Abstract
The low unemployment rate is one of the main targets of macroeconomic policy for each government. Forecasting unemployment rate is of great importance for each country so as the government can draw up strategies for fiscal policy. The aim of the paper is to find the most suitable model which is adjusted on unemployment rates of Greece using Box-Jenkins methodology and to examine the precision of forecasting on this model. Models’ estimation was made using the non-linear Maximum likelihood optimization methodology (maximum likelihood–ML), whereas covariance matrix is estimated with OPG method using the numerical optimization of Broyden-Fletcher-Goldfarb-Shanno (BFGS) algorithm. Forecasting unemployment rate was made both with dynamic and static process using all criteria of forecasting measures.
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