Bachmeier, Lance J.; Swanson, Norman R. - In: Economic Inquiry 43 (2005) 3, pp. 570-585
Various inflation forecasting models are compared for the period 1979--2003 using a simulated out-of-sample forecasting framework. Our findings are (1) M2 has marginal predictive content for inflation; (2) it is necessary to allow for the possibility that money, prices, and output are...