Discussion paper

DP9112 Now-casting and the real-time data flow

The term now-casting is a contraction for now and forecasting and has been used for a long-time in meteorology and recently also in economics In this paper we survey recent developments on economic now-casting with special focus on those models that formalize key features of how market participants and policy makers read macroeconomic data releases in real time, which involves: monitoring many data, forming expectations about them and revising the assessment on the state of the economy whenever realizations diverge sizeably from those expectations.

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Citation

Reichlin, L, D Giannone, M Modugno and M Banbura (eds) (2012), “DP9112 Now-casting and the real-time data flow”, CEPR Press Discussion Paper No. 9112. https://cepr.org/publications/dp9112