Ensemble flood forecasting: a review.

Operational medium range flood forecasting systems are increasingly moving towards the adoption of ensembles of numerical weather predictions (NWP), known as ensemble prediction systems (EPS), to drive their predictions. We review the scientific drivers of this shift towards such ‘ensemble flood forecasting’ and discuss several of the questions surrounding best practice in using EPS in flood forecasting systems. We also review the literature evidence of the ‘added value’ of flood forecasts based on EPS and point to remaining key challenges in using EPS successfully.

Forecasting with difference and trend stationary models

Although difference-stationary (DS) and trend-stationary (TS) processes have been subject to considerable analysis, there are no direct comparisons for each being the data-generation process (DGP). We examine incorrect choice between these models for forecasting for both known and estimated parameters. Three sets of Monte Carlo simulations illustrate the analysis, to evaluate the biases in conventional standard errors when each model is mis-specified, compute the relative mean-square forecast errors of the two models for both DGPs, and investigate autocorrelated errors, so both models can better approximate the converse DGP. The outcomes are surprisingly different from established results.

Economic forecasting: some lessons from recent research

This paper describes some recent advances and contributions to our understanding of economic forecasting. The framework we develop helps explain the findings of forecasting competitions and the prevalence of forecast failure. It constitutes a general theoretical background against which recent results can be judged. We compare this framework to a previous formulation, which was silent on the very issues of most concern to the forecaster. We describe a number of aspects which it illuminates, and draw out the implications for model selection. Finally, we discuss the areas where research remains needed to clarify empirical findings which lack theoretical explanations.