Improving Business Cycle Forecasts’ Accuracy
15
Table 4
Test for Information Efficiency Based on a Ranked Sign Test1
1991-2004
Indicator |
RWI-7 |
RWI-4 |
RWI-3 |
GD-6 |
GD-4 |
GD-2 | |
GDP PC |
20,5** |
4*** |
15,5** 20** |
21** | |||
ifo business expectations |
GC IEQ IS |
81* | |||||
EX IM | |||||||
ifo business climate |
GDP |
89** |
20** |
17,5** |
25,5* 21,5* |
24,5* | |
Consumer Sentiment |
GDP |
90** |
26* |
23,5* |
23,5* 13** | ||
GDP PC |
15,5** |
0*** |
25* 21** |
11,5** | |||
OECD leading indicator |
GC IEQ IS | ||||||
EX IM |
24* |
18** |
13,5** |
21** | |||
New orders manufacturing sector |
GDP |
87** |
18,5** | ||||
New foreign orders |
GDP |
17** |
82* | ||||
New orders (NOC) |
GDP |
21** |
94*** |
85** |