In this paper, we examine and extend the results of Ball and Croushore (2003) and Rudebusch and Williams (2009), who show that the output forecasts in the Survey of Professional Forecasters (SPF) are inefficient. Ball and Croushore show that the SPF out-put forecasts are inefficient with respect...

The monitoring of the regional economic situation takes on particular importance in highly decentralised countries, such as Spain. Against this background, this article summarises the key aspects of the BayFaR model (Bayesian Factor model for Regions), a new tool used by the Banco de España for...