Nowcasting (NWC)
This course, presented by the Institute for Capacity Development, provides participants with cutting-edge nowcasting tools that familiarize them with the concepts and methods to incorporate high-frequency economic indicators into the forecasting process, while integrating this training into technical assistance on data compilation and dissemination. Each topic is complemented by hands-on workshops and assignments designed to illuminate the steps required to formulate a nowcasting model and generate a nowcast.
Target Audience
Junior and middle-level officials from ministries of finance, central banks, and other interested public institutions.
Qualifications
Participants are expected to have an advanced degree in economics or equivalent experience, a basic understanding of time-series econometrics and be comfortable using EViews (econometric software package). It is strongly recommended that applicants have completed a few general macroeconomic courses, such as Macroeconomic Forecasting and Analysis (MFA), Macroeconomic Diagnostic (MDS), face-to-face or online.
Course Objectives
Upon completion of this course, participants should be able to:
- Understand and be proficient in the steps required to manage time-series data in EViews, estimate an OLS regression and calculate its associated forecasts in EViews.
- Formulate several useful statistical procedures in EViews, including consolidation of time series from higher to lower frequencies; interpolation techniques; seasonal adjustment; and use of leading indicators.
- Identify appropriate high-frequency indicators useful for the nowcasting macroeconomic variables and prepare them for use in a nowcasting exercise.
- Formulate and estimate a nowcasting regression using several approaches (including Bridge, MIDAS, and U-MIDAS estimators).
- Generate a nowcast from the base regression and consolidate competing forecasts using combination forecasts.
- Evaluate the accuracy of the nowcast using several forecasting performance indicators.
- Apply the nowcasting tools to their own country data and interpret the nowcast appropriately in policy making settings.
Upcoming Offering
| Start date | End date | Location | Delivery Method | Session No. | Primary & (Interpretation) language | Apply |
|---|---|---|---|---|---|---|
| June 3, 2024 | June 14, 2024 | Singapore, Singapore | In-person Training | ST 24.23 | English | Deadline passed |
| July 1, 2024 | July 12, 2024 | Ankara, Republic of Türkiye | In-person Training | OT 24.29 | English | Apply online by May 24, 2024 |
| October 21, 2024 | November 1, 2024 | Ebene, Mauritius | In-person Training | AT 24.29 | English (French, Portuguese) | Apply online by September 6, 2024 |
Financial Markets and Instruments (FMI)
English | August 19-30, 2024 | In-person Training | Vienna, Austria
Apply online by May 19, 2024
Debt Management, Debt Reporting, and Investor Relations (DMIRx)
English | April 30, 2024 - June 18, 2024 | Online Training | Course conducted online
Apply online by May 21, 2024
Macro-relevant Environment and Climate Change Statistics - Introductory Level
English | July 29-31, 2024 | In-person Training | Vienna, Austria
Apply online by May 22, 2024