Nowcasting (NWC)
This course, presented by the Institute for Capacity Development, provides participants with cutting-edge nowcasting tools that familiarize them with the concepts and methods to incorporate high-frequency economic indicators into the forecasting process, while integrating this training into technical assistance on data compilation and dissemination. Each topic is complemented by hands-on workshops and assignments designed to illuminate the steps required to formulate a nowcasting model and generate a nowcast.
Target Audience
Junior and middle-level officials from ministries of finance, central banks, and other interested public institutions.
Qualifications
Participants are expected to have an advanced degree in economics or equivalent experience, a basic understanding of time-series econometrics and be comfortable using EViews (econometric software package). It is strongly recommended that applicants have completed a few general macroeconomic courses, such as Macroeconomic Forecasting and Analysis (MFA), Macroeconomic Diagnostic (MDS), face-to-face or online.
Course Objectives
Upon completion of this course, participants should be able to:
- Understand and be proficient in the steps required to manage time-series data in EViews, estimate an OLS regression, and calculate its associated forecasts in EViews.
- Formulate several useful statistical procedures in EViews, including consolidation of time series from higher to lower frequencies; interpolation techniques; seasonal adjustment; and use of leading indicators.
- Identify appropriate high-frequency indicators and non-traditional data useful for nowcasting macroeconomic variables and prepare them for use in a nowcasting exercise.
- Formulate and estimate nowcasting models using several approaches (such as Bridge, MIDAS, and U-MIDAS estimators, etc.).
- Generate a nowcast from the base regression and consolidate competing forecasts using combination forecasts.
- Evaluate the accuracy of the nowcast using several forecasting performance indicators.
- Apply the nowcasting tools to their own country data and interpret the nowcast appropriately in policymaking settings.
Upcoming Offering
| Start date | End date | Location | Delivery Method | Session No. | Primary & (Interpretation) language | Apply |
|---|---|---|---|---|---|---|
| January 13, 2025 | January 24, 2025 | Vienna, Austria | In-person Training | JV 25.02 | English | Deadline passed |
| February 17, 2025 | February 28, 2025 | New Delhi, India | In-person Training | SA 25.01 | English | Apply online by November 22, 2024 |
| December 8, 2025 | December 19, 2025 | Singapore, Singapore | In-person Training | ST 25.16 | English | Apply online by July 11, 2025 |
Strengthening Revenue Administration for Gender Equality
English | December 9-11, 2024 | In-person Training | New Delhi, India
Apply online by November 13, 2024
Cyber Risk Supervision - Path to Operational Resilience (CRS)
English (Arabic) | January 12-16, 2025 | In-person Training | Kuwait City, Kuwait
Apply online by November 14, 2024
Tax Policy and Administration: Theory and Practice (TPAT)
English (Arabic) | January 19-23, 2025 | In-person Training | Kuwait City, Kuwait
Apply online by November 14, 2024
Fiscal Sustainability (FS)
English | April 14-25, 2025 | In-person Training | Singapore, Singapore
Apply online by November 15, 2024
Selected Issues in the Evolving Financial Regulatory Framework (FRF)
English | March 10-14, 2025 | In-person Training | Singapore, Singapore
Apply online by November 15, 2024