Nowcast Model Significantly Improves GDP Growth Nowcasting Accuracy
May 30, 2025
May 30, 2025
WASHINGTON, May 30 (TNSLrpt) -- The Federal Reserve Bank of New York issued a Staff Report (No. 1152), titled "Component-Based Dynamic Factor Nowcast Model". Published in April 2025 and authored by Hannah O'Keeffe and Katerina Petrova, the paper details a novel approach to nowcasting GDP growth that significantly enhances both the accuracy of point forecasts and the precision of density forecasts.
The new model represents a synergistic blend of "bottom-up" m . . .
The new model represents a synergistic blend of "bottom-up" m . . .