Melecký, Martin - In: Czech Journal of Economics and Finance (Finance a uver) 51 (2001) 5, pp. 279-297
in turn measures the stability of particular parsimonious models. One-step forecast tests are applied, which establish … explanatory variables. As a measure of forecast ability, the author employs U-statistic, RMSE, and MAE tests. The above statistics … assign the best-forecast performance to the modified version of the P-star model of inflation for a small, open economy. …