Course Details

Nowcasting for Macroeconomic Variables Training Course

INTRODUCTION

Economic decision-making requires timely and accurate forecasts. Traditional methods often rely on data published with significant lags, limiting their real-time effectiveness. Nowcasting addresses this by combining high-frequency data, statistical modeling, and machine learning techniques to produce near real-time estimates of macroeconomic variables such as GDP, inflation, and employment.

This Nowcasting for Macroeconomic Variables Training Course provides a comprehensive introduction to the methodologies and tools used in nowcasting. Participants will gain practical skills in developing nowcasting models using advanced statistical and computational techniques to support policymaking and economic analysis. This course integrates theoretical foundations with hands-on training to equip participants with actionable skills. With the growing importance of real-time decision-making in economics, participants will leave prepared to implement nowcasting methodologies in their professional environments.

 DURATION

5 days

TARGET AUDIENCE

This Nowcasting for Macroeconomic Variables Training Course is designed for:

• Economists and Analysts in central banks, government institutions, and financial organizations.
• Policy Advisors requiring real-time insights for economic planning.
• Data Scientists and Statisticians working on economic forecasting models.

 COURSE OBJECTIVES

By the end of the nowcasting for macroeconomic variables training course, participants will be able to:

1. Understand the fundamentals and importance of nowcasting in economic analysis.
2. Build and interpret nowcasting models using mixed-frequency data.
3. Use advanced statistical techniques such as MIDAS (Mixed Data Sampling) regressions and state-space models.
4. Leverage high-frequency data sources such as financial market indicators, online data, and mobility reports.
5. Evaluate the accuracy and reliability of nowcasting outputs.

COURSE CONTENT

Module 1: Foundations of Nowcasting

• Definition and relevance of nowcasting in macroeconomic analysis.
• Key differences between traditional forecasting and nowcasting.
• Overview of data sources and the role of high-frequency data.

Module 2: Statistical Techniques for Nowcasting

• Introduction to MIDAS (Mixed Data Sampling) regression.
• State-space models and the Kalman filter.
• Workshop: Building a simple nowcasting model with GDP data.

Module 3: Data Sources and Integration

• Incorporating financial, sentiment, and mobility data.
• Handling noisy and incomplete datasets.
• Case study: Real-world applications of unconventional data in nowcasting.

Module 4: Machine Learning in Nowcasting

• Machine learning techniques: Lasso regression, decision trees, and neural networks.
• Comparative analysis of statistical versus machine learning approaches.
• Practical exercise: Developing a machine learning-based nowcasting model.

Module 5: Assessing Nowcasting Models

• Evaluating model performance: RMSE, MAE, and other metrics.
• Dealing with model uncertainty and robustness.
• Case study: Successful nowcasting models in central banks.

Module 6: Applications and Policy Implications

• Nowcasting in monetary and fiscal policy formulation.
• Early warning systems for economic crises.
• Discussion: Ethical and practical considerations in economic nowcasting.

Module 7: Simulation and Presentation

• Group project: Developing and presenting a nowcasting model for a specific macroeconomic variable.
• Expert feedback and peer reviews.
• Final reflections and certification ceremony.

 CERTIFICATION

• Upon successful completion of this training, participants will be issued with Macskills Training and Development Institute Certificate

TRAINING VENUE

• Training will be held at Macskills Training Centre. We also tailor make the training upon request at different locations across the world.

AIRPORT PICK UP AND ACCOMMODATION

• Airport pick up and accommodation is arranged upon request

TERMS OF PAYMENT

• Payment should be made to Macskills Development Institute bank account before the start of the training and receipts sent to info@macskillsdevelopment.com