RBI economists build nowcast using dynamic factor model
Model closely tracks recent slowdown in activity, authors say
Economists at the Reserve Bank of India have developed a “nowcast” of Indian GDP growth using a dynamic factor model, which they say gives a good indication of the current slowdown.
As is the case worldwide, headline GDP figures for India are published with a lag, creating challenges for policy-makers.
In a working paper, Soumya Bhadury, Saurabh Ghosh and Pankaj Kumar identify 12 high-frequency indicators that can give a good estimate of GDP. These are chosen for their strength in tracking
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