Table 3 Out-of-sample forecast error (RMSE) for each of the eight time series used in the study

3.51

2.68

2.63

2.66

2.70

2.62

2.81

2.28

2.08

1.88

1.87

1.83

1.85

1.91

4.12

4.11

3.52

3.55

3.68

3.74

3.62

5.08

6.56

5.15

5.24

4.88

5.51

5.09

2.77

2.23

2.18

2.21

2.17

2.12

2.26

2.61

2.61

2.49

2.41

2.45

2.89

2.43

3.27

2.71

2.72

2.63

2.65

2.71

2.70

1.59

1.59

1.53

1.59

1.60

1.70

1.53

3.16

3.07

2.76

2.77

2.75

2.89

2.79

3.02

2.65

2.56

2.52

2.55

2.67

2.57