Nowcasting: The real-time informational content of macroeconomic data
A formal method is developed for evaluating the marginal impact that intra-monthly data releases have on current-quarter forecasts (nowcasts) of real gross domestic product (GDP) growth. The method can track the real-time flow of the type of information monitored by central banks because it can handle large data sets with staggered data-release dates. Each time new data are released, the nowcasts are updated on the basis of progressively larger data sets that, reflecting the unsynchronized data-release dates, have a "jagged edge" across the most recent months.
Year of publication: |
2008
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Authors: | Giannone, Domenico ; Reichlin, Lucrezia ; Small, David |
Published in: |
Journal of Monetary Economics. - Elsevier, ISSN 0304-3932. - Vol. 55.2008, 4, p. 665-676
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Publisher: |
Elsevier |
Saved in:
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