£44.00

Cambridge University Press Forecasting Economic Time Series

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£44.00 £41.80 £42.28 £42.76 £43.24 £43.72 £44.20 26 April 2026 14 May 2026 02 June 2026 21 June 2026 10 July 2026

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Description

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.

Product Specifications

Format
paperback
Domain
Amazon UK
Release Date
12 January 2008
Listed Since
10 December 2006

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