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Macroeconomic Nowcasting and Forecasting with Big Data

This paper presents preliminary findings and is being distributed to economists and other interested readers solely to stimulate discussion and elicit comments. The views expressed in this paper are those of the authors and do not necessarily reflect the position of the Federal Reserve Bank of New York or the Federal Reserve System. Any errors or omissions are the responsibility of the authors. Federal Reserve Bank of New York Staff Reports Macroeconomic Nowcasting and Forecasting with Big Data Brandyn Bok Daniele Caratelli Domenico Giannone Argia Sbordone Andrea Tambalotti Staff Report No.

macroeconomic conditions—the basis for making informed economic and policy decisions. Handling large and complex data sets was a challenge that macroeconomists engaged in real-time analysis faced long before “big data” became pervasive in other disciplines.

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  Macroeconomics, Policy

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