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Forecasting Economic Time Series, by Michael Clements, David Hendry
PDF Download Forecasting Economic Time Series, by Michael Clements, David Hendry
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David Hendry is one of the world's leading econometricians, and in this major new work he and Michael Clements provide an extended formal analysis of economic forecasting with econometric models: their analysis builds in many of the features of the real world that are often overlooked in traditional, textbook analyses of forecasting. Consequently, Clements and Hendry are able to suggest ways in which existing forecasting practices can be improved, as well as providing a rationale for some of the habitual practices of forecasters that have hitherto lacked a scientific foundation.
- Sales Rank: #2249212 in Books
- Published on: 1998-11-28
- Original language: English
- Number of items: 1
- Dimensions: 8.98" h x .87" w x 5.98" l, 1.26 pounds
- Binding: Paperback
- 392 pages
Review
'Perhaps one of the most appealing features of the book is the systematic way in which it outlines and uncovers problems in forecasting, lays out possible solutions, and uses Monte Carlo, theoretical and empirical evidence to assess the potential solutions. Another appealing feature is that beginning researchers who are generally interested in serious (empirical) scientific investigation can learn much from noting how Clements and Hendry uncover, assess, and examine important issues in the area of economic forecasting. A third feature worth noting is the plethora of insightful and detailed empirical and Monte Carlo evidence. Forecasting Economic Time Series not only elucidates in detailed fashion how to construct macroeconomic forecasts, but also contains many hints on how to construct good macroeconomic forecasts. This makes it a must for forecasters' Journal of the American Statistical Association
About the Author
David F. Hendry is Professor of Economics and Director of the Program in Economic Modeling, Institute for New Economic Thinking at the Oxford Martin School, University of Oxford.
Most helpful customer reviews
19 of 22 people found the following review helpful.
Good strategies for macro economic forecasting
By A Customer
This is a unique text that treats economic time series forecasting with emphasis on the recent advances in econometric theory such as cointegration as well as other practical strategies such as combination forecasts. Usual text books do not have the breadth of coverage this one attempts, successfully, to achieve. In short, this one text replaces many books and papers on one's shelf.
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