Norges Bank sees room for improvement when forecasting wages
Central bank and other forecasters struggled to produce accurate estimates of wage growth and unemployment
Norges Bank’s forecast errors for wage growth were particularly large in 2016, although forecasts for GDP and inflation were relatively good, according to an internal evaluation of forecasting published on June 12.
“Wage growth stands out as the variable where the deviation between actual developments and projections was markedly greater in 2016,” the central bank says in the report. Unemployment also proved tricky to forecast, coming in somewhat higher than expected.
Other forecasters also
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