Forecasting Economic Time Series is popular PDF and ePub book, written by Michael Clements in 1998-10-08, it is a fantastic choice for those who relish reading online the Business & Economics genre. Let's immerse ourselves in this engaging Business & Economics book by exploring the summary and details provided below. Remember, Forecasting Economic Time Series can be Read Online from any device for your convenience.
Forecasting Economic Time Series Book PDF Summary
This book provides a formal analysis of the models, procedures, and measures of economic forecasting with a view to improving forecasting practice. David Hendry and Michael Clements base the analyses on assumptions pertinent to the economies to be forecast, viz. a non-constant, evolving economic system, and econometric models whose form and structure are unknown a priori. The authors find that conclusions which can be established formally for constant-parameter stationary processes and correctly-specified models often do not hold when unrealistic assumptions are relaxed. Despite the difficulty of proceeding formally when models are mis-specified in unknown ways for non-stationary processes that are subject to structural breaks, Hendry and Clements show that significant insights can be gleaned. For example, a formal taxonomy of forecasting errors can be developed, the role of causal information clarified, intercept corrections re-established as a method for achieving robustness against forms of structural change, and measures of forecast accuracy re-interpreted.
Detail Book of Forecasting Economic Time Series PDF
- Author : Michael Clements
- Release : 08 October 1998
- Publisher : Cambridge University Press
- ISBN : 0521634806
- Genre : Business & Economics
- Total Page : 402 pages
- Language : English
- PDF File Size : 15,6 Mb
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