Big Data in Macroeconomics - Feasibility Study: Forecasting Equipment Investment, Construction Investment, and Exports Using Unconventional Data Sources and Methods
This feasibility study aims to analyze the potential for improving forecasts of private equipment investment, construction investment, and exports. The focus is primarily on new data sources. For this reason, the study considers data sources from the internet, as well as newspaper articles and satellite images, for the analysis of short-term economic development in Germany. The main criterion is that the data is available at a high frequency, i.e., at least monthly and without significant delay in publication, so that there is a time advantage over data sources already in use.
Publications
Project start:
30. June 2019
Project end:
31. March 2022
Project management:
Prof. Dr. Torsten Schmidt
Project staff:
Dr. Boris Blagov
Project partners:
Institut der deutschen Wirtschaft Köln ,
Dortmund Center for Data-based Media Analysis,
AG Geomatik, Geographisches Institut der Ruhr-Universität Bochum
Funding:
Bundesministerium für Wirtschaft