Forecast models with large cross-sections are often subject to overparameterization leading to unstable parameter estimates and hence inaccurate forecasts. Recent articles suggest that a large Bayesian vector autoregression (BVAR) with sufficient prior information dominates competing approaches....

This book discusses recent developments in theoretical and empirical business cycle analysis, identifying possible applications of sophisticated tools by private and public institutions involved in the analysis of economic fluctuations and facilitating interaction between academics, researchers...