## Nowcasting (NWC)

## Source details

**Canonical URL:** [Nowcasting (NWC)](https://www.imf.org/en/capacity-development/training/icdtc/schedule/sa/2025/nwcsa25-01)

## Other formats

- [Markdown version](/en/capacity-development/training/icdtc/schedule/sa/2025/nwcsa25-01/index.md)
- [Structured JSON version](/en/capacity-development/training/icdtc/schedule/sa/2025/nwcsa25-01/index.json)
- [Bundle manifest](/en/capacity-development/training/icdtc/schedule/sa/2025/nwcsa25-01/bundle-manifest.json)

## Bibliographic details
- Session: SA 25.01
- Location: New Delhi, India
- Dates: February 17-28, 2025 (2 weeks)
- Delivery method: In-person Training
- Primary language: English
- Status: Deadline passed

---

### Session details and target audience
- Training Program: Nowcasting
- Session No.: SA 25.01
- Deadline passed
- Location: New Delhi, India
- Date: February 17-28, 2025 (2 weeks) New dates
- 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 and prerequisites
- Expected background:
  - An advanced degree in economics or equivalent experience.
  - A basic understanding of time-series econometrics.
  - Be comfortable using EViews (econometric software package).
- Strong recommendation:
  - Completion of a few general macroeconomic courses, such as Macroeconomic Forecasting and Analysis (MFA) and Macroeconomic Diagnostic (MDS), in-person or online.

### Course description — scope and methodology
- Purpose:
  - Familiarize participants with cutting-edge nowcasting tools that facilitate the use of mixed-frequency data in regression models.
- Motivation:
  - Establishes the importance of nowcasting for more timely and appropriate policy formulation during crisis periods such as the GFC or COVID-19.
- Statistical methods and procedures covered:
  - Statistical methodology used to generate 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 estimators and frameworks introduced:
  - BRIDGE estimator.
  - MIDAS estimator.
  - U-MIDAS estimator.
  - Each estimator covered both with and without factors.
  - State-space/Kalman filter approach for mixed-frequency nowcasting models.
- Model combination and evaluation:
  - Procedures for combining nowcasts from distinct models.
  - Statistical procedures for evaluating the accuracy of a sequence of nowcasts.

### Practical components
- Hands-on workshops and assignments:
  - Each topic is complemented by hands-on workshops and an assignment using country-specific data.
  - Workshops and assignments use the EViews econometric package.
  - Workshops and assignments are an integral component designed to illuminate the actual steps required to generate a nowcast.

### Course objectives — competencies on completion
- 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.
- 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)
- [Integrating Basel III Liquidity Standards with ILAAP A Framework for Effective Liquidity Risk Management](https://www.imf.org/en/capacity-development/training/icdtc/schedule/ce/2026/ce26-31)
- [Big Data for Macroeconomic Statistics (BDMS)](https://www.imf.org/en/capacity-development/training/icdtc/schedule/at/2026/bdmsat26-27)
- [Financial Development and Financial Inclusion (FDFI)](https://www.imf.org/en/capacity-development/training/icdtc/schedule/at/2026/fdfiat26-24)

_Source: https://www.imf.org/en/capacity-development/training/icdtc/schedule/sa/2025/nwcsa25-01_