Nowcasting with Daily Data

Michele Modugno, Lucrezia Reichlin, Domenico Giannone and Marta Banbura

No 555, 2012 Meeting Papers from Society for Economic Dynamics

Abstract: Economists have imperfect knowledge of the present state of the economy and even of the recent past. Many key statistics are released with a long delay and they are subsequently revised. As a consequence, unlike weather forecasters, who know what is the weather today and only have to predict the weather tomorrow, economists have to forecast the present and even the recent past. The problem of predicting the present, the very near future and the very recent past is labelled as nowcasting and is the subject of this paper.

Date: 2012
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