Google data can underpin eurozone GDP nowcasts – Banque de France paper
Researchers say method is particularly useful when official data is unavailable
Internet search engine data can enable nowcasting of economic growth when official figures are unavailable, a working paper published by the Banque de France finds.
In When are Google data useful to nowcast GDP? An approach via pre-selection and shrinkage, Laurent Ferrara and Anna Simoni use what they call a large database of Google search data. They attempt to quantify how accurate this data is in nowcasting GDP growth for the eurozone.
The authors use what they call a “deliberately extremely
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