We evaluate residual projection strategies in the context of a large-scale macro model of the euro area and smaller benchmark time-series models. The exercises attempt to measure the accuracy of model-based forecasts simulated both out-of-sample and in-sample. Both exercises incorporate...

We evaluate residual projection strategies in the context of a large-scale macro model of the euro area and smaller benchmark time‐series models. The exercises attempt to measure the accuracy of model‐based forecasts simulated both out‐of‐sample and in‐sample. Both exercises...

We evaluate residual projection strategies in the context of a large-scale macro model of the euro area and smaller benchmark time-series models. The exercises attempt to measure the accuracy of model-based forecasts simulated both out-of-sample and in-sample. Both exercises incorporate...

This paper considers approaches to considering the validity of the overall structure of macro-econometric models - specifically, the Area Wide Model of the European Central Bank. By structure, we refer to the dynamic (business-cycle) and steady-state features that the model purports to capture....

We evaluate residual projection strategies in the context of a large-scale macro model of the euro area and smaller benchmark time-series models. The exercises attempt to measure the accuracy of model-based forecasts simulated both out-of-sample and in-sample. Both exercises incorporate...