Lessons from Nowcasting GDP across the World

Danilo Cascaldi-Garcia, Matteo Luciani and Michele Modugno

No 1385, International Finance Discussion Papers from Board of Governors of the Federal Reserve System (U.S.)

Abstract: In economics, we need to forecast the present because reliable and comprehensive measures of the state of the economy are released with a substantial delay and considerable measurement error. Nowcasting exploits timely data to obtain early estimates of the state of the economy and updates these estimates continuously as new macroeconomic data are released. In this chapter, we describe how the framework used to nowcast GDP has evolved and is applied worldwide.

Keywords: Dynamic factor models; Forecasting; Nowcasting (search for similar items in EconPapers)
JEL-codes: C33 C53 E37 (search for similar items in EconPapers)
Date: 2023-12-18
New Economics Papers: this item is included in nep-ets
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Chapter: Lessons from nowcasting GDP across the world (2024)
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Persistent link: https://EconPapers.repec.org/RePEc:fip:fedgif:1385

DOI: 10.17016/IFDP.2023.1385

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