Croonenbroeck, Carsten; Stadtmann, Georg - Wirtschaftswissenschaftliche Fakultät, … - 2012
We run out-of-sample forecasts for the inflation rate of 15 euro-zone countries using a NAIRU Phillips curve and a naïve reference model. Comparisons show that the naïve model returns better forecasts in almost all cases. We provide evidence that the Phillips curves' goodness of fit is rather...