Bank of Finland staff forecasts: an evaluation

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Title: Bank of Finland staff forecasts: an evaluation
Author: Granziera, Eleonora ; Kilponen, Juha
Organization: Bank of Finland
Series: Bank of Finland. Bulletin
Series volume: 92
Series number: 3/2018
Year of publication: 2018
Publication date: 6.7.2018
Pages: 18
Subject (yso): ennusteet; taloudelliset ennusteet; arviointi; taloudelliset mallit; makrotalous; taloudellinen tila; taloudellinen kehitys; virheet; bruttokansantuote; tarkkuus; inflaatio; työttömyys
Keywords: Suomi; Suomen Pankki; revisiot
Other keywords: forecast error; gross domestic product; inflation; revisions; unemployment
Abstract: Monetary policy decisions are based on assessment of the current and future state of the economy. In order to obtain forecasts, central banks build models, which are simplified representations of the complex interactions among macroeconomic variables. The Bank of Finland regularly publishes its forecasts, using a large set of data regarding current economic developments. Analysis of this large set of data includes the use of formal macroeconomic models, which are also employed to make projections for the future course of the economy. These projections represent the most likely values for the main macroeconomic variables of the Finnish economy.
Note: Issue: Economic outlook

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