real-time data and structural modelling

Nowcasting, Business Cycle Dating and the Interpretation of New Information when Real-Time Data are Available

JEL codes: 
E52, E58
Version Date: 
Aug 2009
Author/s: 
Abstract: 

A canonical model is described which reflects the real-time informational context of decision-making. Comparisons are drawn with ‘conventional’ models that incorrectly omit market-informed insights on future macroeconomic conditions and inappropriately incorporate information that was not available at the time.

Report file: 
PDF icon Download the paper (725.64 KB)