Structural Models in Real Time
36 Pages Posted: 15 Mar 2010
Date Written: March 2010
Abstract
This paper outlines a simple approach for incorporating extraneous predictions into structural models. The method allows the forecaster to combine predictions derived from any source in a way that is consistent with the underlying structure of the model. The method is flexible enough that predictions can be up-weighted or down-weighted on a case-by-case basis. We illustrate the approach using a small quarterly structural and real-time data for the United States.
Keywords: Economic forecasting, Economic indicators, Economic models, Monetary policy
Suggested Citation: Suggested Citation
Beneš, Jaromír and Clinton, Kevin and Johnson, Marianne and Matheson, Troy and Laxton, Douglas, Structural Models in Real Time (March 2010). IMF Working Paper No. 10/56, Available at SSRN: https://ssrn.com/abstract=1569953
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