Are inflation forecasts from major Swedish forecasters biased

Inflation forecasts made 1999–2005 by Sveriges Riksbank and Kon-junkturinstitet of Swedish inflation rates 1999–2007 are tested for un-biasedness; i.e., are the mean forecast errors zero? The bias is in the order of −0.1 percentage units for horizons below one year and in the order of 0.1 and 0.6 (depending on inflation measure) above one year. Using the maximum entropy bootstrap for inference bias is significant whereas inference using HAC indicates insignificance. JEL: E37