Nowcasting GDP using machine learning algorithms: A realtime assessment

Nowcasting GDP using machine learning algorithms: A realtime assessment

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Nowcasting GDP using machine learning algorithms: A realtime assessment

Can machine-learning algorithms help central banks understand the current state of the economy? Our results say yes! We contribute to the emerging literature on forecasting macroeconomic variables using machine-learning algorithms by testing the nowcast performance of common algorithms in a full ‘real time’ setting.

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