An application of data-rich environment for policy analysis of the Indian economy

Haroon Mumtaz and Nitin Kumar

Joint Research Papers from Centre for Central Banking Studies, Bank of England

Abstract: A good set of forecasts of key macroeconomic indicators is useful for making informed policy decisions. This analysis undertakes to perform joint forecasting of vital time series in large Bayesian VAR framework for an emerging economy such as India, where policy decisions are further complicated by consideration such as poverty, illiteracy and health. A rich information set which is known to obtain systematic improvements to the forecast accuracy is constructed. Compare to an array of contemporary completing univariate and multivariate modelling techniques, the large Bayesian VAR provides satisfactory results with significant gains in predictions. The methodology displays consistent improvements over the longer forecast horizon.Â

Keywords: An; application; of; data-rich; environment; for; policy; analysis; of; the; Indian; economy (search for similar items in EconPapers)
Date: 2012-08
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ccb:jrpapr:2

Access Statistics for this paper

More papers in Joint Research Papers from Centre for Central Banking Studies, Bank of England Contact information at EDIRC.
Bibliographic data for series maintained by Maria Brady ().