The Predictive Content of the Output Gap for Inflation: Resolving In-Sample and Out-of-Sample Evidence

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The Reliability of Inflation Forecasts Based on Output Gap Estimates in Real Time (2004, result): “One possible explanation for the difference in results across the two sample periods is parameter instability, a feature which has been noted by other research on inflation forecasts, in particular, Stock and Watson (1996, 1999), and Clark and McCracken (2003).”
Forecast combination and the Bank of England’s suite of statistical forecasting models (2008, unknown): “Given our set of models, is anything to be gained from combining or averaging them? Recent surveys of forecast combination from a classical perspective are to be found in Newbold and Harvey (2002) and Clements and Hendry (1998)).”