IDEAS home Printed from https://ideas.repec.org/p/ris/kieter/2022_003.html
   My bibliography  Save this paper

Nowcasting Korean Industrial Production

Author

Listed:

Abstract

Since most official estimates of major macroeconomic variables that market participants and policy makers keenly monitor in real time come out with significant publication lags, nowcasting literature especially targeted on key macro variables has trended over the recent years. Nowcasting refers to forecast present values of monthly or quarterly variables by distilling information from big data in real time. Hence, nowcasting is regarded to be a data-driven approach with fewer subjective choices on model specifications involved along the way. In this study, we attempt to nowcast Korean industrial production index adopting the Bok et al. (2018)’s methodology. Industrial production index is also one of real variables to be frequently referred to if one is to get the grasp of current industrial activities. We come up with a systemized framework for nowcasting the industrial production index and found that real variables, such as electricity sales and exports, can be of a great help to track the real-time movements of industrial activities.

Suggested Citation

  • Lee, Sungkyung & Park, Sung Keun, 2022. "Nowcasting Korean Industrial Production," Industrial Economic Review 22-3, Korea Institute for Industrial Economics and Trade.
    • Handle: RePEc:ris:kieter:2022_003
    as

    Download full text from publisher

    File URL: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4188273
    File Function: Full text
    Download Restriction: no
    ---><---

    More about this item

    Keywords

    nowcasting; production forecasting; electricity sales; Korea; industrial production index; industrial production forecasting;
    All these keywords.

    JEL classification:

    • E23 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Production
    • L11 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Production, Pricing, and Market Structure; Size Distribution of Firms
    • M11 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Production Management
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ris:kieter:2022_003. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Aaron Crossen (email available below). General contact details of provider: https://edirc.repec.org/data/kiettkr.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.