Nowcasting (NWC)
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- Nowcasting (NWC)
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Bibliographic details
- Published: August 1, 2024
Upcoming offerings
| Start date | End date | Location | Delivery Method | Session No. | Primary & (Interpretation) language | Apply |
|---|---|---|---|---|---|---|
| February 1, 2027 | February 12, 2027 | Ebene, Mauritius | In-person Training | AT 27.03 | English (French, Portuguese) | Invitation |
Overview
- The course is presented by the Institute for Capacity Development.
- Provides participants with cutting-edge nowcasting tools to incorporate high-frequency economic indicators into the forecasting process.
- Integrates training into technical assistance on data compilation and dissemination.
- Each topic is complemented by hands-on workshops and assignments that illuminate the steps required to formulate a nowcasting model and generate a nowcast.
- Topic: General Macroeconomics
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.
- Basic understanding of time-series econometrics is required.
- Participants should 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) or Macroeconomic Diagnostic (MDS), face-to-face or online.
Course Objectives
- Upon completion of the 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 and non-traditional data useful for nowcasting macroeconomic variables and prepare them for use in a nowcasting exercise.
- Formulate and estimate nowcasting models using several approaches (such as Bridge, MIDAS, and U-MIDAS estimators, etc.).
- 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 policymaking settings.