information criteria. Then one-step ahead forecasts have been generated. It was found, that the ARs generate the best forecasts at …

information criteria. Then one-step ahead forecasts have been generated. It was found, that the ARs generate the best forecasts at … ; forecasts ; forecast evaluation …

forecasts (bottom-up approaches). Overall, all methods perform better than a simple benchmark for short horizons (up to three … out-perform bottom-up ones for real variables, but not for prices. Finally, when country-specific forecasts are adjusted … to match direct forecasts at the aggregate levels (top-down approaches), the forecast accuracy is neither improved nor …