Nowcasting and the Use of Big Data in Short-Term Macroeconomic Forecasting: A Critical Review
Year: 2019
Type: article
Abstract: The revolution, which is quite recent, brought about by digital convergence and connected objects, has enabled a homogenisation of data types which would historically have been considered as different, for example: digital data, texts, sound, still images, and moving images.This has encouraged the Big Data phenomenon, the volume of which includes two related parameters: quantity and frequency of acquisition; quantity can extend as far as exhaustivity and frequency can be up to and including real time.This Special Issue features a series of articles that examine its uses and implications, as well as the challenges faced by statistical production in general, and especially that of official statistics.Just like any innovation, Big Data offer advantages and raise questions.The obvious benefits include "added" knowledge -a better statistical description of the economy and the society.They are also a driver for development in computer science in the broadest sense, and in applied mathematics.However, we cannot do without some degree of vigilance, since data and how they are used can affect individuals, their freedoms and the preservation of their privacy.
Author: Pete Richardson
Institution: Banque de France
Language: English
Field: Decision Sciences
Domain: Social Sciences
Open Access status: diamond
OpenAlex ID: W2938215790