Lessons from Nowcasting GDP across the World

RePEc Short ID: pca1251
ORCID iD: 0000-0003-4411-9911

Cascaldi-Garcia, Danilo; Luciani, Matteo; Modugno, Michele

doi:10.17016/IFDP.2023.1385

Working Paper

Lessons from Nowcasting GDP across the World

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;

JEL Classification: C33; C53; E37;

https://doi.org/10.17016/IFDP.2023.1385