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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| Format: | Elektronisch Artikel |
| Sprache: | English |
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Paris
OECD Publishing
2012
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| 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 p.) 21 x 28cm. |
| DOI: | 10.1787/jbcma-2012-5k92n2pwccwb |
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| 520 | |a 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. | ||
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| indexdate | 2024-11-26T14:56:14Z |
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| spelling | D'Agostino, Antonello VerfasserIn aut Nowcasting Irish GDP Antonello, D'Agostino, Kieran, McQuinn and Derry, O'Brien Paris OECD Publishing 2012 1 Online-Ressource (11 p.) 21 x 28cm. Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier 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. Economics Ireland McQuinn, Kieran MitwirkendeR ctb O'Brien, Derry MitwirkendeR ctb Enthalten in OECD Journal: Journal of Business Cycle Measurement and Analysis Vol. 2012, no. 2, p. 21-31 volume:2012 year:2012 number:2 pages:21-31 FWS01 ZDB-13-SOC FWS_PDA_SOC https://doi.org/10.1787/jbcma-2012-5k92n2pwccwb Volltext |
| spellingShingle | D'Agostino, Antonello Nowcasting Irish GDP Economics Ireland |
| title | Nowcasting Irish GDP |
| title_auth | Nowcasting Irish GDP |
| title_exact_search | Nowcasting Irish GDP |
| title_full | Nowcasting Irish GDP Antonello, D'Agostino, Kieran, McQuinn and Derry, O'Brien |
| title_fullStr | Nowcasting Irish GDP Antonello, D'Agostino, Kieran, McQuinn and Derry, O'Brien |
| title_full_unstemmed | Nowcasting Irish GDP Antonello, D'Agostino, Kieran, McQuinn and Derry, O'Brien |
| title_short | Nowcasting Irish GDP |
| title_sort | nowcasting irish gdp |
| topic | Economics Ireland |
| topic_facet | Economics Ireland |
| url | https://doi.org/10.1787/jbcma-2012-5k92n2pwccwb |
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