as forecast encompassing; and he has improved existing ones, such as nowcasting and robustification to breaks. This …David Hendry has made major contributions to many areas of economic forecasting. He has developed a taxonomy of … forecast errors and a theory of unpredictability that have yielded valuable insights into the nature of forecasting. He has …

forecasting macroeconomic key variables such as GDP. However, the DFM has some weaknesses. For nowcasting, the dynamic factor … on euro-area data show that the now- and forecasting performance of our new model is superior to that of the subset …

their relevance in forecasting models: (a) where the breaks occur after forecasts are announced; and (b) where they occur in …-sample and hence pre-forecasting. The impact on forecasts depends on which features of the models are non-constant. Different … parameters of a particular model, the consequences for forecasting are specific to the type of break and form of model. We …