BoJ research proposes new method for ‘nowcasting’ GDP


Research published today by the Bank of Japan (BoJ) attempts to give accurate estimates for GDP over a shorter time span than official statistics, which in Japan are released quarterly, usually one-and-a-half months after the reference quarter.

The working paper, New Monthly Estimation Approach for Nowcasting GDP Growth, by Naoko Hara and Shotaro Yamane, builds a static factor model for GDP using many of the components of official GDP statistics, to produce monthly, rather than quarterly, data.

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