Ekonomski pregled, Vol. 59 No. 11, 2008.
Izvorni znanstveni članak
FORECASTING BUSINESS AND GROWTH CYCLES IN CROATIA
Puni tekst: engleski pdf 236 Kb
APA 6th Edition
Bačić, K. i Vizek, M. (2008). FORECASTING BUSINESS AND GROWTH CYCLES IN CROATIA. Ekonomski pregled, 59 (11), 646-668. Preuzeto s https://hrcak.srce.hr/33340
MLA 8th Edition
Bačić, Katarina i Maruška Vizek. "FORECASTING BUSINESS AND GROWTH CYCLES IN CROATIA." Ekonomski pregled, vol. 59, br. 11, 2008, str. 646-668. https://hrcak.srce.hr/33340. Citirano 02.06.2023.
Chicago 17th Edition
Bačić, Katarina i Maruška Vizek. "FORECASTING BUSINESS AND GROWTH CYCLES IN CROATIA." Ekonomski pregled 59, br. 11 (2008): 646-668. https://hrcak.srce.hr/33340
Bačić, K., i Vizek, M. (2008). 'FORECASTING BUSINESS AND GROWTH CYCLES IN CROATIA', Ekonomski pregled, 59(11), str. 646-668. Preuzeto s: https://hrcak.srce.hr/33340 (Datum pristupa: 02.06.2023.)
Bačić K, Vizek M. FORECASTING BUSINESS AND GROWTH CYCLES IN CROATIA. Ekonomski pregled [Internet]. 2008 [pristupljeno 02.06.2023.];59(11):646-668. Dostupno na: https://hrcak.srce.hr/33340
K. Bačić i M. Vizek, "FORECASTING BUSINESS AND GROWTH CYCLES IN CROATIA", Ekonomski pregled, vol.59, br. 11, str. 646-668, 2008. [Online]. Dostupno na: https://hrcak.srce.hr/33340. [Citirano: 02.06.2023.]
This paper is a report on the development and the performance of the
composite leading indicator of the Croatian economy – CROLEI, those purpose is to forecast classical business and growth cycles. The structure of the paper follows the latest CROLEI revision, based on NBER barometric method. After briefly describing the characteristics of CROLEI and its database, the turning points in the reference series (industrial production) are determined by applying Bry-Boschan algorithm. By combining the graphic analysis, Granger causality and Wald exclusion test on potential leading time series and the reference series, the list of 15 best leading series is compiled. Recursive estimation of Granger test is applied to check whether the time series´ leading properties are stabile over time. Then 14 composite leading indicators are constructed from 15 best leading series. In order to decide which composite indicator yields the best forecasts, Granger causality test is used. New CROLEI indicator is composed of 7 series and leads the reference series by 8 months. Additionally, a diffusion index - an auxiliary tool for forecasting business and growth cycles - is constructed.
leading indicator, forecasting, non-model based approach, growth cycles
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