'Animal spirits' and expectations in U.S. recession forecasting

Details 'Animal spirits' and expectations in U.S. recession forecasting 'Animal spirits' and expectations in U.S. recession forecasting

2001-08-08

arxiv.org/abs/nlin/0108012v4

Nonlinear Sciences

Adaptation and Self-Organizing Systems

pdf, 10 pages, 4 figures, submitted for publication; v2,v3 format and citation details; v4 affiliation change

Scientific paper

A two-variable model is developed to forecast the probability of recession in the U.S. economy. Like many others, the model uses data a year or more old to explain movements of a dichotomous dependent variable for recession. The innovation of the present effort is the introduction of a confidence variable, which appears to increase the qualitative accuracy and structural stability of the model in validation testing compared to others.

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