ""XII. FORECAST COMBINATIONS""; ""XIII. RECOMMENDATIONS""; ""XIV. CONCLUSION""; ""References""The World Economic Outlook (WEO) is a key source of forecasts of global economic conditions. It is therefore important to review the performance of these forecasts against both actual outcomes and alternative forecasts. This paper conducts a series of statistical tests to evaluate the quality of the WEO forecasts for a very large cross section of countries, with particular emphasis on the recent recession and recovery. It assesses whether forecasts were unbiased and informationally efficient, and characterizes the process whereby WEO forecasts get revised as the time to the point of the forecast draws closer. Finally, the paper assess whether forecasts can be improved by combining WEO forecasts with the Consensus forecasts. The results suggest that the performance of the WEO forecasts is similar to that of the Consensus forecasts. While WEO forecasts for many variables in many countries meet basic quality standards in some, if not all, dimensions, the paper raises a number of concerns with current forecasting performance.IMF Working Papers; Working Paper ;No. 2006/059Economic developmentEconomic forecastingEvaluationInternational economic relationsBalance of paymentsimfCurrent Account AdjustmentimfCurrent account balanceimfCurrent accountimfDeflationimfEconomic ForecastingimfEconomic forecastingimfExports and ImportsimfForecasting and Other Model ApplicationsimfForecasting and Simulation: Models and ApplicationsimfForecastingimfGdp forecastingimfInflationimfInternational economicsimfMacroeconomicsimfNational incomeimfPrice LevelimfPricesimfShort-term Capital MovementsimfUnited StatesimfEconomic development.Economic forecastingEvaluation.International economic relations.Balance of paymentsCurrent Account AdjustmentCurrent account balanceCurrent accountDeflationEconomic ForecastingEconomic forecastingExports and ImportsForecasting and Other Model ApplicationsForecasting and Simulation: Models and ApplicationsForecastingGdp forecastingInflationInternational economicsMacroeconomicsNational incomePrice LevelPricesShort-term Capital MovementsTimmermann Allan1816232International Monetary Fund.Research Dept.DcWaIMFBOOK9910972474603321An Evaluation of the World Economic Outlook Forecasts4372032UNINA