Now-Casting and the Real-time Data Flow
55 Pages Posted: 12 Aug 2013
There are 2 versions of this paper
Now-Casting and the Real-time Data Flow
Now-Casting and the Real-Time Data Flow
Date Written: July 2013
Abstract
The term now-casting is a contraction for now and forecasting and has been used for a long-time in meteorology and recently also in economics. In this paper we survey recent developments in economic now-casting with special focus on those models that formalize key features of how market participants and policy makers read macroeconomic data releases in real time, which involves: monitoring many data, forming expectations about them and revising the assessment on the state of the economy whenever realizations diverge sizeably from those expectations. (Prepared for G. Elliott and A. Timmermann, eds., Handbook of Economic Forecasting, Volume 2, Elsevier-North Holland)
Keywords: Macroeconomic News, Macroeconomic Forecasting, Real-Time Data, Mixed Frequency, State Space Models
JEL Classification: E32, E37, C01, C33, C53
Suggested Citation: Suggested Citation
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