Assessing Forecasting Performance of Business Tendency Surveys During the Great Recession: Evidence for Russia
KOF Working Papers No. 306
17 Pages Posted: 4 Jul 2012 Last revised: 12 Feb 2013
Date Written: July 1, 2012
This study investigates usefulness of business tendency surveys in industrial sector for out-of-sample prediction of growth of industrial production in Russia. A special attention is paid to performance of survey-augmented models during the recent Great Recession 2008/2009. Using the real-time data vintages of the index of industrial production in Russia we conclude that the use of surveys positively contributes to boosting forecast accuracy of industrial production compared with forecasts based on a benchmark univariate autoregressive model.
Keywords: The Great Recession, business tendency surveys, forecasting, model selection, Autometrics, Russia
JEL Classification: C53, E37
Suggested Citation: Suggested Citation