BoE reveals details of nowcasting approach
Central bank explains approach to generating timely estimates of global GDP
The Bank of England reveals details of its approach to nowcasting global GDP growth in its latest quarterly bulletin.
The BoE uses nowcasts to give it a short-term signal as to where growth is likely to move in the near future, and the results feed into the central bank’s inflation forecasts.
Nowcasting models can give important insights into likely outcomes for key economic indicators. Official statistics on growth are typically published only quarterly and with a lag, so timely estimates of
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