Big Data and Macroeconomic Nowcasting: From data access to modelling - Products Statistical working papers

Emanuele Baldacci, Dario Buono, George Kapetanios, Stephan Krische, Massimiliano Marcellino, Gian Luigi Mazzi, Fotis Papailias

Big Data provides potentially relevant complementary information with respect to standard data, being based on rather different information sets. This paper discuss the main challenges raised by data preparation, cleaning, filtering, and evaluation, all the more relevant in the context of official statistics, in view of providing a set of recommendations associated with all phases of an operational step-by-step approach for using Big Data in a nowcasting exercise.