英文文献:Information Rigidity and Correcting Inefficiency in USDA’s Commodity Forecasts-信息刚性和纠正美国农业部大宗商品预测的低效率
英文文献作者:MacDonald, Stephen,Isengildina-Massa, Olga
英文文献摘要:
This study investigates the rationality of monthly revisions in annual forecasts of supply, demand and price for U.S. corn, cotton, soybeans, and wheat, published in the World Agricultural Supply and Demand Estimates over 1985/86-2010/11. The findings indicate that USDA's forecast revisions are not independent across months, and that forecasts are typically smoothed. Adjustment for smoothing in a subset of forecasts (1998/2000-2010/11) showed mixed results: significant improvements for soybean use forecasts, cotton exports, and a broad cross-section of forecasts published in October. However, accuracy deteriorated in some cases, particularly for late-season preliminary data revisions.
这项研究调查了美国玉米、棉花、大豆和小麦在1985/86-2010/11年《世界农业供求估计》中发表的对供应、需求和价格年度预测的月度修正的合理性。调查结果表明,美国农业部的预测修正并非在不同月份之间是独立的,而且预测通常是平滑的。对部分预测(1998/2000-2010/11)进行平滑调整后,结果喜忧参半:大豆用量预测、棉花出口预测和10月份发布的广泛横断面预测均有显著改善。然而,准确性在某些情况下恶化,特别是在季末的初步数据修订方面。


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