Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/153997
Authors: 
Bańbura, Marta
Giannone, Domenico
Modugno, Michele
Reichlin, Lucrezia
Year of Publication: 
2013
Series/Report no.: 
ECB Working Paper 1564
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).
Subjects: 
macroeconomic forecasting
Macroeconomic news
mixed frequency
real-time data
state space models
JEL: 
E32
E37
C01
C33
C53
Document Type: 
Working Paper

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