Connect with IMF Institute
General Macroeconomic Analysis

Nowcasting (NWC)

Deadline passed

Session No.: JV 24.03

Location: Vienna, Austria

Date: February 19, 2024 - March 1, 2024 (2 weeks)

Delivery Method: In-person Training

Primary Language: English

    Target Audience

    Junior and middle-level officials from ministries of finance, central banks, and other interested public institutions. 

    Back to top

    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.

    Back to top

    Course Description

    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. 

    Back to top

    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.  
    Back to top

    Apply Now - Application deadline approaching:

    IMF offers online training to government officials and the public. Click Learn more to find our current offerings.

    Risk Based Supervision

    English (Arabic) | June 2-6, 2024 | In-person Training | Kuwait City, Kuwait

    Apply online by April 17, 2024

    Financial Programming and Policies (FPP)

    English (French, Portuguese) | June 3-14, 2024 | In-person Training | Ebene, Mauritius

    Apply online by April 19, 2024

    Compilation of Macro-relevant Environment and Climate Change Statistics - Advanced (CMECC-A)

    English | August 19-30, 2024 | In-person Training | Washington, D.C., United States

    Apply online by April 21, 2024

    Financial Development and Financial Inclusion (FDFI)

    English | August 19-30, 2024 | In-person Training | Washington, D.C., United States

    Apply online by April 21, 2024