Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/209885 
Year of Publication: 
2007
Series/Report no.: 
Working Paper No. 2007/9
Publisher: 
Norges Bank, Oslo
Abstract: 
This paper finds that asset prices on Oslo Stock Exchange is the single most important block of data to improve estimates of current quarter GDP in Norway. Other important blocks of data are labor market data and industrial production indicators. We use an approximate dynamic factor model that is able to handle new information as it is released, thus the marginal impact on mean square nowcasting error can be studied for a large number of variables. We use a panel of 148 non-synchronous variables covering a broad spectrum of the Norwegian economy. The strong impact from financial data is due to an ability of the market clearing process to impart information about the real activity in Norway in a timely manner.
Subjects: 
forecasting
financial markets
economic growth
small open economy
JEL: 
E37
E50
G14
Persistent Identifier of the first edition: 
ISBN: 
978-82-7553-405-5
Creative Commons License: 
cc-by-nc-nd Logo
Document Type: 
Working Paper
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