RBNZ paper tests performance of house price forecasts
A Reserve Bank of New Zealand (RBNZ) paper published on Friday shows that the central bank's method for forecasting house price movements performs just as well as individual models.
Sarah Drought and Chris McDonald, the paper's authors, use a range of statistical models to forecast New Zealand house price inflation and address the issue of model uncertainty by combining forecasts using weights based on out-of-sample forecast performance. The authors compare the forecasts for house prices in New
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