Nowcasting Irish GDP
Nowcasting Irish GDP:

This paper presents a dynamic factor model that produces nowcasts and backcasts of Irish quarterly GDP using timely data from a panel dataset of 35 indicators. We apply a recently developed methodology, whereby numerous potentially useful indicator series for Irish GDP can be availed of in a parsimo...

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Bibliographische Detailangaben
1. Verfasser: D'Agostino, Antonello (VerfasserIn)
Weitere Verfasser: McQuinn, Kieran (MitwirkendeR), O'Brien, Derry (MitwirkendeR)
Format: Elektronisch Buchkapitel
Sprache:English
Veröffentlicht: Paris OECD Publishing 2012
Schlagworte:
Economics
Ireland
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URL des Erstveröffentlichers
Zusammenfassung:This paper presents a dynamic factor model that produces nowcasts and backcasts of Irish quarterly GDP using timely data from a panel dataset of 35 indicators. We apply a recently developed methodology, whereby numerous potentially useful indicator series for Irish GDP can be availed of in a parsimonious manner and the unsynchronised nature of the release calendar for a wide range of higher frequency indicators can be handled. The nowcasts in this paper are generated by using dynamic factor analysis to extract common factors from the panel dataset. Bridge equations are then used to relate these factors to quarterly GDP estimates. We conduct an out-of-sample forecasting simulation exercise, where the results of the nowcasting exercise are compared with those of a standard benchmark model
Beschreibung:1 Online-Ressource (11 Seiten) 21 x 28cm
DOI:10.1787/jbcma-2012-5k92n2pwccwb

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