Forecasting

An Essential Introduction

David Hendry, Jennifer Castle, Michael Clements

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English

Yale University
23 April 2019

Economics & Business; Economic forecasting

Concise, engaging, and highly intuitive—this accessible guide equips you with an understanding of all the basic principles of forecasting

Making accurate predictions about the economy has always been difficult, as F. A. Hayek noted when accepting his Nobel Prize in economics, but today forecasters have to contend with increasing complexity and unpredictable feedback loops. In this accessible and engaging guide, David Hendry, Michael Clements, and Jennifer Castle provide a concise and highly intuitive overview of the process and problems of forecasting. They explain forecasting concepts including how to evaluate forecasts, how to respond to forecast failures, and the challenges of forecasting accurately in a rapidly changing world.

Topics covered include: What is a forecast? How are forecasts judged? And how can forecast failure be avoided? Concepts are illustrated using real-world examples including financial crises, the uncertainty of Brexit, and the Federal Reserve’s record on forecasting. This is an ideal introduction for university students studying forecasting, practitioners new to the field and for general readers interested in how economists forecast.

By: David Hendry, Jennifer Castle, Michael Clements
Imprint: Yale University
Country of Publication: United States
Dimensions: Height: 216mm, Width: 140mm, Spine: 2mm
Weight: 284g
ISBN: 9780300244663
ISBN 10: 0300244665
Pages: 240
Publication Date: 23 April 2019
Audience: College/higher education , General/trade , Primary , ELT Advanced
Format: Paperback
Publisher's Status: Active

David Hendry is professor of economics, Oxford University and director of economic modelling, Institute for New Economic Thinking. Michael Clements is professor of econometrics, Henley Business School. Jennifer Castle is tutorial fellow, Oxford University and research fellow at Institute for New Economic Thinking.

Reviews for Forecasting: An Essential Introduction

For a non-technical guide to economic forecasting, there could be nothing better than Forecasting: An Essential Introduction by Jennifer Castle, Michael Clements and David Hendry. It is a crystal clear and intuitive explanation of what macroeconomic forecasts can and can't do - The Enlightened Economist Very welcome and much needed. - Philip Hans Franses A tidy and beautiful introduction to opportunities, pitfalls, and new directions in economic forecasting, reflecting the distilled wisdom of researchers at the frontier of their field. - Professor Francis X. Diebold, author of Elements of Forecasting It's a topsy-turvy world, but we all must have a view on where it is headed: from the business owner hiring a new employee to the renter becoming a homeowner. Of course, there are accurate forecasts and off-base ones. Forecasting may not turn you into Warren Buffet, but it will ensure that you avoid a forecasting blunder. - Mark Zandi, Chief Economist of Moody's Analytics and author of Financial Shock and Paying the Price