Nowcasting macroeconomic aggregates have proved extremely useful for policy-makers or financial investors, in order to get real-time, reliable information to monitor a given economy or sector. Recently, we have witnessed the arrival of new large databases of alternative data, stemming from the Internet, social media, satellites, fixed sensors, or texts. By correctly accounting for those data, especially by using appropriate statistical and econometric approaches, the empirical literature has shown evidence of some gain in nowcasting ability. In this chapter, we propose to review recent advances of the literature on the topic, and we put forward innovative alternative indicators to monitor the Chinese and US economies.
CITATION STYLE
Cheng, P., Ferrara, L., Froidevaux, A., & Huynh, T. L. (2021). Massive data analytics for macroeconomic nowcasting. In Data Science for Economics and Finance: Methodologies and Applications (pp. 145–167). Springer International Publishing. https://doi.org/10.1007/978-3-030-66891-4_7
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