Meyler, Aidan and Rubene, Ieva (2009): Results of a special questionnaire for participants in the ECB Survey of Professional Forecasters (SPF).
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This document provides a summary of the aggregate results of a special questionnaire which was sent to the participants in the ECB Survey of Professional Forecasters (SPF) in autumn 2008, in the context of the ten-year anniversary of the SPF’s launch in January 1999.
In summary, the results show that the SPF responses are quite timely and that the forecasts are based on heterogeneous assumptions that are predominantly generated in house. In addition, although both structural and time series models are widely used, judgement also plays a key role, in particular for the reported probability distributions. It is thus very important to consider the heterogeneity of the SPF forecasts when analysing and interpreting the results of the SPF.