{"product_id":"9780521634809","title":"Forecasting Economic Time Series","description":"\u003cp\u003eThis book provides a formal analysis of the models, procedures, and measures of economic forecasting with a view to improving forecasting practice. David Hendry and Michael Clements base the analyses on assumptions pertinent to the economies to be forecast, viz. a non-constant, evolving economic system, and econometric models whose form and structure are unknown a priori. The authors find that conclusions which can be established formally for constant-parameter stationary processes and correctly-specified models often do not hold when unrealistic assumptions are relaxed. Despite the difficulty of proceeding formally when models are mis-specified in unknown ways for non-stationary processes that are subject to structural breaks, Hendry and Clements show that significant insights can be gleaned. For example, a formal taxonomy of forecasting errors can be developed, the role of causal information clarified, intercept corrections re-established as a method for achieving robustness against forms of structural change, and measures of forecast accuracy re-interpreted.\u003c\/p\u003e","brand":"Cambridge University Press","offers":[{"title":"Default Title","offer_id":49692257190136,"sku":"00000_00000_00000_00000","price":137.08,"currency_code":"AUD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0789\/8208\/6904\/files\/9780521634809-1.jpg?v=1783599709","url":"https:\/\/kinokuniya.com.au\/products\/9780521634809","provider":"Books Kinokuniya Australia","version":"1.0","type":"link"}