ARTICLE
ABSTRACT
The forecasts of macroeconomic variables including the forecasts of inflation rate play an important role in estimating future situation in the economy. Knowledge of effective forecasts allows making optimal business, financial and investment decisions. The forecasts of macroeconomic variables and as a result also inflation rate forecasts can be determined by different methods often giving different results. Therefore, in this paper we apply selected tests to the evaluation of the accuracy of inflation rate forecasts determined by different methods.
KEYWORDS
forecast accuracy, parametric tests, Morgan-Granger-Newbold test, Meese-Rogoff test and Diebold-Mariano test
REFERENCES
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