nowcasting


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nowcasting

(ˈnaʊˌkɑːstɪŋ)
n
(Physical Geography) the preparation or production of nowcasts
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Looking to the other side of the globe, PwCs nowcasting modelwhich employs machine learning to project GDP growthsuggests the US economy is on track to grow by 2.
John Hawksworth, chief economist at PwC, said: "There is no way to predict GDP growth with perfect accuracy, but our new nowcasting model, using the latest AI machinelearning techniques to augment human judgment.
And the New York Fed reduced its rival Nowcasting estimate slightly to 2.
The current physical-statistical forecasting techniques exhibit good skill in three different time scales: (1) short-term (day-ahead); (2) immediate-short-term (6-h ahead); and (3) nowcasting (1-h ahead).
In April 2016, the New York Fed introduced its Nowcasting Report.
The editors have organized the contributions that make up the main body of their text in four parts devoted to methodology, factor structure and specification, instability, and nowcasting and forecasting.
He said nowcasting would be made possible because the Doppler radar is capable of scanning and monitoring rain clouds as far as the provinces of Sorsogon and Masbate in the north and Surigao and Davao in the south.
While the time series of the CFSBC Activity Index is not quite long enough to allow for a formal test of these relationships, the strong correlations in these figures do suggest that the index might be a valuable input into nowcasting models of both gross output measures.
The Meteosat Third Generation (MTG) program will expand into the 2020-2040 timeframe and massively improve the services currently delivered by the Meteosat Second Generation series in support of nowcasting and very short-range forecasting of high impact weather over Europe and Africa.
Scott and Varian (2014) use Google Correlate to identify 100 search terms most correlated to their target series when building up their nowcasting model.
To this end, the inflation nowcasting model developed by Knotek and Zaman (2014) could be used to generate nowcasts, and these nowcasts can be used to condition near-term inflation outcomes with an eye toward improving longer-term inflation forecast accuracy.