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Considerations on economic forecasting: method developed in the bulletin of EU and US inflation and macroeconomic analysis

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2004-05
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This article presents economic forecasting as an activity acquiring full significance when it is involved in a decision-making process. The activity requires a sequence of functions consisting of gathering and organising data, the construction of econometric models and ongoing forecast evaluations to maintain a continuous process involving correction, perfecting and enlarging the data set and the econometric models used, systematically improving forecasting accuracy. With this approach, economic forecasting is an activity based on econometric models and statistical methods, applied economic research with all its general problems. One of these is related to economic data. The widespread belief that if economic information is published, it is valid for
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