Table 7: Out-of-sample Forecast Statistics.

MAEMAPERMSEHRMSETheil coefficient

HAR-CJ-M0.46232.98980.62730.42010.5489
HAR-ARV0.51294.90470.68260.45010.9499
HAR-CJ0.47933.39160.66000.43380.5869
HAR-CJ-M0.48866.53850.63610.22020.5135
HAR-ARV0.54464.39150.71620.29320.6501
HAR-CJ0.49664.46880.66150.24840.5522
HAR-CJ-M0.571312.0930.71680.42580.5137
HAR-ARV0.652412.2490.80890.48520.6075
HAR-CJ0.638012.1330.76520.44320.5245