2024
DOI: 10.26509/frbc-wp-202406
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Nowcasting Inflation

Edward S. Knotek,
Saeed Zaman

Abstract: This chapter summarizes the mixed-frequency methods commonly used for nowcasting inflation. It discusses the importance of key high-frequency data in producing timely and accurate inflation nowcasts. In the US, consensus surveys of professional forecasters have historically provided an accurate benchmark for inflation nowcasts because they incorporate professional judgment to capture idiosyncratic factors driving inflation. Using real-time data, we show that a relatively parsimonious mixed-frequency model prod… Show more

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