ECB paper seeks to boost predictive power of macroeconomic models

European Central Bank at night

A European Central Bank working paper, published yesterday, seeks to improve the predictive power of the "three major families" of macroeconomic models utilised by central banks.

The paper, Prediction Using Several Macroeconomic Models by Gianni Amisano and John Geweke, analyses three models (a dynamic factor model, a dynamic stochastic general equilibrium model and a vector autoregression model), which the authors say are "representatives of the major families" of models used for prediction in

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