## Nowcasting (NWC)

## Source details

**Canonical URL:** [Nowcasting (NWC)](https://www.imf.org/en/capacity-development/training/icdtc/schedule/sa/2023/nwcsa23-32)

## Other formats

- [Markdown version](/en/capacity-development/training/icdtc/schedule/sa/2023/nwcsa23-32/index.md)
- [Structured JSON version](/en/capacity-development/training/icdtc/schedule/sa/2023/nwcsa23-32/index.json)
- [Bundle manifest](/en/capacity-development/training/icdtc/schedule/sa/2023/nwcsa23-32/bundle-manifest.json)

## Bibliographic details
- Session: SA 23.32
- Location: New Delhi, India
- Dates: September 18-29, 2023 (2 weeks)
- Delivery method: In-person Training
- Primary language: English
- Status: Deadline passed

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### Target Audience
- Junior and middle-level officials from Ministries of Finance, Central Banks, and other interested public institutions.
- 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) and Macroeconomic Diagnostic (MDS), in-person or online.

### Session Details
- Session No.: SA 23.32
- Location: New Delhi, India
- Date: September 18-29, 2023 (2 weeks)
- Delivery Method: In-person Training
- Primary Language: English
- Deadline passed

### Course Description
- Nowcasting uses recently published data to update key economic indicators published with a significant lag, such as real GDP.
- The course familiarizes participants with cutting-edge nowcasting tools that facilitate the use of mixed-frequency data in regression models.
- Rationale and context:
  - Emphasizes the importance of nowcasting for more timely and appropriate policy formulation during crisis periods such as the GFC or COVID-19.
- Statistical methodologies and procedures covered:
  - Generation of nominal and real GDP estimates.
  - Box-Jenkins time-series analysis.
  - Replacement of missing values.
  - Seasonal adjustment procedures.
  - Frequency conversion.
  - Identification and preparation of high-frequency indicators.
- Nowcasting approaches taught:
  - BRIDGE, MIDAS, and U-MIDAS estimators, both with and without factors.
  - State-space/Kalman filter approach for mixed-frequency data.
- Model combination and evaluation:
  - Procedures for combining nowcasts from distinct models.
  - Statistical procedures for evaluating the accuracy of a sequence of nowcasts.
- Practical component:
  - Each topic is complemented by hands-on workshops and an assignment using country-specific data with the EViews econometric package.
  - Workshops and assignments are integral to illuminate the actual steps required to generate a nowcast.

### Course Objectives
Upon completion of the course, participants should be able to:
- Identify appropriate high-frequency indicators useful for nowcasting macroeconomic variables and prepare them for use in a nowcasting exercise.
- Formulate and estimate a nowcasting regression using several approaches.
- 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 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)
- [Executive Training 2 on Fiscal Policy Considerations (FPA)](https://www.imf.org/en/capacity-development/training/icdtc/schedule/ce/2026/fpcce26-16)
- [Tax Regional Workshop on Strategic Management](https://www.imf.org/en/capacity-development/training/icdtc/schedule/ce/2026/taxce26-43)
- [Institutional Sector Accounts-Advanced - Blended (ISA-A)](https://www.imf.org/en/capacity-development/training/icdtc/schedule/hq/2027/isa-ahq27-02)

_Source: https://www.imf.org/en/capacity-development/training/icdtc/schedule/sa/2023/nwcsa23-32_