Unveiling real-time economic insights with search big data – Phys.org
Economic indicators released by the government are pivotal in shaping decisions across both the public and private sectors. However, a significant limitation of these indicators lies in their timeliness, as they rely on macroeconomic factors like inventory turnover and iron production. For instance, in the case of Japan Cabinet Office’s Indexes of Business Conditions, the indices are typically released with a two-month delay.
To overcome the drawbacks of conventional macro-variable-driven techniques, a team of Japanese researchers developed a big data-driven method capable of providing accurate nowcasts for macroeconomic indicators. Importantly, this approach eliminates the need for aggregating semi-macroeconomic data and relies solely non-prescribed search engine query data (Search Big Data) obtained from a prominent search engine used by more than 60% of the nation’s internet users.
“Our new model demonstrated the ability to forecast key Japanese economic indicators in real time…
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source: https://news.oneseocompany.com/2023/10/16/unveiling-real-time-economic-insights-with-search-big-data-physorg_2023101651431.html
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