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The use of payment systems data as early indicators of economic activity

Author

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  • Carlos Conesa
  • Leonardo Gambacorta
  • Sergio Gorjon
  • Marco J. Lombardi

Abstract

Payment system data are available with virtually no time lag and could therefore help in tracking the evolution of GDP in real time. Using data from the Spanish national system for retail payments, we compare the performance of GDP nowcasts against that of alternative indicators. The main result is that payment system data can make a significant contribution to nowcasting GDP and they can also improve the performance of simple models that are currently based only on purchasing managers indices (PMIs).

Suggested Citation

  • Carlos Conesa & Leonardo Gambacorta & Sergio Gorjon & Marco J. Lombardi, 2015. "The use of payment systems data as early indicators of economic activity," Applied Economics Letters, Taylor & Francis Journals, vol. 22(8), pages 646-650, May.
    • Handle: RePEc:taf:apeclt:v:22:y:2015:i:8:p:646-650
    DOI: 10.1080/13504851.2014.964826
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    Cited by:

    1. Marcus P. A. Cobb, 2021. "Nowcasting Chilean household consumption with electronic payment data," Working Papers Central Bank of Chile 931, Central Bank of Chile.

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