## Nowcasting (NWC)

## Source details

**Canonical URL:** [Nowcasting (NWC)](https://www.imf.org/en/capacity-development/training/icdtc/schedule/jv/2024/nwcjv24-03)

## Other formats

- [Markdown version](/en/capacity-development/training/icdtc/schedule/jv/2024/nwcjv24-03/index.md)
- [Structured JSON version](/en/capacity-development/training/icdtc/schedule/jv/2024/nwcjv24-03/index.json)
- [Bundle manifest](/en/capacity-development/training/icdtc/schedule/jv/2024/nwcjv24-03/bundle-manifest.json)

## Bibliographic details
- Session: JV 24.03
- Location: Vienna, Austria
- Dates: February 19, 2024 - March 1, 2024 (2 weeks)
- Delivery method: In-person Training
- Primary language: English
- Status: Deadline passed

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### Event logistics and eligibility
- 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.

### Course description
- 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.

### Course objectives and competencies
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.

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## References

- [In-person Training](https://www.imf.org/en/capacity-development/training/icdtc/delivery-methods)
- [Core Elements of Banking Supervision (CBS)](https://www.imf.org/en/capacity-development/training/icdtc/schedule/at/2027/cbsat27-10)
- [Advanced Government Finance Statistics (GFS-A)](https://www.imf.org/en/capacity-development/training/icdtc/schedule/ce/2026/gfs-ace26-45)
- [Fiscal Sustainability (FS)](https://www.imf.org/en/capacity-development/training/icdtc/schedule/ce/2026/fsce26-38)
- [Safeguards Assessments of Central Banks (SAC)](https://www.imf.org/en/capacity-development/training/icdtc/schedule/at/2026/sacat26-30)

_Source: https://www.imf.org/en/capacity-development/training/icdtc/schedule/jv/2024/nwcjv24-03_