Polytechnic University of Valencia Congress, CARMA 2016 - 1st International Conference on Advanced Research Methods and Analytics

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Some guidance for the use of Big Data in macroeconomic nowcasting
Gian Luigi Mazzi

Last modified: 23-06-2017

Abstract


This paper develops an operational step by step approach aiming to facilitate the use of Big Data in nowcasting exercises. Each step includes a description of  the  problem  and  a  set  of  recommendations  addressing  the  most  relevant available  solution.  The  approach  includes  nine  steps  starting  from  the theoretical  availability  of  Big  Data  until  the  publication  of  new  nowcasting including also Big Data. In designing this operational step by step approach, the  preliminary  results  of  an  ongoing  Eurostat  project  on  Big  Data  and macroeconomic  nowcasting  have  been  used  as  a  starting  point.  Further elaboration  has  been  carried  out  in  order  to  make  the  operational  step  by step  approach  more  concrete  and  prescriptive.  Its  aim  is  to  provide  a concrete   help   for   experts   involved   in   the   construction   of   nowcasting especially in the judgment about the usefulness of the presence of Big Data in their  models.  It  also  provides  guidance  related  to  the  dissemination  of  new nowcasting based also on Big Data.

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