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Nowcasting economic activity with mobility data

In: Data science in central banking: applications and tools

Author

Listed:
  • Koji Takahashi
  • Kohei Matsumura
  • Yusuke Oh
  • Tomohiro Sugo

Abstract

We develop high-frequency indices to measure sales in service industries and production in the manufacturing sector using GPS mobility data from mobile applications. First, by utilizing the point of interest data, we develop indicators to capture sales in amusement parks, shopping centers, and food services. Second, we construct indicators for nowcasting production based on the foot traffic in factory areas that are identified by using the Economic Census and mobility patterns. We find that the mobility data allow us to nowcast sales in the service sectors and have the potential to be used to nowcast the production in labor-intensive industries.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Koji Takahashi & Kohei Matsumura & Yusuke Oh & Tomohiro Sugo, 2023. "Nowcasting economic activity with mobility data," IFC Bulletins chapters, in: Bank for International Settlements (ed.), Data science in central banking: applications and tools, volume 59, Bank for International Settlements.
    • Handle: RePEc:bis:bisifc:59-36
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    Cited by:

    1. is not listed on IDEAS
    2. Furukawa, Kakuho & Hisano, Ryohei & Minoura, Yukio & Yagi, Tomoyuki, 2024. "A nowcasting model of industrial production using alternative data and machine learning approaches," Japan and the World Economy, Elsevier, vol. 71(C).

    More about this item

    JEL classification:

    • C49 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Other
    • E23 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Production
    • E27 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Forecasting and Simulation: Models and Applications

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