Nowcasting Irish GDP

Antonello D'Agostino, Kieran McQuinn and Derry O’Brien

OECD Journal: Journal of Business Cycle Measurement and Analysis, 2012, vol. 2012, issue 2, 21-31

Abstract: This paper presents a dynamic factor model that produces nowcasts and backcasts of Irish quarterly GDP using timely data from a panel dataset of 35 indicators. We apply a recently developed methodology, whereby numerous potentially useful indicator series for Irish GDP can be availed of in a parsimonious manner and the unsynchronised nature of the release calendar for a wide range of higher frequency indicators can be handled. The nowcasts in this paper are generated by using dynamic factor analysis to extract common factors from the panel dataset. Bridge equations are then used to relate these factors to quarterly GDP estimates. We conduct an out-of-sample forecasting simulation exercise, where the results of the nowcasting exercise are compared with those of a standard benchmark model.

Date: 2012
References: Add references at CitEc
Citations: View citations in EconPapers (24)

Downloads: (external link)
https://doi.org/10.1787/jbcma-2012-5k92n2pwccwb (text/html)
Full text available to READ online. PDF download available to OECD iLibrary subscribers.

Related works:
Working Paper: Nowcasting Irish GDP (2011)
Working Paper: Now-casting Irish GDP (2008)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:oec:stdkab:5k92n2pwccwb

Access Statistics for this article

More articles in OECD Journal: Journal of Business Cycle Measurement and Analysis from OECD Publishing, Centre for International Research on Economic Tendency Surveys Contact information at EDIRC.
Bibliographic data for series maintained by ().