) models affects their forecasting performance. We apply this analysis to medium-scale DSGE models with and without financial … with financial frictions outperform in forecasting inflation but not the GDP growth rate. …

impulse responses and variance decompositions, a DSGE-VAR to assess misspecifications, and results of forecasting experiments …. The model is one of the tools used for policy analysis and forecasting at the Swiss National Bank. …

In this paper we suggest an approach to comparison of models' forecasting performance in unstable environments. Our … tracking how the relative forecasting performance of competing models evolves over time. We illustrate the suggested approach …