Report and Modelling and Forecasting at the Bank of England

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Forecast combination and the Bank of England’s suite of statistical forecasting models (2008, unknown): “' In an effort to assist in this task, econometricians began assembling large macroeconomic data sets and devising ways of forecasting with them: James Stock and Mark Watson (eg Stock and Watson (1999)) were in the vanguard of this campaign, pioneering the use of factor models which summarise large ”
Forecasting Performance of an Open Economy DSGE Model (2007, background): “For instance, Pagan ( 2003 ) retains that there is a trade-off between theoretical and empirical coherence in DSGE models and vector autoregressions (VARs), the latter being more empirically than theoretically coherent relative to the former.”
The Econometrics of Macroeconomic Modelling (2005, background): “Arguably, the most important conceptual development in this area have been the Phillips curve—the relationship between the rate of change in money wages and the rate of unemployment, Phillips (1958),—and the “natural rate of unemployment” hypothesis, Phelps (1967) and Friedman (1968).”