Macro Forecasting Using Alternative Data

Traditional macroeconomic data used by economic agents to make decisions are noisy, lack richness, and produced with considerable lag. This chapter explores how alternative, web-scale data sources (“Big Data”) can help. We present a case study using a common alternative data source- web search to predict one of the most important data releases- non-farm payrolls (NFP). We discuss the efficacy of various machine learning (ML) techniques, the live performance of alternative data prediction models and the typical problems faced in practice

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Year of publication:	2019
Authors:	Jain, Apurv
Publisher:	[2019]: [S.l.] : SSRN
Subject:	Prognoseverfahren \| Forecasting model \| Wirtschaftsprognose \| Economic forecast \| Makroökonometrie \| Macroeconometrics

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