Forecast Uncertainty-Ex Ante and Ex Post: U.S. Inflation and Output Growth

A-Tier
Journal: Journal of Business & Economic Statistics
Year: 2014
Volume: 32
Issue: 2
Pages: 206-216

Score contribution per author:

4.036 = (α=2.02 / 1 authors) × 2.0x A-tier

α: calibrated so average coauthorship-adjusted count equals average raw count

Abstract

Survey respondents who make point predictions and histogram forecasts of macro-variables reveal both how uncertain they believe the future to be, <italic>ex ante</italic>, as well as their <italic>ex post</italic> performance. Macroeconomic forecasters tend to be overconfident at horizons of a year or more, but overestimate (i.e., are underconfident regarding) the uncertainty surrounding their predictions at short horizons. <italic>Ex ante</italic> uncertainty remains at a high level compared to the <italic>ex post</italic> measure as the forecast horizon shortens. There is little evidence of a link between individuals' <italic>ex post</italic> forecast accuracy and their <italic>ex ante</italic> subjective assessments.

Technical Details

RePEc Handle
repec:taf:jnlbes:v:32:y:2014:i:2:p:206-216
Journal Field
Econometrics
Author Count
1
Added to Database
2026-01-25