We examine forecast accuracy and efficiency of the Social Security Administration’s projections for cost rate, trust fund balance, trust fund ratio made during 1980-2020 with horizons up to 95 years. We find that the reported deterioration in the accuracy of the forecasts during 2010’s has...

Complementing the focus of the second piece, quot;Adding Immigrants to Microsimulation Models,quot; on forecasting immigrant earnings and emigration in a quot;closed systemquot; for a given population, the last article of the trilogy explores how to project immigrant earnings for an quot;open...

This paper examines the asymptotic and finite-sample properties of tests of equal forecast accuracy when the models being compared are overlapping in the sense of Vuong (1989). Two models are overlapping when the true model con- tains just a subset of variables common to the larger sets of...