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Evaluating a model by forecast performance
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UNSPECIFIED (2005) Evaluating a model by forecast performance. OXFORD BULLETIN OF ECONOMICS AND STATISTICS, 67 (Suppl. S). pp. 931-956. ISSN 0305-9049.
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Abstract
Although out-of-sample forecast performance is often deemed to be the 'gold standard' of evaluation, it is not in fact a good yardstick for evaluating models in general. The arguments are illustrated with reference to a recent paper by Carruth, Hooker and Oswald [Review of Economics and Statistics (1998), Vol. 80, pp. 621-628], who suggest that the good dynamic forecasts of their model support the efficiency-wage theory on which it is based.
Item Type: | Journal Article | ||||
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Subjects: | H Social Sciences > HC Economic History and Conditions H Social Sciences Q Science > QA Mathematics |
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Journal or Publication Title: | OXFORD BULLETIN OF ECONOMICS AND STATISTICS | ||||
Publisher: | BLACKWELL PUBLISHING | ||||
ISSN: | 0305-9049 | ||||
Official Date: | 2005 | ||||
Dates: |
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Volume: | 67 | ||||
Number: | Suppl. S | ||||
Number of Pages: | 26 | ||||
Page Range: | pp. 931-956 | ||||
Publication Status: | Published |
Data sourced from Thomson Reuters' Web of Knowledge
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