Title: Nowcasting macroeconomic indicators with alternative data: a literature review

Authors: Matheus Pereira Libório; Manuela Pozo Griecco; Rafael Consentino de la Vega; Paulino Oliveira

Addresses: Pontifical Catholic University of Minas Gerais, R. Dom José Gaspar, 290 – Coração Eucarístico, Belo Horizonte – MG, 30535-901, Brazil ' Belo Investment Research, R. Ouro Fino, 395, Office 701 – Cruzeiro, Belo Horizonte – MG, 30310-110, Brazil ' United Nations University – MERIT, UNU-MERIT, Boschstraat 24, 6211 AX Maastricht, Netherlands ' Belo Investment Research, R. Ouro Fino, 395, Office 701 – Cruzeiro, Belo Horizonte – MG, 30310-110, Brazil

Abstract: This research explores an emerging topic in the economic literature: the nowcasting of macroeconomic indicators with alternative data. The research reveals that alternative data is a concept in consolidation, presenting controversies that make it challenging to discover the literature of interest. The analysis of 364 papers indicates that including terms such as big data, Google, internet search data, and econometrics facilitates the discovery of relevant literature. The research also offers a more straightforward and consistent categorisation of alternative data and a map of the challenges and opportunities for researchers and practitioners in the field.

Keywords: big data; alternative data; nowcasting; economics.

DOI: 10.1504/IJBDA.2023.133300

International Journal of Business and Data Analytics, 2023 Vol.2 No.3, pp.264 - 287

Received: 10 Nov 2022
Accepted: 14 Feb 2023
Published online: 11 Sep 2023 *

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