Now-casting and the real-time data flow

Lucrezia Reichlin, Domenico Giannone, Michele Modugno and Marta Banbura

No 9112, CEPR Discussion Papers from C.E.P.R. Discussion Papers

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 on 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.

Keywords: Dynamic factor model; High-dimensional data; Macroeconomic forecasting; Macroeconomic news; Mixed-frequency; Real-time data; State-space models (search for similar items in EconPapers)
JEL-codes: C01 C33 C53 E32 E37 (search for similar items in EconPapers)
Date: 2012-09
New Economics Papers: this item is included in nep-for and nep-mst
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Citations: View citations in EconPapers (19)

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Related works:
Chapter: Now-Casting and the Real-Time Data Flow (2013)
Working Paper: Now-casting and the real-time data flow (2013)
Working Paper: Now-Casting and the Real-Time Data Flow (2012)
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