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Prediction intervals for economic fixed-event forecasts

Fabian Krüger, Hendrik Plett

arXiv 24 Oct 2022 · Econometrics · publishedThe Annals of Applied Statistics (2024) · 2 citations (OpenAlex)

arXiv:2210.13562 · PDF · DOI · OpenAlex · Extracted main text

Abstract

The fixed-event forecasting setup is common in economic policy. It involves a sequence of forecasts of the same (`fixed') predictand, so that the difficulty of the forecasting problem decreases over time. Fixed-event point forecasts are typically published without a quantitative measure of uncertainty. To construct such a measure, we consider forecast postprocessing techniques tailored to the fixed-event case. We develop regression methods that impose constraints motivated by the problem at hand, and use these methods to construct prediction intervals for gross domestic product (GDP) growth in Germany and the US.

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73
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Most heavily cited references

The works this paper leans on most, across its whole bibliography — not restricted to papers in our corpus. Ranked by composite intensity, which combines how often a work is mentioned, how many sections mention it, and how much of that falls in the main text rather than the appendix.

ReferenceIntensityMentionsSectionsMain text
1Patton, A. J. and A. Timmermann (2011) Predictability of output growth and inflation: A multi-horizon survey approach1.000123100%
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3Patton, A. J. and A. Timmermann (2012) Forecast rationality tests based on multi-horizon bounds0.84333100%
4Henzi, A (2023) Consistent estimation of distribution functions under increasing concave and convex stochastic ordering0.81142100%
5Lazarus, E., D. J. Lewis, J. H. Stock, and M. W. Watson (2018) HAR inference: Recommendations for practice0.73732100%
6Bracher, J., D. Wolffram, J. Deuschel, K. Görgen, J. Ketterer, A. Ul… (2021) A pre-registered short-term forecasting study of COVID-19 in Germany and Poland during the second wave0.64422100%
7Gneiting, T. and A. E. Raftery (2005) Weather forecasting with ensemble methods0.64422100%
8Gneiting, T. and A. E. Raftery (2007) Strictly proper scoring rules, prediction, and estimation0.64422100%
9Gneiting, T. and R. Ranjan (2013) Combining predictive distributions0.64422100%
10Lichtendahl Jr, K. C., Y. Grushka-Cockayne, and R. L. Winkler (2013) Is it better to average probabilities or quantiles?0.64422100%

Showing the top 10 of 166 scored citations.