Judgmental Macroeconomic Forecasting on the Basis of Probability Estimation of the Economic Indicators

Yazarlar

  • Giorgi Baghaturia International Black Sea University

DOI:

https://doi.org/10.31578/job.v3i2.87

Anahtar Kelimeler:

Bayesian methodology- crisis- cybernetic understanding- judgmental forecasting- macroeconomic systems- “noise”

Özet

The paper deals with the opportunity of Judgmental Macroeconomic Forecasting for the behavior of the economic systems and processes on the basis of the estimation of a priori, a posterior and conditional probabilities of the relevant economic indicators. This approach shows a path of economic crisis forecasting that should be an essential tool for policy makers in order to avoid or to mitigate the consequences of a possible economic crisis. The method will be especially useful for small countries with transient economy in order to create an optimal strategy of country’s development during the crisis.

Yayınlanmış

12-06-2015

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