NY Fed economists reveal big-data approach to nowcasting
Paper sets out New York Fed’s model for producing early estimates of major indicators
Economists from the Federal Reserve Bank of New York outline their approach to ‘nowcasting’ the economy using big data in a new staff report.
Nowcasting seeks to overcome the limitations of data releases that only occur sporadically, such as quarterly GDP, by extracting the key factors from large datasets. “In practice, however, the implementation of this idea is complicated by the intricate nature of the information being tracked,” the team writes.
Model design suffers from the “curse of
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