Bank of Spain paper presents ‘global weakness index’

Bank of Spain
The Bank of Spain
Luis García

A working paper published by the Bank of Spain presents a new empirical framework for spotting recessions in major regions of the world economy “in real time”.

In Real-time weakness of the global economy: a first assessment of the coronavirus crisis, Danilo Leiva-Leon, Gabriel Perez-Quiros and Eyno Rots explain how their model constructs a “global weakness index”.

They say their paper relies on non-linear factor models “designed to infer recessionary episodes of heterogeneous deepness” as

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