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- W3122825069 abstract "Macroeconomic forecasts are persistently too optimistic. This paper finds that common factors related to general uncertainty about U.S. macrofinancial prospects and global demand drive this overoptimism. These common factors matter most for advanced economies and G- 20 countries. The results suggest that an increase in uncertainty-driven overoptimism has dampening effects on next-year real GDP growth rates. This implies that incorporating the common structure governing forecast errors across countries can help improve subsequent forecasts." @default.
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- W3122825069 date "2016-11-17" @default.
- W3122825069 modified "2023-09-23" @default.
- W3122825069 title "Forecast Errors and Uncertainty Shocks" @default.
- W3122825069 doi "https://doi.org/10.5089/9781475555523.001.a001" @default.
- W3122825069 hasPublicationYear "2016" @default.
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