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Big Data Analysis: The Next Frontier

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The formulation of monetary policy at the Bank of Canada relies on the analysis of a broad set of economic information. Greater availability of immediate and detailed information would improve real-time economic decision making. Technological advances have provided an opportunity to exploit “big data”—the vast amount of digital data from business transactions, social media and networked computers. Big data can be a complement to traditional information sources, offering fresh insight for the monitoring of economic activity and inflation.

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  • Nii Ayi Armah, 2013. "Big Data Analysis: The Next Frontier," Bank of Canada Review, Bank of Canada, vol. 2013(Summer), pages 32-39.
    • Handle: RePEc:bca:bcarev:v:2013:y:2013:i:summer13:p:32-39
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    File URL: https://www.bankofcanada.ca/wp-content/uploads/2013/08/boc-review-summer13-armah.pdf
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    Cited by:

    1. Pete Richardson, 2018. "Nowcasting and the Use of Big Data in Short-Term Macroeconomic Forecasting: A Critical Review," Economie et Statistique / Economics and Statistics, Institut National de la Statistique et des Etudes Economiques (INSEE), issue 505-506, pages 65-87.
    2. Shannon Kindornay & Centre for the Study of Living Standards, 2015. "Canada 2030: An Agenda for Sustainable Development," CSLS Research Reports 2015-02, Centre for the Study of Living Standards.
    3. Luis Alberto Delgado-de-la-Garza & Gonzalo Adolfo Garza-Rodríguez & Daniel Alejandro Jacques-Osuna & Alejandro Múgica-Lara & Carlos Alberto Carrasco, 2021. "Does the use of a big data variable improve monetary policy estimates? Evidence from Mexico," Economics and Business Letters, Oviedo University Press, vol. 10(4), pages 383-393.

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