Nowcasting (NWC)

Source details

Session No.: JV 24.03
Deadline passed
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.
Qualifications:
- Advanced degree in economics or equivalent experience.
- Basic understanding of time-series econometrics.
- Comfortable using EViews (econometric software package).
- Strongly recommended: completion of a few general macroeconomic courses, such as Macroeconomic Forecasting and Analysis (MFA) or Macroeconomic Diagnostic (MDS), face-to-face or online.

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 to illuminate steps required to formulate a nowcasting model and generate a nowcast.

Upon completion, 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.