Econometric models are a widely used and powerful tool in macroeconomic analysis and forecasting. Admittedly, their acceptance by the academic community had some hard times during the seventies and eighties. The general decline in the reputation of macroeconomics, the Lucas and the Sims...

In this study, we analyzed the forecasting and nowcasting performance of a generalized regression neural network (GRNN). We provide evidence from Monte Carlo simulations for the relative forecast performance of GRNN depending on the data-generating process. We show that GRNN outperforms an...