Now-casting and the real-time data flow

Domenico Giannone, Lucrezia Reichlin, Marta Banbura and Michele Modugno

No 1564, Working Paper Series from European Central Bank

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). JEL Classification: E32, E37, C01, C33, C53

Keywords: macroeconomic forecasting; macroeconomic news; mixed frequency; real-time data; state space models (search for similar items in EconPapers)
Date: 2013-07
New Economics Papers: this item is included in nep-ecm, nep-for, nep-mac and nep-mst
Note: 93468
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (206)

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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 (2012)
Working Paper: Now-Casting and the Real-Time Data Flow (2012)
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Persistent link: https://EconPapers.repec.org/RePEc:ecb:ecbwps:20131564

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