Information rigidity in growth forecasts: Some cross-country evidence

We document information rigidity in forecasts of real GDP growth in 46 countries over the past two decades. We also investigate: (i) whether rigidities differ across countries, particularly between advanced countries and emerging markets; (ii) whether rigidities are lower around turning points in the economy, such as in times of recessions and crises; and (iii) how quickly forecasters incorporate news about growth in other countries into their growth forecasts, with a focus on the way in which advanced countries' growth forecasts incorporate news about emerging market growth, and vice versa. (C) 2013 International Institute of Forecasters. Published by Elsevier B.V. All rights reserved.